U.S. ECG Equipment Market Size, Share & Trends Analysis Report By Type (Resting ECG, Holter Monitors, Stress ECG Monitors, Event Monitoring System), By End-use (Hospitals, Ambulatory Care, Others), And Segment- Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The U.S. ECG equipment market size was estimated at USD 2.23 billion in 2023 and is expected to surpass around USD 4.22 billion by 2033 and poised to grow at a compound annual growth rate (CAGR) of 6.6% during the forecast period 2024 to 2033.

Key Takeaways:

• Hospitals held the highest market share of around 41% in 2023
• The other end-uses segment is expected to register significant CAGR over the forecast period from 2024 to 2033.
• The resting electrocardiograph segment accounted for the largest revenue share of 47.3% in 2023
• The Holter monitoring system segment is expected to expand at the fastest CAGR of 7.7% from 2024 to 2033.

U.S. ECG Equipment Market Overview

The U.S. ECG equipment market is a vital component of the medical devices sector, playing a key role in cardiovascular health monitoring and diagnosis. This overview aims to shed light on critical aspects shaping the U.S. ECG equipment market, including its current state, market size, and notable trends.

U.S. ECG Equipment Market Growth

The growth of the U.S. Electrocardiography (ECG) equipment market is propelled by various factors contributing to its sustained expansion. Primarily, the increasing prevalence of cardiovascular diseases within the U.S. population has emerged as a pivotal driver, necessitating advanced diagnostic tools like ECG equipment for early detection and continuous monitoring. Additionally, the ongoing technological advancements in the healthcare sector, particularly in ECG devices, play a crucial role. The integration of wireless technologies, such as Bluetooth and Wi-Fi connectivity, enhances data transfer capabilities and enables remote monitoring, aligning with the broader trend of telehealth adoption. The rise of portable ECG devices provides flexibility and convenience, meeting the evolving preferences of both healthcare providers and patients. Furthermore, the incorporation of artificial intelligence (AI) into ECG analysis enhances diagnostic accuracy and efficiency, contributing to improved patient outcomes. As the healthcare landscape continues to evolve, the U.S. ECG equipment market remains at the forefront, driven by a commitment to innovation, customization, and a patient-centric approach.

U.S. ECG Equipment Market Report Scope

U.S. ECG Equipment Market Dynamics

Drivers

• Increasing Cardiovascular Disease Incidence: The primary driver for the growth of the U.S. Electrocardiography (ECG) equipment market is the rising incidence of cardiovascular diseases. As heart-related conditions become more prevalent in the population, the demand for advanced diagnostic tools like ECG devices rises, driving market expansion.
• Growing Embrace of Telehealth Services: The accelerated adoption of telehealth services, particularly in response to the COVID-19 pandemic, is a key driver. ECG equipment that facilitates remote monitoring aligns with the broader telehealth trend, allowing healthcare providers to monitor and diagnose patients remotely.

Restraints

• High Initial Costs: One significant restraint facing the U.S. Electrocardiography (ECG) equipment market is the high initial costs associated with acquiring and implementing advanced ECG devices. The considerable investment required for purchasing sophisticated technology can pose a financial challenge for healthcare facilities, especially smaller clinics or those with limited budgets.
• Complex Regulatory Compliance: The healthcare industry operates within a complex regulatory landscape, and compliance with evolving standards can be challenging. Strict regulatory requirements for ECG equipment, including adherence to quality and safety standards, may lead to delays in product approvals and market entry, acting as a constraint for manufacturers.

Opportunities

• Rising Demand for Home-Based Healthcare: The increasing trend towards home-based healthcare presents a significant opportunity for the U.S. Electrocardiography (ECG) equipment market. Portable and user-friendly ECG devices that enable remote monitoring can cater to the growing demand for healthcare services delivered in the comfort of patients' homes.
• Integration with Wearable Technology: The integration of ECG technology with wearable devices presents a promising opportunity. Wearables equipped with ECG capabilities offer continuous monitoring and real-time data collection, providing valuable insights into patients' cardiac health and contributing to preventive care.

