Diagnostic ECG Market

Diagnostic ECG Market Size (2022 to 2027)

The size of the global diagnostic ECG market is estimated to be growing at a CAGR of 6.16% during the forecast period. The size of the market is predicted to be USD 7779 million by 2027 from USD 5769 million in 2022.

A diagnostic Electrocardiograph is a device used to record the heart's electrical activity by placing electrodes on a person’s body. Diagnostic Electrocardiograph plays a pivotal role in monitoring and diagnosing the heart's activity, which is considered a significant factor setting up growth opportunities for the market. An increasing number of patients suffering from cardiovascular problems due to the adoption of a sedentary lifestyle is one more factor bolstering the demand of the market. The rise in the support from government organizations through investments to minimize the cost for treatment procedures in healthcare centers is lavishing the need of the Diagnostic ECG Market.

Increasing cardiovascular diseases like ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery diseases are anticipated to drive the market growth. These diseases majorly occur because of the prevalence of the unhealthy lifestyle of people. The awareness about the negative impact of an unhealthy lifestyle is very low among the public. Increasing the geriatric population base, improving healthcare infrastructure, and supporting reimbursement policies are expected to impact the market growth rate positively. The advancement of technology and the introduction of remote wearable devices have helped the market growth. Developing nations witness high growth opportunities compared to developed countries because the market of developed nations is almost saturated. Developing nations often have favorable government policies, increasing healthcare expenditure, and mostly untapped potential markets, which will be the reasons for a lucrative positive growth during the forecast period.

Technological advancements in communication, low power circuit design for safer ECG devices along with portability features, lower power consumption, more accuracy, and capacity to incorporate the latest diagnostic features are the major factors driving the growth of the market. An increasingly aging population and growing incidence of lifestyle diseases are also fuelling the development of the Global Diagnostic ECG Market.

However, unstable reimbursement regulations, high cost of devices, and economic instability are the major factors hindering the growth of the Diagnostic ECG Market.

A growing tendency for early diagnosis of a disease by knowing the benefits involved in detecting the disease at an early stage is enhancing the growth rate of the Diagnostic ECG Market. In these modern days, people are more concerned about the health and opting for quality diagnostic & treatment procedures, which is also merely to expand the demand of this market. Along with this, initiative steps by public and private organizations through campaigns are leveraging the growth rate of the Diagnostic ECG Market. 

COVID-19 impact on the diagnostic ECG market

COVID-19 will impact the market positively during the forecast period. The public has now become more conscious about their cardiovascular problems as it has been found that COVID 19 is more fatal to the people who have cardiovascular problems. It has increased the people's awareness to regularly check their cardiovascular condition and boost the ECG market as more cases are being reported every day. 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 the prevalence of unhealthy lifestyles is higher.

REPORT COVERAGE:

This research report on 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:

• Resting ECG Systems
• Stress ECG Systems
• Holter Monitors

Resting ECG systems are ruling with the market's highest shares, whereas stress ECG systems are growing at a higher rate from the past few years. Increasing stress levels, especially among the young population across the world, boost the demand of the market. Also, the growing consistency of patient’s visits to the hospital is ascribed to outshine the growth rate of the market. 

Diagnostic ECG Market - By Lead Type:

• Single-Lead Type ECG Devices
• 3–6 Lead Type ECG Devices
• 12-Lead Type ECG Devices

Based on the lead type, 3-6 lead type ECG devices are holding with the leading shares of the market. Rising knowledge over manufacturing various devices with advanced technology is leveraging the demand of the market. Furthermore, the market is fueled by increasing favorable conditions for the common people by the government. 

Diagnostic ECG Market - By End-user:

• Hospitals
• Rehabilitation Centers
• Home /Ambulatory Care Research Centers
• Diagnostic Centers
• Clinics
• Physician Offices
• Surgical Centers

Hospitals sectors are gaining traction over the shares of the market. Increasing the constructional activities of hospitals and a growing number of patients globally is elevating the demand for this segment. Implementation of portable devices in ambulatory services is also one factor for the market to grow as it can save many people suffering from cardiac arrest before reaching the hospital. 

Diagnostic ECG Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

The Global Diagnostic Electrocardiograph (ECG) market is led by North America from the past decade and stays in the same position throughout the maximum timespan. Increasing revenue in almost every country is magnifying the growth rate of the market in this region. Quick adoption of the latest technologies is another factor making the market share to expand. The Asia Pacific and Europe are following North America in accounting for the highest shares of the market by increasing population and growing support from the government by launching reimbursement schemes in favor of the ordinary people broadening the demand of the market in these regions. 

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:

• On May 30, 2019, Royal Philips and Medtronic announced a collaboration to advance further the treatment of paroxysmal atrial fibrillation (PAF). 
• On March 04, 2019, BioTelemetry, a leading remote medical technology company, has announced that it completed its acquisition of Geneva Healthcare, Inc., the leading provider of remote monitoring for cardiac implantable devices. 
• On March 20, 2014, BioTelemetry, a leading wireless medical technology company, announced that it had entered the agreement to acquire the cardiac patient services business of Biomedical Systems Corporation. 
• On July 26, 2016, Bio Telemetry Inc. announced that FDA had approved its next-generation device, the MCOT Patch Mobile Cardiac Outpatient Telemetry device. 
• On June 10, 2013, Cardionet, Inc., a leading wireless medical technology company focused on diagnosing and monitoring cardiac arrhythmias, announced that it made an agreement with United Healthcare Insurance Company covering MCOT and all of cardioNet’s monitoring modalities.