Electrocardiograph (ECG) Market Size is projected to reach USD 10.79 Billion by 2030, growing at a CAGR of 5.67%: Straits Research
Global Electrocardiograph (ECG) market was valued at USD 5.18 billion in 2020 and is anticipated to generate USD 10.79 billion by 2030. The market is projected to experience growth at a CAGR of 5.67% during the forecast period (2022–2030). North America dominated the global ECG market share in 2019, accounting for 46.8% of total revenue.
New York, United States, Aug. 09, 2022 (GLOBE NEWSWIRE) -- North America is dominating the global electrocardiograph (ECG) market. In this regard, the United States has the largest market share. An increasing number of partnerships can be witnessed among electrocardiograph equipment manufacturers and ECG management service providers in the United States. Market players have been entering partnerships to increase product offerings, expand businesses, and enable better exchange of information through cardiovascular information systems and electronic health records.
For instance, in September 2020, the Food and Drug Administration (FDA) cleared the Electrocardiogram Monitor app for use in the United States on Galaxy Watch3 and Galaxy Watch Active2. The new ECG Monitor app allows users to monitor their heart rhythm for irregularities, scanning for atrial fibrillation signs (a heart condition that causes an irregular and often abnormally fast heart rate).
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/electrocardiograph-ecg-market/request-sample
Rise in Prevalence of Cardiovascular Diseases to Upsurge the Electrocardiograph Market
The global increase in the prevalence of heart illnesses is the key driver of the ECG market. According to the WHO, cardiovascular disease is one of the main causes of death worldwide. Cardiovascular diseases (CVDs) are expected to kill 17.9 million people per year, accounting for 31% worldwide deaths.
According to the World Health Organization, cardiovascular diseases are the leading cause of death worldwide, with 17.9 million deaths annually. Furthermore, heart attacks and strokes account for four out of every five cardiovascular deaths, with one-third of these deaths occurring before 70. This is projected to boost demand for electrocardiograms, perhaps slowing the market's growth rate.
According to the European Heart Network, cardiovascular diseases cause 3.9 million fatalities in Europe each year, with over 1.8 million deaths in the European Union. These diseases are responsible for 45 percent of all deaths in Europe and 37% of all deaths in the European Union. Due to the lack of physical activity and leading sedentary lifestyles, the incidences of cardiovascular diseases are increasing at a robust pace, which is expected to drive the ECG market rapidly.
Atrial fibrillation (AFib) is the most prevalent chronic arrhythmia in patients above 65 years. As per the CDC report, it is estimated that 12.1 million people in the United States will have AFib by 2030. With the growth in the aging population, this number is expected to increase. ECG devices are mainly used for atrial fibrillation, which implies that the increasing prevalence of AF boosts the market growth. Thus, the rising incidences of CVD and atrial fibrillation are augmenting the growth of the market.
Report Scope
Report Metric | Details |
Market Size | USD 10.79 Billion by 2030 |
CAGR | 5.67% (2022-2030) |
Historical Data | 2019-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, Technology, Lead Type, End-User, Region |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | GE Healthcare, Koninklinje Philips NV, Nihon Kohden Corporation, Schiller AG, OSI Systems Inc. (Spacelabs Healthcare), AliveCor, Mindray Medical International Limited, Medtronic PLC, Biotelemetry, Hill-Rom Holdings Inc. (Welch Allyn), CompuMed |
Key Market Opportunities | Rise in Geriatric Population Providing New Opportunities for Global ECG Market |
Key Market Drivers | Rise in Cases of Cardiovascular Diseases as a Key Driver for Global ECG Market |
Buy Now Full Report @ https://straitsresearch.com/buy-now/electrocardiograph-ecg-market
Impact of COVID-19
With the accessibility challenges to quality healthcare and COVID-19-related infection fears, the portable and technology-enabled ECG devices will help deliver affordable and convenient heart care. For instance, in response to COVD-19, AliveCor, in 2020, declared its product development in the Indian market for KardiaMobile 6L, its ECG device. This was approved by the US FDA. This will help heart patients minimize the risk of infection via visiting hospitals.
However, with the growing public health crisis of COVID-19, remote monitoring allows patients to maintain rapport with their healthcare professionals when required. Remotely, healthcare providers can access information about a patient's vital signs while at home, reducing the need for hospital visits and minimizing the risk of exposure to coronavirus. In April 2020, Biotricity Inc., a medical diagnostic and consumer healthcare technology company, announced that its Bioflux units are designed for QT interval analysis, a section of the ECG, to identify serious risks like QT prolongation.
Furthermore, as virus infection and pneumonia enhance the risk of rhythm disturbance and acute coronary syndrome, routine electrocardiography (ECG) is a suggested diagnostic test for all COVID-19 afflicted individuals. Furthermore, ECGs can be used to assess the cardiac toxicity of antibiotics given to COVID-19 patients.
Key Insights
The Electrocardiograph market was valued at USD 5186.13 million in 2020, and is anticipated to generate USD 10.79 billion by 2030, and it is predicted to grow at a CAGR of 5.67% from 2021 to 2030.