Challenges

• Regulatory Compliance Complexities: The U.S. Electrocardiography (ECG) equipment market faces challenges related to complex regulatory compliance. Strict adherence to evolving standards and regulations can pose hurdles for manufacturers, leading to delays in product approvals and market entry.
• High Initial Capital Investment: The high initial capital investment required for acquiring advanced ECG equipment is a significant challenge. This poses financial constraints, particularly for smaller healthcare facilities or those with limited budgets, hindering their ability to invest in state-of-the-art technology.

Segments Insights:

End-use Insights

Hospitals held the highest market share of around 41% in 2023, as the majority of patients rely on hospitals rather than other healthcare facilities due to the availability of well-equipped devices and the latest monitoring software. Moreover, hospitals provide optimal care for patients suffering from cardiovascular diseases (CVDs) and enable early detection and diagnosis, thus boosting market growth among hospitals.

According to a study published in PubMed Central, around 290,000 in-hospital cardiac arrests occur in the U.S. every year. The main causes of cardiac arrest include cardiac and respiratory insufficiency. However, the availability of ventilation, chest compressions, and immediate attention in hospitals can prevent such incidents.

Electrocardiograph equipment is frequently used in hospitals, ambulatory care centers, and other settings. The other end-uses segment is expected to register significant CAGR over the forecast period from 2024 to 2033. The increasing prevalence of various cardiovascular diseases, increasing healthcare expenditure, advancements in technology, and extensive accessibility to treatment in the U.S. are factors expected to drive the growth of this segment during the forecast period.

Type Insights

The resting electrocardiograph segment accounted for the largest revenue share of 47.3% in 2023, owing to a better exchange of information through Cardiovascular Information Systems (CVIS) and electronic health records, which simplifies ECG workflow and reduces the complexity associated with integration. Technological advancements and increasing innovation in ECG monitoring devices with wireless technologies, algorithms, and enhanced connectivity capabilities have increased the demand for this segment.

For instance, in June 2022, Cardiac Insight, Inc., which specializes in wearable cardiac sensors, launched the ‘Cardea SOLO’ ECG System. The system can help in the early detection of cardiac arrhythmias with its in build analysis technology. On the basis of equipment type, the U.S. ECG equipment market is segmented into resting ECG systems, Holter monitoring systems, stress ECG monitors, and event monitoring system.

The Holter monitoring system segment is expected to expand at the fastest CAGR of 7.7% from 2024 to 2033. This can be attributed to the commercialization of various products in recent years and increased demand by physicians and patients due to their portable nature. For instance, in April 2022, Biotricity, a medical diagnostic company, started the commercial sales of Biotres, its wireless wearable cardiac monitoring device, after receiving approval from the FDA in January 2022. Such steps are expected to promote these devices and increase their demand over the forecast period.

Key Companies & Market Share Insights

Several players in the ECG equipment market in the U.S. are focusing on product approvals, regional expansions, and formation of partnerships to add new and innovative products to their portfolio and increase their market share. For instance, in April 2023, the U.S. FDA gave 510(k) clearance to CardioSTAT recorder from Icentia, Inc., which is a flexible and showerproof device designed for cardiac monitoring. It helps in improving patient care while reducing healthcare costs.

Moreover, technological advancements and the changing trend towards preventative care are factors likely to provide further boost to the ECG equipment market in the country.

Key U.S. ECG Equipment Companies:

• BioTelemetry, Inc.
• CompuMed, Inc.
• GE HealthCare
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Hill-Rom Services, Inc.
• NIHON KOHDEN CORPORATION
• Koninklijke Philips N.V.
• Schiller AG
• CardioComm Solutions, Inc.
• McKesson Corporation

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. ECG Equipment market.

By Type 

• Resting ECG system
• Holter monitor systems
• Stress ECG monitors
• Event monitoring system

By End-use 

• Hospitals
• Ambulatory care
• Others