Global Diagnostic Electrocardiograph (ECG) Market Size, Share, Forecast Report, 2020-2027

The global diagnostic electrocardiograph market is expected to reach USD 10.3 billion by 2024 from USD 7.5 billion in 2019, at a CAGR of 6.4% during the forecast period. The scope of the report includes diagnostic ECG products and services used for the detection and treatment of heart activities and abnormal heart rhythm. The base year considered for the study is 2018, and the forecast period is from 2019 to 2024.
By lead type, the 3-lead ECG segment is expected to grow at the highest CAGR during the forecast period
By lead type, the diagnostic ECG market is divided into 12-lead, 5-lead, 3-lead, 6-lead, single-lead, and other lead types. The 3-lead ECG segment is expected to grow at the highest CAGR during the forecast period. This is due to their usability with various other cardiac diagnostic tests, telemetry monitoring, and in medical procedures such as emergencies, cardiac diagnostic tests, and heart disease management.

Resting ECG devices held the largest share of the diagnostic ECG market
Based on the product, the diagnostic ECG market is segmented into resting ECG devices, stress ECG devices, implantable loop recorders (ILRs), event monitors, MCT devices, and smart wearable ECG monitors. The ILRs segment is projected to grow at the highest CAGR during the forecast period. Factors such as quick and enhanced diagnosis as compared to other short & longer-term monitoring modalities and the huge potential for reducing healthcare costs are driving the growth of the market.

By end user, the hospitals, clinics, and cardiac care centers segment is expected to grow at the highest CAGR.
Based on end user, the diagnostic ECG market is segmented into hospitals, clinics, & cardiac care centers, ambulatory surgical centers, and other end users. In 2019, the hospitals, clinics, & cardiac care centers segment accounted for the largest share of the market. The large share of this segment can primarily be attributed to the growing burden of cardiovascular diseases, which, in turn, is increasing the need for quality cardiology care and increasing the number of patient visits to physician offices for the diagnosis of CVD, and the availability of reimbursements for Holter & event monitors across developed markets.

North America accounted for the largest share of the diagnostic ECG market during the forecast period
In 2019, North America accounted for the largest share of the diagnostic ECG market. The large share of this regional segment can be attributed to the increasing prevalence of CVD, the presence of advanced healthcare infrastructure, high disposable income, high demand for medical devices, and technological advancements. The Asia Pacific is expected to register the highest growth from 2019 to 2024. Factors such as a growing geriatric population, the growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies, and less stringent regulations are fueling the demand for diagnostic ECG devices in the Asia Pacific.
Key Market Players
The major players in the diagnostic ECG market include Koninklijke Philips (Netherlands), GE Healthcare (US), Nihon Kohden (Japan), Asahi Kasei (Japan), and Hill-Rom Holdings (US).

By Product and Service:

• Product
  • Resting ECG Devices
  • Stress ECG Devices
  • Holter Monitors
  • Implantable Loop Recorders
  • Event Monitors
  • MCT Devices
  • Smart ECG Monitors
• Software and Service

By Lead Type:

• 12-lead
• 5-lead
• 3-lead
• 6-lead
• Single-lead
• Other Lead Types

By End User

• Hospitals, Clinics, & Cardiac Centers
• Ambulatory Surgical Centers
• Other End Users

By Region:

• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• RoE
• Asia Pacific
• Japan
• China
• India
• RoAPAC
• RoW