Ecg Devices Market
ECG Devices Market Forecasts to 2030 - Global Analysis By Product (Resting ECG Systems, Stress ECG Systems, Holter Monitors, Event Monitors, Mobile Cardiac Telemetry (MCT) Devices, Smart ECG Monitors, Implantable Loop Recorders (ILRs), Cardiopulmonary Stress Testing Systems and Other Products), Technology, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $6.71 BN |
|
Projected Year Value (2030) |
US $12.51 BN |
|
CAGR (2023 - 2030) |
9.3% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global ECG Devices Market is accounted for $6.71 billion in 2023 and is expected to reach $12.51 billion by 2030 growing at a CAGR of 9.3% during the forecast period. Electrocardiogram (ECG) devices are medical instruments used to record the electrical activity of the heart over a specific period of time. They are crucial tools for diagnosing and monitoring various heart conditions. ECG devices measure and record the electrical impulses that trigger each heartbeat. ECG devices come in various forms, including portable and handheld models and can serve both diagnostic and monitoring purposes. ECG devices typically have a user-friendly interface and are designed to be comfortable for patients during the procedure.
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 United States.
Market Dynamics:
Driver:
Growing prevalence of cardiovascular diseases
ECG devices play a crucial role in diagnosing and monitoring various cardiac conditions. As the number of individuals with cardiovascular diseases rises, there is a greater need for accurate and reliable diagnostic tools to assess heart health. Many cardiovascular diseases are chronic and require ongoing monitoring. ECG data provides valuable information for healthcare providers to make informed decisions about treatment options, medication adjustments, and interventions for patients with cardiovascular conditions. Further, its tailoring treatment plans and preventive healthcare initiatives are fuelling the market growth.
Restraint:
Stringent regulations
Stringent regulatory requirements, particularly in regions like the United States and the European Union, can be a significant challenge for companies in the ECG devices market. Changes in regulatory standards or unexpected compliance issues can lead to delays in product approvals or market withdrawals. Therefore, the high costs and complex processes associated with obtaining regulatory approval may limit the number of players in the market.
Opportunity:
Rising remote patient monitoring
RPM allows patients to be monitored from the comfort of their homes. Patients no longer need to make frequent trips to healthcare facilities for ECG readings. Continuous monitoring through RPM enables early detection of irregularities in heart activity. By reducing the need for hospital or clinic visits, RPM can lead to cost savings for both patients and healthcare providers. Further, healthcare providers can focus their attention on patients who require immediate attention. In addition, factors such as telemedicine integration, data-driven care plans and reduced readmission rates are propelling the market growth.
Threat:
Competing imaging modalities
In certain clinical scenarios, healthcare providers may prefer more comprehensive imaging modalities like echocardiography or cardiac MRI. These modalities can provide a more detailed and multifaceted view of cardiac structure and function compared to a standard ECG. Also, some imaging modalities require specialized training to perform and interpret. The improved diagnostic capabilities of competing imaging modalities are hampering the market demand.
Covid-19 Impact
The COVID-19 pandemic had a significant impact on the ECG devices market. With the shift towards telemedicine and remote patient monitoring during the pandemic, there was a surge in demand for ECG devices that could be used for remote monitoring of patient’s cardiac health at home. Some healthcare facilities faced budget constraints and resource limitations during the pandemic, which led to delays in purchasing and installing new ECG devices. As healthcare systems recovered from the initial impact of the pandemic, there was a renewed focus on cardiac care, and ECG devices continued to be an essential tool in managing patients with cardiovascular conditions.
The smart ECG monitors segment is expected to be the largest during the forecast period
The smart ECG monitors segment is estimated to have a lucrative growth, due to its digital and connectivity features that enhances the monitoring, analysis, and management of cardiac health. Smart ECG monitors enables real-time data transmission and remote monitoring. They often come with companion mobile apps that can display ECG readings, store historical data, and provide insights into cardiac health. Its long battery life, AI-powered analysis, portability and wearability are thereby boosting the segment demand.
The wireless ECG devices segment is expected to have the highest CAGR during the forecast period
The wireless ECG devices segment is anticipated to witness the highest CAGR growth during the forecast period. Patients can wear wireless ECG monitors comfortably without being restricted by wires. This allows for greater freedom of movement and can lead to improved patient compliance with monitoring protocols. Without physical wires, there's a lower risk of infection associated with the use of wireless ECG devices, making them suitable for long-term wear. Overall, wireless ECG devices offer significant advantages in terms of patient comfort, mobility, and remote monitoring capabilities.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period. The Asia Pacific region is one of the fastest-growing markets for ECG devices. The region is experiencing a rising burden of cardiovascular diseases, driven by factors such as urbanization, sedentary lifestyles, dietary changes, and an aging population. This trend fuels the demand for ECG devices for diagnosis and monitoring. Also, factors such as a large and aging population, increasing prevalence of cardiovascular diseases, and improving healthcare infrastructure contribute to this growth.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period. The ECG devices market in Europe is one of the largest globally, driven by the region's advanced healthcare infrastructure and high prevalence of cardiovascular diseases. Europe is a hub for medical technology innovation. European countries have been investing heavily in digital health infrastructure, and ECG devices were increasingly integrated with electronic health record systems. Europe placed a strong emphasis on patient-centered care which is boosting the market growth.
