ECG MONITORING SYSTEMS MARKET ANALYSIS

The global ECG monitoring systems market is estimated to be valued at US$ 1,378.3 Million in 2023 and is expected to exhibit a CAGR of 8.1% during the forecast period (2023-2030).

Analysts’ Views on Global ECG Monitoring Systems Market:

Significant usage benefits of ECG monitoring systems, including small-size and seamless recording of heart rate and waveform in ECG monitoring systems market. In addition, the capability of ECG machines to detect various medical conditions like arrhythmias, coronary heart diseases, heart attacks, and cardiomyopathy will further amplify the market outlook in the forthcoming years. An ECG or electrocardiogram refers to a test used to detect the rhythm and electrical activity of the heart via sensors attached to the skin. The market is expected to be driven by beneficial government regulations, technical advances in the domain, and continued investment by prominent stakeholders for the rapid diagnosis of cardiovascular diseases.

Figure 1. Global ECG Monitoring Systems Market Share (%), By Equipment Type, 2023

To learn more about this report, Request sample copy

Global ECG Monitoring Systems Market– Driver

Increasing prevalence of cardiovascular diseases

Increasing prevalence of cardiovascular diseases is expected to propel growth of the  global ECG monitoring systems market over the forecast period. For instance, according to the American Heart Association's Heart and Stroke Statistics 2021 update, around 48% of all adults in the U.S. suffered from some type of cardiovascular disease in 2020.  Smoking has a high prevalence of optimum levels for a cardiovascular disease component (79.8% of individuals say they have never smoked or have never smoked in the past 12 months).

Growing geriatric population

Growing geriatric population can also drive the ECG monitoring systems market growth. For instance, according to an article published in World Health Orgnisation in November 2022, reported 1 in 6 people in the world will be aged 60 years or over in 2030. The share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). Non- cystic fibrosis bronchiectasis is the most common in elderly and frailer patients with estimated cases of 50% in patients over 65 years of age and 19.1% in patients over 75 years old.

Figure 2. Global ECG Monitoring Systems Market Share (%), By Region, 2023

To learn more about this report, Request sample copy

 Global ECG Monitoring Systems Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global ECG monitoring systems market over the forecast period. North America is estimated to hold 38.3% of the market share North America holds a significant market share in the ECG monitoring systems market worldwide, mainly due to the key market players are focusing on organic statergies such as launch of Novel ECG monitoring systems. For instance, in June 2020, GE Healthcare, a medical technology, pharmaceutical diagnostics, and digital solutions innovator in U.S., introduced its new electrocardiograph unit, the MAC 3500, in its MAC product line of resting ECG analysis systems. Ideal for basic 12-lead resting ECG analysis, the MAC 3500 system delivers technology you need for reliable and accurate cardiac assessments.

Global ECG Monitoring Systems Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global ECG monitoring systems market. For instance, in May 2020, the U.S Food and Drug Administration (FDA) approved Philips' wearable biosensor (Philips Biosensor BX100) to help manage confirmed and suspected COVID-19 patients in the hospital. The Philips patient deterioration detection system has been upgraded with the next-generation wireless wearable biosensor to enable clinicians to identify risk earlier and improve care for patients in lower-acuity care settings. The initial installation of the system was at the OLVG Hospital in the Netherlands, where it was put to use in order to assist with the triage and clinical surveillance of COVID-19 patients. Such initiatives by the key market player in the management of COVID-19 bolstered the market growth during the pandemic.

Global ECG Monitoring Systems Market Segmentation:

The global ECG monitoring systems market report is segmented into By Equipment Type, By End User, and By Region.

By Equipment Type, the global ECG monitoring systems market is segmented into ECG monitoring equipment, holter monitoring systems, ECG stress testing systems, and event monitoring systems. Out of which, the ECG monitoring equipment is expected to dominate the ECG monitoring systems market during the forecast period and this is due to detect heart problems such as heart disease, heart attack, an enlarged heart, or any abnormal heart rhythms that may cause heart failure.

By End User, the global ECG monitoring systems market is segmented into hospitals, ambulatory surgical centers, clinics. Out of which, the hospitals is expected to dominate the global ECG monitoring systems market during the forecast period and this is due to the increasing prevalence of cardiovascular disease.

