An electrocardiogram (ECG) records the electrical signal from the heart to check for different heart conditions. ECG uses temporary electrodes on the chest and limbs to monitor, track, and document the heart’s electrical activity (which controls the heartbeat) for diagnostic purposes. ECG is one of the simplest and fastest tests used to evaluate the heart. Doctor may recommend ECG if people are experiencing symptoms like chest pain, breathlessness, dizziness, fainting or a feeling of the heart racing, fluttering, thumping, or pounding in chest (palpitations). ECG can also help monitor how treatments for a heart condition, like medicines or implantable cardiac devices, are working.
Market Statistics:
The global Electrocardiogram (ECG) Devices Market is estimated to account for US$ 5,942.9 Mn in terms of value by the end of 2023.
Drivers:
Rise in burden of cardiovascular disease (CVDs) and growing geriatric population across the globe is expected to propel the growth of the global Electrocardiogram (ECG) Devices Market during the forecast period. For instance, an electrocardiogram (ECG) records the electrical signal from the heart to check for different heart conditions. ECG is an integral part of the initial evaluation of a patient suspected of having a cardiac-related problem. ECG is often used alongside other tests to diagnose and monitor conditions affecting the heart. According to the Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of death in the United States. One person dies every 33 seconds in the United States from cardiovascular disease.
Opportunities:
High demand for technologically advanced, portable ECG monitors is expected to offer significant growth opportunities for players in the global Electrocardiogram (ECG) Devices Market. In October 2022, Dozee, planned to launch an ambulatory ECG patch to monitor patients with CVDs. The patch augments Dozee’s current artificial intelligence (AI)-powered RPM system to play a vital role in assisting healthcare professionals (HCPs) in identifying early signs of cardiac deterioration ensuring there is timely medical intervention, thereby improving patient safety. The ECG patch is small, flexible, light and convenient to use and physicians can remotely get alerts and view the live and continuous ECG of the patient from anywhere as the system is cloud-enabled.
Restraints:
High cost of instrument and high cost of maintenance is expected to hamper growth of the global Electrocardiogram (ECG) Devices Market. 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 owing to the cost-effectiveness. This in turn expected to restrain growth of the global Electrocardiogram (ECG) Devices Market.
COVID-19 Impact Analysis:
Individuals with heart disease have been, and continue to be, at higher risk of developing severe COVID-19, according to the Centers for Disease Control and Prevention. The increase in the cases of cardiovascular complications due to COVID-19 increased the use of diagnostic ECG. ECG is a non-invasive test used at the bedside to help diagnosis and management of cardiac damage in the face of the COVID-19 pandemic and limited healthcare resources. These advantages and/or easy access to ECG in hospitals and emergency care during pandemic is expected to augment the growth of the global Electrocardiogram (ECG) Devices Market.
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Key Takeaways:
The global Electrocardiogram (ECG) Devices 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.
Among product, Rest ECG Systems segment held dominant position in the global Electrocardiogram (ECG) Devices Market in 2023, accounting for 38.4% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Rise in demand for portable ECG monitors is one of the key trends expected to propel the growth of the global Electrocardiogram (ECG) Devices Market. For instance, the 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 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. Thus, there is an increasing demand for technologically advanced as well as portable or compact ECG monitors. This trend is expected to continue over the forecast period.
Competitive Landscape:
Major players operating in the global Electrocardiogram (ECG) Devices 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.
Recent Developments:
In April 2023, Icentia received 510(k) clearance from the U.S. Food & 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. It has the potential to provide up to 14 days of continuous ECG recording and analysis with a compliance rate of 99.9%.
In October 2022, Dozee launched ambulatory electrocardiogram (ECG) patch to monitor patients with cardiovascular disease (CVD). This ECG patch augments AI-powered RPM system to help healthcare professionals (HCPs) to identify early signs of cardiac deterioration.
In September 2021, Astellas Pharma, Nitto Denko Corporation, and M. Heart Co., Ltd. concluded a memorandum of understanding concerning an ECG testing service. Astellas, Nitto, and M. Heart will continue to look into Nitto developing and manufacturing the “EG Holter” a novel disposable Holter ECG device.
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.
