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 2026 from USD 5769 million in 2021.
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:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2020 to 2026 |
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Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Covered |
By Product, Lead Type, End User and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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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 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 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:
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 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:
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:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Product
5.1.1 Resting ECG Systems
5.1.2 Stress ECG Systems
5.1.3 Holter Monitors
5.2 By Lead Type
5.2.1 Single-Lead Type ECG Devices
5.2.2 3-6 Lead Type ECG Devices
5.2.3 12-Lead Type ECG Devices
5.2.4 Other Lead Type ECG Devices
5.3 By End User
5.3.1 Hospitals
5.3.2 Home/Ambulatory Care research centres
5.3.3 Diagnostic Centres
5.3.4 Rehabilitation Centres
5.3.5 Clinics
5.3.6 Physician Offices
5.3.7 Surgical Centres
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Medtronic, Inc
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Cardiac Science Corp
8.3 BPL Ltd
8.4 Cardionet, Inc
8.5 Fukuda Denshi Co., Ltd
8.6 GE Healthcare
8.7 Midmark Corp
8.8 Mindray Medical International Ltd
8.9 Mortara Instrument, Inc
8.10 Nihon Kohden Corp
8.11 Philips Healthcare
8.12 Scottcare Corp
8.13 Schiller Ag
8.14 Spacelabs Healthcare, Inc
8.15 Welch Allyn Inc
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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