Industry: Healthcare
Published Date: March-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 178
Report ID: PMRREP3244
The global revenue from the Electrocardiogram (ECG) Devices Market was around US$ 5.6 Billion in 2022, with the global market expected to grow at a CAGR of 7.4% to reach a valuation of around US$ 12.15 Billion by the end of 2033.
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Market Size (2023) |
US$ 5.96 Billion |
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Projected Market Value (2033) |
US$ 12.15 Billion |
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Global Market Growth Rate (2023 to 2033) |
7.4% CAGR |
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Market Share of Top 5 Countries |
52.5% |
As assessed by Persistence Market Research, ECG Resting System held a market share of around 55.4% in the global market, in 2022. Overall, ECG devices market sales account for around 69.1% of revenue share in the global cardiac monitoring devices market, which was valued at around US$ 8.1 Billion in 2022.
The global market recorded a historic CAGR of 6.6% in the last 8 years from 2014 to 2022.
The ECG device manufacturers are designing a variety of systems that are cost-effective and simple to use. This helps the manufacturers to address the customer's financial constraints. Key players like GE Healthcare are creating ECG devices like MAC I which offer cost advantages and devices like this also help in satisfying the needs of consumers in the growing regions.
The patient data collected through the ECG devices, is used to find irregularities, which helps the doctors to conclude diagnosis and maintain records for additional procedures. The methods used to collect, store, and deliver diagnosis for ECG signals have altered as a result of technological advancements. Now, physiological activity is measured via mobile phones, portable ECG sensors, and non-invasive methods.
Doctors and the aged population have found portable ECG monitors to be quite effective diagnostic tools. This is because these devices enable long-term monitoring of heart-related activities and also because of their transportable nature. Cardiovascular disorders are among the most prevalent health issues worldwide and are also the main cause of death. ECG examinations are carried out in relation to those who are likely to be exposed to variables producing heart disorders in order to reduce the risk associated with heart disease. ECG devices are becoming more important due to increasing awareness regarding the cardiovascular illness and this is something which supports the global device sales. The market for ECG equipment is being shaped by the introduction of technology innovations. In order to strengthen their position in the worldwide market and boost their sales internationally, key market players in the ECG device sector are concentrating on developing technological solutions for ECG devices.
The global market is likely to show high growth over the coming years and is expected to grow at a CAGR of 7.4% to reach a global market size of US$ 12.15 Billion by 2033.
“Increasing Penetration Rate of ECG Devices in Non-cardiology Department”
ECG monitoring devices are frequently employed in cardiology department since they have shown to be a crucial diagnostic tool for identifying problems with respect to heart rhythm. Apart from the cardiology department, the use of the ECG devices is increasing in the other departments.
It can therefore, be considered that cardiovascular illnesses are among the top causes of death worldwide and thus, have a particularly negative impact on the economies of low- and middle-income nations. The patient community, both in urban and rural locations, has increased the use of ECG treatments.
Over the forecast period, the market for ECG devices will grow due to the advancements in ECG devices and an increase in the prevalence of cardiovascular diseases worldwide. The market for ECG devices contains well-established market participants, original equipment manufacturers (OEMs), and small companies that are growing their businesses to cover a bigger market share in emerging economies. The ECG device industry is driven by innovation which is because of the fierce competition among market participants.
Due to the increasing prevalence and awareness regarding cardiovascular diseases the demand for ECG devices from end users, including cardiac clinics and doctors, has increased. This demand has easily been fulfilled due to the well-established distribution channels. The well-established distribution channel makes it easier to reach a wider audience when it comes to sales and services, and this is something that improves the manufacturer’s feedback.
Industries are taking advantage of opportunities in many sectors by creating and releasing more user-friendly goods in order to grow their customer base and market share while also enhancing healthcare outcomes. Also, it is predicted that an increase in government financing would present chances for the market of diagnostic electrocardiographs (ECGs) to expand in the years to come. The global market is also driven by the introduction of wireless and wearable monitoring ECG devices. The key players are majorly involved in launching new products in the market.
Detailed product information is provided to customers, this helps them to make well-informed decisions regarding the purchase of the devices that are offered at a reasonable price. This allows long-term brand establishment in the market and effective order management. Also, the presence of large patient pool suffering from cardiovascular diseases is projected to drive the global ECG devices market.
“Lengthy Medical Device Approval Period”
The development and marketing of ECG devices, as well as their commercial success and demand, is limited as a result of the decline in the reimbursement scenario. ECG devices assess the electrical activity of the heart and this helps the doctors to diagnose the cardiac diseases.
Since the ECG devices eventually help in patient outcome, therefore it is obliged to get approval from the various regulatory bodies to be approved as a medical device. Since this process is quite lengthy and time consuming therefore, this can hamper the growth of this market.