Key players in the market
Some of the key players profiled in the ECG Devices Market include Medtronic PLC, Aerotel Medical Systems Ltd, QT Medical, AliveCor Inc., Nihon Kohden Corporation, BPL Medical Technologies, Dozee, Bittium, MediBioSense Ltd, CardioComm Solutions Inc., iRhythm Technologies Inc., GE Healthcare, Hill-Rom Holdings, Inc., Koninklijke Philips N.V., Spacelabs Healthcare (OSI Systems, Inc.), Fukuda Denshi Co., Ltd and SCHILLER AG.
Key Developments:
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Products Covered:
• Resting ECG Systems
• Stress ECG Systems
• Holter Monitors
• Event Monitors
• Mobile Cardiac Telemetry (MCT) Devices
• Smart ECG Monitors
• Implantable Loop Recorders (ILRs)
• Cardiopulmonary Stress Testing Systems
• Other Products
Technologies Covered:
• Digital ECG Devices
• Analog ECG Devices
• Portable ECG Devices
• Wireless ECG Devices
• Leadless ECG Devices
• Smartphone-Based ECG Devices
• Signal Processing ECG Devices
• Telemedicine & Remote Monitoring ECG Devices
• Continuous ECG Monitoring Systems
• Mobile Cardiac Telemetry (MCT) Devices
• Cardiovascular Information Systems (CVIS)
End Users Covered:
• Hospital
• Specialized Clinics
• Diagnostic Centers & Laboratories
• Nursing Homes & Long-Term Care Facilities
• Home Healthcare Settings
• Ambulatory Surgical Centers (ASCs)
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technology Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global ECG Devices Market, By Product
5.1 Introduction
5.2 Resting ECG Systems
5.3 Stress ECG Systems
5.4 Holter Monitors
5.5 Event Monitors
5.6 Mobile Cardiac Telemetry (MCT) Devices
5.7 Smart ECG Monitors
5.8 Implantable Loop Recorders (ILRs)
5.9 Cardiopulmonary Stress Testing Systems
5.10 Other Products
6 Global ECG Devices Market, By Technology
6.1 Introduction
6.2 Digital ECG Devices
6.3 Analog ECG Devices
6.4 Portable ECG Devices
6.5 Wireless ECG Devices
6.6 Leadless ECG Devices
6.7 Smartphone-Based ECG Devices
6.8 Signal Processing ECG Devices
6.9 Telemedicine & Remote Monitoring ECG Devices
6.10 Continuous ECG Monitoring Systems
6.11 Mobile Cardiac Telemetry (MCT) Devices
6.12 Cardiovascular Information Systems (CVIS)
7 Global ECG Devices Market, By End User
7.1 Introduction
7.2 Hospital
7.3 Specialized Clinics
7.4 Diagnostic Centers & Laboratories
7.5 Nursing Homes & Long-Term Care Facilities
7.6 Home Healthcare Settings
7.7 Ambulatory Surgical Centers (ASCs)
7.8 Other End Users
8 Global ECG Devices Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Medtronic PLC
10.2 Aerotel Medical Systems Ltd
10.3 QT Medical
10.4 AliveCor Inc.
10.5 Nihon Kohden Corporation
10.6 BPL Medical Technologies
10.7 Dozee
10.8 Bittium
10.9 MediBioSense Ltd
10.10 CardioComm Solutions Inc.
10.11 iRhythm Technologies Inc.
