Market Challenges And Opportunities

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 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.