By product, the market is divided into rest ECG systems, stress ECG systems, holter ECG systems, event recorders, and other products being the most common. The rest ECG systems market is valued at USD 2899.56 million by 2030 at a CAGR of 4.26% during the forecast period.
Based on technology, the market is segmented into portable ECG systems and wireless ECG systems. The portable ECG systems segment is valued at USD 4820.45 million by 2030 at a CAGR of 4.27%.
America and Europe are the two dominant markets for electrocardiographs, and markets in regions are expected to grow at a CAGR of 4.45% and 4.19%, respectively.
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/electrocardiograph-ecg-market/request-sample
List of Key Players
GE Healthcare
Koninklinje Philips NV
Nihon Kohden Corporation
Schiller AG
OSI Systems Inc. (Spacelabs Healthcare)
AliveCor
Mindray Medical International Limited
Medtronic PLC
Biotelemetry
Hill-Rom Holdings Inc. (Welch Allyn)
CompuMed
Global Electrocardiograph Market: Segmentation
By Product
Rest ECG Systems
Stress ECG Systems
Holter ECG Systems
Event Recorders
Others
By Technology
Portable ECG Systems
Wireless ECG Systems
By Lead Type
Single Lead ECG
3-6 Lead ECG
12 Lead ECG
By End-User
Home-Based Users
Hospitals
Others
By Region
America
Europe
Asia-Pacific
Middle East & Africa
TABLE OF CONTENT
Introduction
Market Definition
Market Scope
Research Methodology
Primary Research
Research Methodology
Assumptions & Exclusions
Secondary Data Sources
Market Overview
Report Segmentation & Scope
Value Chain Analysis: Electrocardiograph (ECG) Market
Key Market Trends
Drivers
Restraints
Opportunities
Porter’s Five Forces Analysis
Bargaining Power of Suppliers
Bargaining Power of Buyers
Threat of Substitution
Threat of New Entrants
Competitive Rivalry
Market Share Analysis
Type Overview
Introduction
Market Size & Forecast
Marine, Aviation, & Transport (MAT)
Market Size & Forecast
Political Risk & Credit Insurance
Market Size & Forecast
Distribution Channel Overview
Introduction
Market Size & Forecast
Brokers
Market Size & Forecast
Non-Brokers
Market Size & Forecast
Regional Overview
Introduction
Market Size & Forecast
America
North America
U.S.
By Type
By Distribution Channel
Canada
By Type
By Distribution Channel
Mexico
By Type
By Distribution Channel
Latin America
By Type
By Distribution Channel
Europe
Market Size & Forecast
Germany
By Type
By Distribution Channel
France
By Type
By Distribution Channel
U.K.
By Type
By Distribution Channel
Italy
By Type
By Distribution Channel
Spain
By Type
By Distribution Channel
Rest of Europe
By Type
By Distribution Channel
Asia Pacific
Market Size & Forecast
Japan
By Type
By Distribution Channel
China
By Type
By Distribution Channel
Australia
By Type
By Distribution Channel
India
By Type
By Distribution Channel
South Korea
By Type
By Distribution Channel
Rest of Asia-Pacific
By Type
By Distribution Channel
Middle East & Africa
Market Size & Forecast
Saudi Arabia
By Type
By Distribution Channel
South Africa
By Type
By Distribution Channel
Kuwait
By Type
By Distribution Channel
Rest of Middle East & Africa
By Type
By Distribution Channel
Company Profile
AXA
Company Overview
Financial Performance
Recent Developments
Product Portfolio
American International Group Inc
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Allianz
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Conclusion & Recommendation
Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/electrocardiograph-ecg-market/toc
Market News
Biotelemetry, a global medical technology leader, entered into the agreement to acquire Geneva Healthcare, Inc., which is provider of cardiac implantable devices for remote monitoring in March 2019
In January 2021, Hill-Rom entered a definitive agreement to acquire Bardy Diagnostics Inc.
News Media
Top 10 Medical Device Companies in the World
Have a Look at the Related Research Report
Therapeutics Apps Market: Information by Application (ECG Monitor Apps), Therapeutic Category (Women Health), Services Provided (Diagnostic), End-Users, and Regions—Forecast till 2029
India Pacemaker Market: Information by Product Type (Implantable Pacemaker, External Pacemaker), Technology (Single Chambered), Application (Heart Block), and Region — Forecast till 2026
Cardiac Resynchronization Therapy (CRT) Market: Information by Product (CRT-Defibrillator, CRT-Pacemaker), End-Use (Hospitals, Cardiac Centers), and Region – Forecast till 2030
Self-Charging Pacemakers Market: Information by Product (Implantable Pacemakers), Application (Arrhythmias), End-User (Hospitals and Cardiac Centers), and Region — Forecast till 2029
Women's Health Rehabilitation Products Market: Information by Product (Orthopedic Care, Urinary Incontinence), Therapy (Physical Therapy), and Region — Forecast till 2030
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 480 7505 (the U.S.)
+91 8087085354 (APAC)
+44 208 068 9665 (the U.K.)
Email: sales@straitsresearch.com
Follow Us: LinkedIn | Facebook | Instagram | Twitter