Global Diagnostic Electrocardiograph (ECG) Market - Industry Trends and Forecast to 2029

Global Diagnostic Electrocardiograph Market, By Product and Service (Resting ECG, Stress ECG Devices, Holter Monitors, Implantable Loop Recorders, Event Monitors, MCT Devices, Smart ECG Monitors), Lead Type (12-lead ECG Devices, 5-lead ECG Devices, 3-lead ECG Devices, 6-lead ECG Devices, Single-lead, Other Lead Types), End User (Hospitals, Clinics, and Cardiac Centers, Ambulatory Surgical Centers, Other End Users)-Industry Trends and Forecast to 2029.

Market Analysis and Size

Cardiovascular disease is one of the main causes of death worldwide, according to the WHO. Cardiovascular diseases (CVDs) are expected to kill 17.9 million people per year, accounting for 31% of all deaths worldwide. Holter ECG monitors were once thought to be the most prevalent type of ambulatory ECG monitoring, which led to their widespread use in the detection of various cardiovascular illnesses. In addition, the development of wireless Holter monitors contributed to a considerable market share in the global ECG market.

The growing burden of cardiovascular illnesses, which is increasing the need for quality cardiology treatment and the frequency of patient visits to physician offices for CVD diagnosis, is principally responsible for the substantial proportion of this category. Data Bridge Market Research analyses that the diagnostic electrocardiograph (ECG) market was valued at USD 7.55 billion in 2021 and is further estimated to reach USD 11.50 billion by 2029, and is expected to grow at a CAGR of 5.41% during the forecast period of 2022 to 2029.

Report Scope and Market Segmentation

Market Definition

A diagnostic electrocardiograph is a medical instrument that aids in the diagnosis of heart-related electrical activity issues. Electrocardiography is used to diagnose myocardial infarction, cardiac murmur, cardiac stress testing, and fainting, among other cardiac conditions.

Diagnostic electrocardiograph (ECG) Market Dynamics                       

Drivers

• Rise in the cases of cardiovascular and lifestyle-related diseases

Continuous increases in the incidence of cardiovascular and lifestyle-related disorders, such as ischemic heart disease, stroke, peripheral artery disease, and hypertensive heart disease, are contributing to an increase in heart failure-related mortality.

• Increase in the healthcare expenditure

Rise in the elderly population due to the arrhythmias are projected to become more common over the world as a result of changes in cardiac anatomy induced by cardiomyopathy, coronary artery disease, diabetes, sleep apnea, and excessive blood pressure.

• Technological developments

Developments in technology, such as the development of wireless monitoring and wearable ECG devices, as well as new product introductions by various market participants.

Opportunities

In addition, the increase in the government funding are estimated to provide potential opportunities for the growth of the diagnostic electrocardiograph (ECG) market in the coming years.

Restraints/Challenges

On the other hand, the people are unaware of the importance of electrography in the diagnosis of cardiovascular illnesses is further projected to impede the growth of the diagnostic electrocardiograph (ECG) market in the targeted period. However, a scarcity of qualified workers to operate electrograph machines might further challenge the growth of the diagnostic electrocardiograph (ECG) market in the near future.

This diagnostic electrocardiograph (ECG) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the diagnostic electrocardiograph (ECG) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Diagnostic Electrocardiograph (ECG) Market

The COVID-19 had a negative impact on the diagnostic electrocardiograph (ECG) market. During the forecast period, COVID-19 will have a favourable impact on the market. COVID-19 has been proven to be more fatal to persons who have cardiovascular difficulties, thus the general population has grown more aware of their problems. It has raised public awareness about the importance of frequently checking one's cardiovascular health and boosted the ECG industry since more cases are recorded every day. To combat this scenario, the governments have scaled up the number of temporary hospitals.

Recent Development

• In January, 2021, BioTelemetry, Inc., a prominent provider of remote cardiac diagnosis and monitoring systems in the United States, has been acquired by Koninklijke Philips N.V. Philips will be able to expand its portfolio of patient care management solutions as a result of this acquisition.

Global Diagnostic Electrocardiograph (ECG) Market Scope and Market Size

The diagnostic electrocardiograph (ECG) market is segmented on the basis of product and service, lead type and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product and Service

• Resting ECG
• Stress ECG Devices
• Holter Monitors
• Implantable Loop Recorders
• Event Monitors
• MCT Devices
• Smart ECG Monitors

On the basis of product and service, the diagnostic electrocardiograph (ECG) market is segmented into resting ECG, stress ECG devices, holster monitors, mobile cardiac telemetry devices, implantable loop recorders, event monitors, MCT devices, smart ECG monitors.

Lead Type

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

On the basis lead type, the diagnostic electrocardiograph (ECG) market is segmented into 12-lead ECG devices, 5-lead ECG devices, 3-lead ECG devices, 6-lead ECG devices, single-lead ECG devices, other lead types.

End User                                                  

• Hospitals
• Clinics and Cardiac Centers
• Ambulatory Surgical Centers
• Other End Users

On the basis of end user, the diagnostic electrocardiograph (ECG) market is segmented into hospitals, clinics, and cardiac centers, ambulatory surgical centers, other end users.

Diagnostic Electrocardiograph (ECG) Market Regional Analysis/Insights

The diagnostic electrocardiograph (ECG) market is analysed and market size insights and trends are provided by country, product and service, lead type and end user as referenced above.

The countries covered in the diagnostic electrocardiograph (ECG) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the diagnostic electrocardiograph (ECG) market due to the rise in the need for the minimally invasive procedures. Furthermore, the growing number of geriatric populations and the rise in the per-capita income will further boost the growth of the diagnostic electrocardiograph (ECG) market in the region during the forecast period.

Asia-Pacific is projected to observe significant amount of growth in the diagnostic electrocardiograph (ECG) market due to the rise in the population base. Moreover, the rise in the expendable income. Moreover, the developing of the healthcare infrastructure is further anticipated to propel the growth of the diagnostic electrocardiograph (ECG) market in the region in the coming years.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The diagnostic electrocardiograph (ECG) market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for diagnostic electrocardiograph (ECG) market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the diagnostic electrocardiograph (ECG) market. The data is available for historic period 2010-2020.

Competitive Landscape and Diagnostic Electrocardiograph (ECG) Market Share Analysis

The diagnostic electrocardiograph (ECG) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to diagnostic electrocardiograph (ECG) market.

Some of the major players operating in the diagnostic electrocardiograph (ECG) market are:

• 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)
• Allengers (India)
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
• EDAN Instruments, Inc. (China)
• Cardioline S.P.A. (Italy)
• SUZUKEN CO., LTD. (Japan)
• Norav Medical (US)
• BIONET (US)
• VectraCor, Inc. (US)
• Nexus Lifecare (India)
• Midmark Corporation (US)
• Spacelabs Healthcare (US)
• Innomed Medical Inc. (Hungary)