Among all the segmentations, the equipment type has the potential due to the increasing  Cardiac infections this is expected to drive the growth of the segment over the forecast period. For instance, in April 2022, according to the World Health Organization (WHO), reported Cardiac infections account for 6% of the total global disease burden. Around 6.6 million, under-five aged children years of age die each year worldwide; 95 percent of them belong to low-income countries and one third of the total deaths is due to acute respiratory track infection.

Global ECG Monitoring Systems Market Cross Sectional Analysis:

North America is expected to dominate the global ECG monitoring systems market over the forecast period, owing to factors such as the product launch is boosting the market and the rising occurrence of cardiovascular diseases in the region. For instance, in October 2020, Polyphor, launched an inhaled form of the investigational antibiotic murepavadin (POL7080), which acts specifically against the bacterial strain Pseudomonas aeruginosa in heart, which is a strain found in patients with several lung diseases, including cystic fibrosis- and non-cystic fibrosis-associated bronchiectasis. Thus, the usage of ECG for investigational antibiotic murepavadin is expected to drive the market.

Global ECG Monitoring Systems Market: Key Developments

In March 2022, GE Healthcare, healthcare technology and diagnostics company, and AliveCor, a medical device and AI company producing ECG hardware and software for consumer mobile devices in U.S., Partnership aims to increase convenience for patients and help reduce cardiac-related hospitalizations by improving the quality and integration of patient data.

In February 2022, Philips, a healthcare technology company, announced the introduction of the industry’s full-service, at-home, 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials. The clinical-grade solution is the most advanced patient-centric ECG offering within the company’s cardiac monitoring portfolio, pairing data readings comparable to clinical, site-based ECGs with Philips leading cloud-based data collection and analysis services. This latest addition to Philips’ digitally enabled suite of monitoring solutions helps to drive innovation across the care continuum and support the decentralized clinical trial space.

In June 2021, Cardiac Insight, Inc., a healthcare innovator specializing in wearable cardiac sensors and proprietary software that automatically analyzes electrocardiogram (ECG) data to improve early detection and diagnosis of cardiac arrhythmias, such as atrial fibrillation (AFib) in U.S., launched its Cardea SOLO ECG System at Arab Health 2021, the largest healthcare exhibition in the Middle East.

In April 2022, GE Healthcare’s is  ECG data management system MUSE providing company and DeepCardio’s AI technology in ECG to develop AI-based ECG diagnosis, build ECG big data, and commercialize related products. they signed an agreement to jointly develop AI-based electrocardiogram (ECG) diagnosis technology and an ECG data analysis program.

Global ECG Monitoring Systems Market: Key Trends

R&D in ECG-enabled smartwatch

R&D in ECG-enabled smartwatch is expected to offer lucrative growth opportunities for players in the global ECG monitoring systems market. For instance, in February 2020, Johnson & Johnson, develops medical devices, pharmaceuticals, and consumer packaged goods in U.S., launched virtual clinical study to determine the efficacy of Apple’s iPhone and ECG-enabled smartwatch in reducing the risk of stroke and detecting cases of atrial fibrillation.

Global ECG Monitoring Systems Market: Restraint

Inaccuracy of wearable ECG devices

Inaccuracy of wearable ECG devices, which is expected to hinder growth of the ECG monitoring systems market growth. For instance, according to an article published in Digital Medicine in October 2021, reported Investigating sources of inaccuracy in wearable optical heart rate sensors. A group of 53 individuals successfully completed the entire study protocol (32 females, 21 males; ages 18–54; equal distribution across the Fitzpatrick (FP) skin tone scale). This protocol was designed to assess error and reliability in a total of six wearable devices (four consumer-grade and two research-grade models) over the course of approximately 1 hour.

Key market player are focusing on accuracy of ECG devices.

Global ECG Monitoring Systems Market- Key Players

Major players operating in the global ECG monitoring systems market include GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd., OSI Systems, Lidco Group plc, Biotricity Inc., Lupin Ltd. , Bittium Corporation, St. Jude Medical Inc., VivaQuant, and Johnson & Johnson.

*Defination: An electrocardiogram (ECG or EKG) records the electrical signal from the heart to check for different heart conditions. It is the most important test for interpretation of the cardiac rhythm, detection of myocardial ischemia & infarction, conduction system abnormalities, preexcitation, long QT syndromes, atrial abnormalities, ventricular hypertrophy, pericarditis, and other conditions.