The size of the global diagnostic ECG market is estimated to be growing at a CAGR of 6.16% during the forecast period. As a result, the size of the market is predicted to be USD 8257 million by 2028 from USD 6124 million in 2023.
A diagnostic electrocardiograph is a device that records the heart's electrical activity by placing electrodes on a person’s body. A diagnostic electrocardiograph is pivotal in monitoring and diagnosing the heart's activity.
The growing incidence of CVDs such as ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery diseases propel the diagnostic ECG market growth.
According to the statistics published by World Health Organization (WHO), CVDs are one of the leading causes of death worldwide and caused 17.9 million deaths worldwide in 2021. The growing number of deaths and an increasing number of people suffering from cardiovascular diseases are promoting the need for diagnostic ECG devices. These diseases majorly occur due to the increasing prevalence of unhealthy lifestyles. However, awareness regarding the negative impact of an unhealthy lifestyle is deficient among the public.
In addition, the growing aging population, increasing improvements in the healthcare infrastructure in developing and underdeveloped countries, and the availability of reimbursement policies are anticipated to showcase a favorable impact on the diagnostic ECG market growth. Developing nations witness high growth opportunities compared to developed countries because the market of developed nations is almost saturated. In addition, developing economies have an environment of favorable government policies and growing healthcare spending, which are estimated to favor market growth.
Furthermore, the rise in the support from government organizations through investments to minimize the cost of treatment procedures in healthcare centers is lavishing the need for the diagnostic ECG market. Technological advancements in communication, low-power circuit design for safer ECG devices, portability features, lower power consumption, more accuracy, and the capacity to incorporate the latest diagnostic features support market growth. The rising aging population worldwide and increasing incidence of lifestyle diseases are contributing to the growth of the global diagnostic ECG market. In addition, a growing tendency for early diagnosis of a disease by knowing the benefits involved in detecting the disease at an early stage is escalating market growth.
However, unstable reimbursement regulations, the high cost of devices, and economic instability are the major factors hindering the growth of the diagnostic ECG market.
Impact of COVID-19 on the diagnostic ECG market:
The global diagnostic ECG market had a favorable impact on the global diagnostic ECG market. The public has become more conscious about their cardiovascular problems as it has been found that COVID-19 is more fatal to people with cardiovascular problems. It has increased people's awareness to check their cardiovascular condition regularly and boosted the ECG market as more cases are reported daily. The governments have now made more temporary hospitals to fight this situation. These hospitals require more ECG monitoring devices and thus boosting the market. North America and the European region will see more demand as unhealthy lifestyles are prevalent. In addition, considering the reduced impact of COVID-19 and increasing habituation towards new normalization, the global market for diagnostic ECG is anticipated to showcase a healthy CAGR in the coming years.
Market Size Available
2022 to 2028
2023 to 2028
By Product, Lead Type, End User, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
BPL Ltd, Cardiac Science Corp, Fukuda Denshi Co., Ltd., GE Healthcare, Medtronic, Inc., Philips Healthcare, Spacelabs, Healthcare, Inc., Mortara Instrument, Midmark Corp, Mindray Medical International Ltd., Nihon Kohden Corp, Scottcare Corp, Schiller Ag, Welch Allyn Inc., and Cardionet
This research report on the global diagnostic ECG market has been segmented and sub-segmented based on the Product, Lead Type, End-User, and Region.
Diagnostic ECG Market - By Product:
Based on the product, the resting ECG systems segment had the major share of the worldwide diagnostic ECG market in 2022 and is estimated to grow at a healthy CAGR during the forecast period.
On the other hand, the stress ECG systems segment is anticipated to grow at a healthy CAGR during the forecast period owing to the growing incidence of stress levels, especially among the young population across the world, propelling the segment's growth. In addition, the growing consistency of patient visits to the hospital is fuelling the segment’s growth.
Diagnostic ECG Market - By Lead Type:
Based on the lead type, the 3-6 lead type ECG devices segment is forecasted to lead the diagnostic ECG market during the forecast period. The growing adoption of technological developments is one of the significant factors propelling segmental growth. In addition, favorable reimbursement policy environments in multiple countries and increasing government support promote the segment's growth.
Diagnostic ECG Market - By End-user:
Based on the end-user, the hospital segment accounted for the major share of the worldwide diagnostic ECG market in 2022. The segment’s dominance is anticipated to continue during the forecast period. The growing number of hospitals worldwide and the increasing number of patients worldwide contribute to the segment’s growth. In addition, the rising implementation of portable devices in ambulatory services is another factor for the market to grow. It can save many people suffering from cardiac arrest before reaching the hospital.
Diagnostic ECG Market - By Region:
The North American diagnostic electrocardiograph (ECG) market accounted for the major share of the worldwide market in 2022and is anticipated to continue dominating throughout the forecast period. The growing adoption of technological developments and increasing incidence of cardiovascular diseases propel the region’s growth. In addition, the demand for diagnostic ECG devices is anticipated to grow in the coming days due to the increasing usage of these devices from hospitals, diagnostic centers, and in-home care settings. The U.S. led the diagnostics ECG market in 2022, followed by Canada. The domination of the U.S. market in the North American region is majorly attributed to the consistent growth in the patient volume; increasing patient count suffering from CVDs, and the availability of well-advanced healthcare infrastructure.
The European diagnostic ECG market is anticipated to hold a considerable share of the worldwide market during the forecast period. The European region is considered one of the potential regions in the worldwide market and is expected to grow at a healthy CAGR in the coming years. The growing aging population, increasing adoption of technological developments to manufacture portable and wireless ECG devices, rising incidence of chronic diseases, and growing initiatives from EU governments to develop the healthcare infrastructure are contributing to the growth of the European market. In addition, the growing R&D activities by companies such as GE Healthcare, Philips Healthcare, Schiller AG, and Welch Allyn are expected to favor regional market growth.
The Asia Pacific diagnostic ECG market is predicted to grow at the fastest CAGR in the coming years owing to the growing patient population and increasing support from the governments of the APAC countries in terms of launching reimbursement schemes in favor of the public. The growing healthcare spending and increasing government support are propelling the regional market growth. Countries like India and China are anticipated to hold a major share of the APAC diagnostic ECG market during the forecast period.
The Latin American diagnostic ECG market is expected to showcase a steady CAGR during the forecast period.
The diagnostic ECG market in MEA is forecasted to hold a moderate share of the worldwide market during the forecast period.
KEY MARKET PLAYERS:
Key players operating in the Global Diagnostic ECG Market profiled in this report are BPL Ltd, Cardiac Science Corp, Fukuda Denshi Co., Ltd, GE Healthcare, Medtronic, Inc., Philips Healthcare, Spacelabs, Healthcare, Inc., Mortara Instrument, Midmark Corp, Mindray Medical International Ltd, Nihon Kohden Corp, Scottcare Corp, Schiller Ag, Welch Allyn Inc., and Cardionet.
RECENT MARKET HAPPENINGS:
The global diagnostic ECG market size was valued at USD 5435 million in 2021.
Yes, we have studied and included the COVID-19 impact on the global diagnostic ecg market in this report.
North America is anticipated to play the leading share of the worldwide diagnostic ECG market in the coming years.
BPL Ltd, Cardiac Science Corp, Fukuda Denshi Co., Ltd, GE Healthcare, Medtronic, Inc., Philips Healthcare, Spacelabs, Healthcare, Inc., Mortara Instrument, Midmark Corp, Mindray Medical International Ltd, Nihon Kohden Corp, Scottcare Corp, Schiller Ag, Welch Allyn Inc., and Cardionet are some of the notable companies in the worldwide diagnostic ECG market.
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