ELECTROCARDIOGRAM (ECG) DEVICES MARKET ANALYSIS

The global electrocardiograph market was valued at US$ 5,719.7 Mn in 2022 and is forecast to reach a value of US$ 8,004.2 Mn by 2030 at a CAGR of 4.3%between 2023 and 2030. The global electrocardiograph market is experiencing strong growth due to the rise in burden of cardiovascular disease (CVDs) and growing geriatric population across the globe. Moreover, increasing demand for ECG for the diagnosis of cardiac disorders and increasing adoption/demand for technologically advanced ECG monitors is expected to propel the growth of the market. However, factors such as complex reimbursement policies and expensive instrument & maintenance are expected to hamper the growth of the global electrocardiograph market.

Global Electrocardiograph Market: Regional Insights

Based on geography, the global electrocardiograph market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing burden of cardiovascular diseases, growing geriatric population, rising focus on patient care, and well-established healthcare infrastructure in the region. For instance, as per the American College of Cardiology Foundation, 2022 report, the prevalence of valvular heart diseases (VHD) is rising in the U.S., with around 5 million Americans diagnosed each year, while more than 1.5 million people in the U.S suffer from aortic stenosis (valvular heart disease). This in turn is expected to drive growth of the market in North America.

Asia Pacific is also expected to witness robust growth in the global electrocardiograph market due to the increasing prevalence of cardiovascular diseases (CVDs), increase in number of ECG tests, growing geriatric population, and well-established healthcare infrastructure in this region. CVDs have now become the leading cause of mortality in India. According to the National Institutes of Health (NIH), cardiovascular disease (CVDs) such as ischaemic heart disease and cerebrovascular such as stroke account for 17.7 million deaths. This is due to a remarkable change in lifestyle, lack of physical activity, poor diet, and addiction to tobacco and alcohol.

Figure 1. Global Electrocardiograph Market Share (%), by Region, 2023

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Global Electrocardiograph Market Drivers:

High prevalence of cardiovascular diseases to augment market growth

One of the key factors expected to augment growth of the global electrocardiograph market during the forecast period is the rise in burden of cardiovascular disease (CVDs) worldwide. For instance, an electrocardiogram (ECG) records the electrical signal from the heart to check for different heart conditions. It is an integral part of the initial evaluation of a patient suspected of having a cardiac-related problem. It is often used alongside other tests to diagnose and monitor conditions affecting the heart. According to the World Health Organization (WHO), worldwide, CVDs are the leading cause of death, taking an estimated 17.9 million lives each year.

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global electrocardiograph market is the growing geriatric population worldwide. For instance, burden of chronic diseases is relatively high among the geriatric population, and this is expected to increase the risk of cardiovascular diseases. Aging can cause changes in the heart and blood vessels that may increase the person's risk of developing cardiovascular disease. According to WHO, by 2030, one in six people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion). This in turn is driving the market growth.

Global Electrocardiograph Market Opportunities:

Increasing demand for ECG for the diagnosis of cardiac disorders is expected to provide significant growth opportunities for players in the global electrocardiograph market. For instance, ECG is the most widely used non-invasive technique used to diagnose cardiac disorders. In April 2023, Icentia received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its ambulatory, continuous electrocardiogram (ECG) monitoring solution called CardioSTAT, which can be easily worn on the upper chest for cardiac monitoring. CardioSTAT has the potential to provide up to 14 days of continuous ECG recording and analysis with a compliance rate of 99.9%.

Increasing adoption or demand for technologically advanced ECG monitors is expected to provide significant growth opportunities for players in the global electrocardiograph market. For instance, market players are focusing on developing launching technologically advanced ECG monitors in the market to meet increasing demand. In October 2022, Dozee, planned to launch an ambulatory electrocardiogram (ECG) patch to monitor patients with cardiovascular disease (CVD). This ECG patch augments artificial intelligence (AI)-powered RPM system to help healthcare professionals (HCPs) to identify early signs of cardiac deterioration.

Global Electrocardiograph Market Trends:

Rise in demand for portable ECG monitors is a recent trend

Holter ECG system is a type of portable electrocardiogram (ECG). It records the electrical activity of the heart continuously over 24 hours or longer. It is used to detect and/or determine the risk of irregular heartbeats (arrhythmias). Moreover, the Holter ECG provide a complete picture of heart activity necessary for the diagnosis of cardiac conditions. Therefore, there is an increasing demand for technologically advanced portable and compact ECG monitors across the globe. This trend is expected to continue over the forecast period.