10.12 GE Healthcare
10.13 Hill-Rom Holdings, Inc.
10.14 Koninklijke Philips N.V.
10.15 Spacelabs Healthcare (OSI Systems, Inc.)
10.16 Fukuda Denshi Co., Ltd
10.17 SCHILLER AG
List of Tables
1 Global ECG Devices Market Outlook, By Region (2021-2030) ($MN)
2 Global ECG Devices Market Outlook, By Product (2021-2030) ($MN)
3 Global ECG Devices Market Outlook, By Resting ECG Systems (2021-2030) ($MN)
4 Global ECG Devices Market Outlook, By Stress ECG Systems (2021-2030) ($MN)
5 Global ECG Devices Market Outlook, By Holter Monitors (2021-2030) ($MN)
6 Global ECG Devices Market Outlook, By Event Monitors (2021-2030) ($MN)
7 Global ECG Devices Market Outlook, By Mobile Cardiac Telemetry (MCT) Devices (2021-2030) ($MN)
8 Global ECG Devices Market Outlook, By Smart ECG Monitors (2021-2030) ($MN)
9 Global ECG Devices Market Outlook, By Implantable Loop Recorders (ILRs) (2021-2030) ($MN)
10 Global ECG Devices Market Outlook, By Cardiopulmonary Stress Testing Systems (2021-2030) ($MN)
11 Global ECG Devices Market Outlook, By Other Products (2021-2030) ($MN)
12 Global ECG Devices Market Outlook, By Technology (2021-2030) ($MN)
13 Global ECG Devices Market Outlook, By Digital ECG Devices (2021-2030) ($MN)
14 Global ECG Devices Market Outlook, By Analog ECG Devices (2021-2030) ($MN)
15 Global ECG Devices Market Outlook, By Portable ECG Devices (2021-2030) ($MN)
16 Global ECG Devices Market Outlook, By Wireless ECG Devices (2021-2030) ($MN)
17 Global ECG Devices Market Outlook, By Leadless ECG Devices (2021-2030) ($MN)
18 Global ECG Devices Market Outlook, By Smartphone-Based ECG Devices (2021-2030) ($MN)
19 Global ECG Devices Market Outlook, By Signal Processing ECG Devices (2021-2030) ($MN)
20 Global ECG Devices Market Outlook, By Telemedicine & Remote Monitoring ECG Devices (2021-2030) ($MN)
21 Global ECG Devices Market Outlook, By Continuous ECG Monitoring Systems (2021-2030) ($MN)
22 Global ECG Devices Market Outlook, By Mobile Cardiac Telemetry (MCT) Devices (2021-2030) ($MN)
23 Global ECG Devices Market Outlook, By Cardiovascular Information Systems (CVIS) (2021-2030) ($MN)
24 Global ECG Devices Market Outlook, By End User (2021-2030) ($MN)
25 Global ECG Devices Market Outlook, By Hospital (2021-2030) ($MN)
26 Global ECG Devices Market Outlook, By Specialized Clinics (2021-2030) ($MN)
27 Global ECG Devices Market Outlook, By Diagnostic Centers & Laboratories (2021-2030) ($MN)
28 Global ECG Devices Market Outlook, By Nursing Homes & Long-Term Care Facilities (2021-2030) ($MN)
29 Global ECG Devices Market Outlook, By Home Healthcare Settings (2021-2030) ($MN)
30 Global ECG Devices Market Outlook, By Ambulatory Surgical Centers (ASCs) (2021-2030) ($MN)
31 Global ECG Devices Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
List of Figures
Figure 1 Global ECG Devices Market Outlook (2021-2030) ($MN)
Figure 2 North America ECG Devices Market Outlook (2021-2030) ($MN)
Figure 3 US ECG Devices Market Outlook (2021-2030) ($MN)
Figure 4 Canada ECG Devices Market Outlook (2021-2030) ($MN)
Figure 5 Mexico ECG Devices Market Outlook (2021-2030) ($MN)
Figure 6 Europe ECG Devices Market Outlook (2021-2030) ($MN)
Figure 7 Germany ECG Devices Market Outlook (2021-2030) ($MN)
Figure 8 UK ECG Devices Market Outlook (2021-2030) ($MN)
Figure 9 Italy ECG Devices Market Outlook (2021-2030) ($MN)
Figure 10 France ECG Devices Market Outlook (2021-2030) ($MN)
Figure 11 Spain ECG Devices Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe ECG Devices Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific ECG Devices Market Outlook (2021-2030) ($MN)
Figure 14 Japan ECG Devices Market Outlook (2021-2030) ($MN)
Figure 15 China ECG Devices Market Outlook (2021-2030) ($MN)
Figure 16 India ECG Devices Market Outlook (2021-2030) ($MN)
Figure 17 Australia ECG Devices Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand ECG Devices Market Outlook (2021-2030) ($MN)
Figure 19 South Korea ECG Devices Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific ECG Devices Market Outlook (2021-2030) ($MN)
Figure 21 South America ECG Devices Market Outlook (2021-2030) ($MN)
Figure 22 Argentina ECG Devices Market Outlook (2021-2030) ($MN)
Figure 23 Brazil ECG Devices Market Outlook (2021-2030) ($MN)
Figure 24 Chile ECG Devices Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America ECG Devices Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa ECG Devices Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia ECG Devices Market Outlook (2021-2030) ($MN)
Figure 28 UAE ECG Devices Market Outlook (2021-2030) ($MN)
Figure 29 Qatar ECG Devices Market Outlook (2021-2030) ($MN)
Figure 30 South Africa ECG Devices Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa ECG Devices Market Outlook (2021-2030) ($MN)
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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