It is necessary to establish ways for anticipating and correcting a system failure because equipment malfunction or inadequate planning frequently leads to system failure. Risk analysis related to system failure should be seen as essential, especially for safety-critical applications dealing with human health, such as ECG.
Why is the United States Market Booming?
“Increasing Prevalence of Cardiovascular Diseases”
The United States accounted for around 29.3% market share in the global market in 2022.
Regional market value in U.S. is rising due to the growing elderly population and rising cardiovascular disease rates. Also, the United States' superior healthcare infrastructure rises the worth of the local market. The higher adoption of new and technologically advanced devices in this region plays an important role in expansion of the United States ECG devices market. The market is also projected to be driven by favorable regulatory policies and an increase in market participants' investments for the early diagnosis of cardiovascular illnesses.
Will the United Kingdom Be a Lucrative Market for ECG Devices?
“Technological Advancements with Respect to ECG Devices”
The United Kingdom market held around 4.2% market share of the global market in 2022.
The United Kingdom market for diagnostic ECG is anticipated to expand as a result of technological advancements in ECG equipment, including portability, mobility, novel electrodes & sensors, and smartphone integration. Also, increase in the ageing population and rise in the incidence of the cardiovascular diseases are the factors that help in propelling the United Kingdom market for ECG equipment.
Increased healthcare spending along with rising personal disposable income is another factor driving the growth of the ECG market in this market. As a result of changing lifestyles that include eating preferences and sedentary behavior, the cardiovascular diseases are on the rise among both young and old people and this eventually increase the demand for the ECG devices. Also, the introduction of cutting-edge ECG devices, such as portable ECG units and ECG units connected to AI systems, is anticipated to foster market expansion.
How is China Emerging as a Prominent Market?
“Increased Adoption of Digital and Remote Healthcare”
China held a market share of about 6.7% of the global market in 2022.
The advancements in the approach towards healthcare monitoring have contributed to the growth of this market in China. The quality of the transmission and reception of the ECG signals during the remote procedure has improved over the past few years as more and more cardiac illnesses have been monitored using remote ECG monitoring devices. Developing healthcare infrastructure, emerging economies, and increased spending on healthcare solutions are the factors supporting the regional market value of China.
In China, the primary contributor to the cost of healthcare is cardiovascular disease. The condition is becoming more and more common. Factors like the quick development of technology, rising public awareness, and an increase in the number of government programs aimed at combating cardiovascular disorders are predicted to fuel the growth of this market in China.
Which Product is Driving Demand within the Global Market?
“Rise in Prevalence of Cardiovascular Diseases”
The product segment ECG resting system held around 55.4% share of the total market in 2022.
The need for ECG resting systems has grown because of the increase in cardiovascular illnesses. Real-time tracking and perception of heart electrical signals are some of the capabilities of the ECG. The resting ECG systems are suitable for a variety of patients and clinical requirements and therefore hold a major share in the global ECG devices market.
Which End User Propels the Global Sales in the Market?
“Increased Patient Access to the Hospitals”
The hospitals held a share of about 52.7% in 2022, within the global market.
The increase in the number of hospitals providing services related to cardiac diseases is one of the crucial factors contributing to the increased share of hospitals in the end-user segment of the global ECG devices market. Also, because an electrocardiogram is the most often used diagnostic tool in the cardiac department, there has been a rise in the use of ECG equipment in cardiac settings across hospitals.
Companies collaborate with hospitals and cardiology centres by teaching medical professionals. Companies are also offering a wide range of products in developing countries to increase sales and market share. Manufacturers who innovate in response to customer expectations become more popular in the market
Similarly, the team at Persistence Market Research has tracked recent developments related to companies in the ECG devices market, which are available in the full report.
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Details |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2014 to 2022 |
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Market Analysis |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Covered |
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Report Coverage |
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Customization & Pricing |
Available upon Request |
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The global market of ECG devices is currently valued at around US$ 5.6 Billion in 2022.
The global market estimates for 2023 is around US$ 5.96 Billion in 2023.
The global market is set to reach a valuation of US$ 12.14 Billion by the end of 2033.
Sales of the market are set to witness growth at a CAGR of 7.4% between 2023 and 2033.
Demand for the global market increased at a 6.6% CAGR from 2014 to 2022.
The U.S., China, Japan, Germany, and India drive the demand within the market, currently holding around 52.5% market share.
The U.S. accounted for around 29.3% share of the global ECG devices market in 2022.
North America accounted for around 34.6% share of the global market in 2022.
The China market held a share of about 6.7% in the global ECG devices market in 2022.
The Germany ECG devices market held a share of 5.1% of the global market in 2022.
