The market for ECG Devices is expected to grow at a CAGR of around 5.6% from 2020 to 2027 and expected to reach the market value of around US$ 7,271.2 Mn by 2027.
An electrocardiogram (ECG or EKG) is used to record the electrical signals that are generated from the heart, particularly to check different heart activities. This device is used to diagnose different heart diseases and arrhythmias in patients to assist them with appropriate therapy. It’s a noninvasive and painless procedure that determines abnormality patterns in the heart.
The growing geriatric population and increasing incidence of cardiovascular diseases (CVD) where long-term ECG monitoring is necessary are primarily driving the market growth. The rapid technological advancements in remote monitoring technologies and favorable policies for monitoring devices are supporting the market value. The availability of cost-effective and efficient wireless ECG devices has bolstered the adoption of wireless ECG. The portable mobile ECG devices are gaining pace in the market due to convenience, ease of use, and non-invasive method. Additionally, the increasing disposable income in emerging economies has pushed people to increase investment in healthcare solutions is further propelling the market value.
On the other side, the unfavorable reimbursement policies and technical issues associated with device & technology is likely to hinder the growth over the forecast period from 2020 to 2027.
Monitoring ECG Systems segment dominated the global market in 2019
By product type, monitoring ECG systems have the maximum share (%) in terms of value (US$ Mn) in the global ECG Devices market. The monitoring ECG systems segment is further bifurcated into remote data monitoring, event monitoring, and continuous cardiovascular monitoring systems. The rapidly increasing number of cardiovascular patients is proliferating the segmental market value. The necessity to monitor the regular health of patients with heart disease makes it a preferred choice for hospitals, clinic as well as for home care. The increasing availability of wireless devices across the globe and especially in developed and developing economies is bolstering the segmental market growth.
North America dominated the ECG Devices Market with maximum share
In 2019, North America accounted for the major revenue share (%) in the global market. The presence of technologically advanced healthcare infrastructure in the region is supporting the regional market value. The major economies of the region including the US and Canada are major contributors to the dominating market value. The increasing incidence of cardiovascular diseases along with the increasing geriatric population in the region is supporting the regional market value. Moreover, Asia Pacific is anticipated to exhibit the fastest growth during the forecast period from 2020 to 2027. The emerging economies of the region including China and India are supporting the fastest growth. The developing healthcare infrastructure, increasing discretionary income, and rising investment by major players in the region are the factors propelling the regional market value. The developing countries of the region including Japan, China, and India are major contributors to the rapidly increasing regional market value.
The players profiled in the report include Aerotel Medical Systems Ltd, AliveCor Inc., BPL Medical Technologies, Cardiocity Limited, CardioComm Solutions Inc., GE Healthcare, iRhythm Technologies Inc., MediBioSense Ltd, Medtronic PLC, and Nihon Kohden Corporation. The major ECG devices players were involved in strategic developments for escalating the profit share in regional as well as global market. The major investments were announced for the technological advancements associated with the changing consumer demand for the ECG devices.
Market By Product Type
Monitoring ECG Systems
Diagnostic ECG Systems
Market By End-User
Ambulatory Surgical Centers
Market By Geography
Middle East & Africa
The market for ECG devices is expected to reach a market value of around US$ 7,271.2 Mn by 2027.
The ECG devices market is expected to grow at a CAGR of around 5.6% from 2020 to 2027.
The monitoring ECG systems segment is the leading segment by product type in the ECG devices market.
The growing geriatric population, increasing incidence of cardiovascular diseases (CVD), rapid technological advancements in remote monitoring technologies, favorable policies for monitoring devices, and availability of cost-effective and efficient wireless ECG devices are some of the factors driving the market growth.
Aerotel Medical Systems Ltd, AliveCor Inc., BPL Medical Technologies, Cardiocity Limited, CardioComm Solutions Inc., GE Healthcare, iRhythm Technologies Inc., MediBioSense Ltd, Medtronic PLC, and Nihon Kohden Corporation are the prominent players in the market.
North America held the highest market share in the ECG devices market.
Asia Pacific is expected to be the fastest growing market over the forecast period.