Introduction of novel products is another trend

Players in the market are focusing on developing and launching novel products, ECG monitors, to meet the increasing demand for technologically advanced or portable and compact ECG monitors. In September 2020, AliveCor announced the launch of, KardiaMobile 6L, its clinically-validated personal ECG device. It can detect three most common arrhythmias or irregular heartbeat, such as atrial fibrillation (AFib), bradycardia, and tachycardia. The device is small enough to fit in a pocket and gives patients the ability to record a medical-grade ECG in just 30 seconds.

Global Electrocardiograph Market Restraints:

Complex reimbursement policies to hinder market growth

One of the key factors expected to hamper the growth of the global electrocardiograph market is the complex reimbursement policies. ECG reimbursement and Cardiac Monitor interpretations is not the same for all practices, with each site being subject to statute, regulations, and/or contractual agreements. The low reimbursement rate acts as a restraint for innovations in the ECG market. The cost of ECGs has become a bigger obstacle in several parts of the world, where only a small portion of the population has access to medical insurance schemes.

Expensive instrument and maintenance to hamper market growth

Another factor which is hampering growth of the global electrocardiograph market is the expensive instrument and maintenance. Approximately one-third of the problems reported with ECG devices arise from problems caused by the user, which is attributed to the lack of special knowledge about the equipment. For instance, 80% of reported ECG problems are due to misuse of the ECG machine by the operators, with improper training, which creates the burden of repair and maintenance. The high maintenance and upfront costs may force doctors to use traditional ECG devices instead of the latest high-end devices due to the cost-effectiveness.

Figure 2. Global Electrocardiograph Market Share (%), by Product, 2023

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Global Electrocardiograph Market Segmentation:

The global electrocardiograph market report is segmented into Product, Technology, Lead Type, End User, and Geography.

Based on Product, the market is segmented into Rest ECG Systems, Stress ECG Systems, Holter ECG Systems, Event Recorders, and Other Products. Out of which, Rest ECG Systems Segment is expected to dominate the electrocardiograph market over the forecast period and this is attributed to the increasing prevalence of cardiovascular disease worldwide.

Holter ECG Systems Segment is also expected to witness significant growth in the near future and this is owing to the increasing demand for portable and compact ECG monitors.

Based on Technology, the market is segmented into Portable ECG Systems and Wireless ECG Systems. Out of which, Portable ECG Systems Segment is expected to dominate the market over the forecast period and this is attributed to the increasing adoption of portable ECG monitors.

Based on Lead Type, the market is segmented into Single Lead ECG, 3-6 Lead ECG, and 12 Lead ECG. Out of which, Single Lead ECG Segment is expected to dominate the market over the forecast period and this is attributed to the increasing use of single lead ECG monitors. A single-lead ECG is used to monitor a patient's heart rate and rhythm over a short period of time.

12 Lead ECG Segment is also expected to witness significant growth in the near future and this is due to rise in burden of cardiac arrhythmias. Apart from assisting in the diagnosis of myocardial ischemia, a 12-lead ECG can help accurately establish cardiac arrhythmias.

Based on End User, the market is segmented into Home-based Users, Hospitals, and Other End Users. Out of which, Home-based Users Segment is expected to dominate the market over the forecast period and this is attributed to the rise in demand for portable ECG monitors, especially in the home healthcare segment.

Hospitals Segment is also expected to witness robust growth in the near future and this is owing to rise in burden of chronic disease and growing geriatric population worldwide.

Global Electrocardiograph Market: Key Developments

In February 2022, AliveCor announced the launch of the KardiaMobile Card, the slimmest, most convenient personal ECG device in the United States. It is the only personal ECG slim enough to fit in a wallet for instant feedback on heart health anytime, anywhere.

In January 2022, Royal Philips announced the launch of the industry’s first full-service, at-home, 12-lead ECG solution for use in decentralized clinical trials. It is designed to improve the patient recruitment, compliance, and retention by reducing need for site visits during clinical trials

In January 2022, Philips announced the launch of the industry’s first full-service, at-home, 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials.

In December 2021, Implicity received U.S. Food and Drug Administration (FDA) clearance for a novel medical algorithm that analyses ECG data from Implantable Loop Recorders (ILRs).

Global Electrocardiograph Market: Key Companies Insights

The global electrocardiograph market is highly competitive. This is attributed to the increasing prevalence of cardiovascular disease worldwide, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global electrocardiograph market are Medtronic PLC, AliveCor, Schiller AG, GE Healthcare, Nihon Kohden Corporation, Koninklinje Philips NV, Hill-Rom Holdings Inc. (Welch Allyn), OSI Systems Inc. (Spacelabs Healthcare), and Mindray Medical International Limited, among others.

*Definition: An electrocardiogram (ECG) is a non-invasive test used to check the heart's rhythm and electrical activity. ECG is often used alongside other tests to diagnose and monitor conditions affecting the heart. It is an integral part of the initial evaluation of a patient suspected of having a cardiac-related problem.