Electrocardiograph (ECG) Market (By Product: Holter Monitors, Resting Electrocardiograph (ECG), Stress Electrocardiograph (ECG), Event Recorders, Others; By Technology: Portable ECG Systems, Wireless ECG Systems; By End User: Hospitals & Clinics, Home Settings & Ambulatory Surgical Centers (ASCs), Others; By Lad Type) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030

The global Electrocardiograph market size was estimated at USD 9.2 billion in 2021 and is expected to surpass around USD 21.7 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 10% during the forecast period 2022 to 2030.

Key Takeaways:

  • North America region has dominated the market and accounted 44% market share in 2021.
  • Asia-Pacific is expected to grow at a CAGR of 10.5% from 2022 to 2030.
  • The home settings & ambulatory surgical centers (ASCs) segment is predicted to reach a CAGR of 10.2% from 2022 to 2030.
  • For the forecast period 2021 to 2030, the holter monitors segment is expected to hit a CAGR of 11.7%.

Electrocardiograph (ECG) is a device that records surface potentials associated with the electrical activity of heart. The surface potentials are conducted to instrument by metal contacts called electrodes, which are fixed to various parts of the body. Electrodes are attached to four limbs and over the heart.

ECG monitoring devices such as resting ECG, stress ECG, and Holter monitors help to identify and provide information about abnormal functioning of the heart. According to the Centers for Disease Control and Prevention, cardiovascular diseases are the most common health problems faced by people across the globe, with high mortality rate accounting for 696,962 deaths in 2020 in the U.S. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death worldwide and result in around 17.9 million deaths each year. This propels the demand for ECG attributable to increase in number of ECG tests conducted for individuals susceptible to cardiac diseases. The other key factors that boost the growth of ECG market share include technological advancements in ECG devices, rise in incidence of cardiovascular diseases globally, and favorable government regulations regarding monitoring devices. Moreover, rise in geriatric population is expected to foster the ECG market size.

Increase in R&D activities of advanced technology for electrocardiograph device is driving the market. New product development and innovation in designing in electrocardiograph contribute toward the market growth. For instance, in 2020, AliveCor, a U.S.-based company, launched KardiaMobile 6L, which is a personal ECG device in India. In addition, the introduction of remote monitoring devices with single lead and portable ECG systems is set to the drive the growth of the market.

However, certain aspects such as unfavorable reimbursement policies and increase in market saturation hamper the market growth. Along with this, lack of skilled professionals to operate electrocardiograph acts as a challenging factor for the growth of the market.

Report Scope of the Electrocardiograph (ECG) Market

Report Coverage

Details

Market Size in 2022

USD 10.12 Billion

Market Size by 2030

USD 21.7 Billion

Growth Rate from 2022 to 2030

CAGR of 10%

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

Product, Technology, End User, Lad Type, Geography

Companies Mentioned

General Electric Company (US), Koninklijke Philips N.V. (Netherlands), NIHON KOHDEN CORPORATION. (Japan), Hill-Rom Services, Inc. (US), Ambu A/S. (Denmark), SCHILLER (India), ACSDiagnostics. (US), BPL, FUKUDA DENSHI (Japan), BioTelemetry, Inc. (US), OSI Systems, Inc. (US), BTL. (US), SUZUKEN CO., LTD. (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Allengers (India), Cardioline S.P.A. (Italy), EDAN Instruments, Inc. (China), Nexus Lifecare (India), Innomed Medical Inc. (Hungary), Norav Medical (US), Spacelabs Healthcare (US), BIONET (US), Midmark Corporation (US), VectraCor, Inc. (US)

 

Segment analysis:

Depending on product, the resting electrocardiograph (ECG) segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to as these ECG devices are highly adopted for the basic cardiac monitoring of patients. Several market players are focused towards developing advanced ECG systems that can be ideal for the diagnosis of cardiovascular diseases. However, the Holter monitors segment is expected to witness considerable growth during the forecast period, due to increasing demand for the detection of cardiac arrhythmias along with the diagnosis of patients suffering from cardiac arrhythmias. In addition, the utilization of Holter monitors has been extended into quantification of arrhythmias, evaluation of the antiarrhythmic therapy, and analyzing prognostic aspects of the arrhythmias.

On the basis of end user, the hospitals & clinics segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to large-scale adoption of ECG systems by hospitals along with routine utilization of the ECG tests by the physicians. However, the home setting and ambulatory surgical centers (ASCs) segment is expected to witness considerable growth during the forecast period, due to increasing recommendation of ECG tests prior to and post surgeries in the ambulatory surgical centers.

On the basis of lead type, the 6 lead ECG segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increasing demand for 6 lead ECG in the diagnosis of cardiac disorders, which enable the doctor to have a clear view of the interior portion of the heart. However, the 12 lead ECG segment is expected to witness considerable growth during the forecast period, due to increasing utilization of 12-lead ECG systems as an experienced physician can view the interior of the heart from many different angles.

Some of the prominent players in the Electrocardiograph Market include:

  • General Electric Company (US)
  • Koninklijke Philips N.V. (Netherlands)
  • NIHON KOHDEN CORPORATION. (Japan)
  • Hill-Rom Services, Inc. (US)
  • Ambu A/S. (Denmark)
  • SCHILLER (India)
  • ACSDiagnostics. (US)
  • BPL, FUKUDA DENSHI (Japan)
  • BioTelemetry, Inc. (US)
  • OSI Systems, Inc. (US)
  • BTL. (US)
  • SUZUKEN CO., LTD. (Japan)
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
  • Allengers (India)
  • Cardioline S.P.A. (Italy)
  • EDAN Instruments, Inc. (China)
  • Nexus Lifecare (India)
  • Innomed Medical Inc. (Hungary)
  • Norav Medical (US)
  • Spacelabs Healthcare (US)
  • BIONET (US)
  • Midmark Corporation (US)
  • VectraCor, Inc. (US)

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Electrocardiograph market

By Product

  • Holter Monitors
  • Resting Electrocardiograph (ECG)
  • Stress Electrocardiograph (ECG)
  • Event Recorders
  • Others

By Technology

  • Portable ECG Systems
  • Wireless ECG Systems

By End User

  • Hospitals & Clinics
  • Home Settings & Ambulatory Surgical Centers (ASCs)
  • Others

By Lad Type

  • Single Lead ECG
  • 3 Lead ECG
  • 2 Lead ECG
  • 6 Lead ECG
  • 12-Lead ECG

By Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Electrocardiograph industry analysis from 2022 to 2030 to identify the prevailing Electrocardiograph industry opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global Electrocardiograph industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global Electrocardiograph industry trends, key players, market segments, application areas, and market growth strategies.