ECG Equipment and Management Systems Market Size, Share & Trends Analysis Report By Type (Holter Monitors, Resting ECG System, Stress ECG Monitors, Event Monitoring Systems, ECG Management Systems), By End-Use (Hospitals and Clinics, Ambulatory Facilities, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global ECG equipment and management systems market size was valued at USD 6.99 billion in 2022. It is estimated to reach USD 11.61 billion by 2031, growing at a CAGR of 5.8% during the forecast period (2023–2031). The growing prevalence of cardiac arrhythmia and the rising geriatric population are leading to market growth.

ECG (Electrocardiogram) equipment and management systems are crucial to modern cardiac diagnostics and care. ECG equipment comprises electrodes, leads, cables, and a recording device. The electrodes are placed on specific locations of the patient's body to detect and transmit the electrical signals generated by the heart. The leads and cables connect the electrodes to the ECG machine, which records and displays the heart's electrical activity. The ECG machine typically includes a display screen, control buttons or a touchscreen, and internal circuitry for signal processing. Some machines also have built-in printers or digital storage capabilities to document and store the ECG waveform.

One of the key advantages of ECG management systems is their ability to generate comprehensive reports based on the analyzed ECG data. These reports can be customized to include findings, measurements, and annotations, providing valuable insights for healthcare professionals in diagnosing and monitoring cardiac conditions. Moreover, ECG management systems often integrate with electronic health records (EHRs) and other medical information systems, enabling seamless data sharing and continuity of care. This integration streamlines workflows and improves communication among healthcare providers, enhancing patient care and treatment coordination.

Market Dynamics

Global ECG Equipment and Management Systems Market Drivers

Growing Prevalence of Cardiac Arrhythmia

Atrial Fibrillation is a common form of arrhythmia diagnosed in clinics and hospitals. Around 2 to 6 million people in the U.S. live with AFib. According to a research report by the World Stroke Organization, 6–13 million people in the U.S. are expected to suffer from Atrial Fibrillation by 2050. People of European origin are more likely to develop arrhythmia when compared with African Americans.

As per the World Stroke Organization report, around 17.9 million people in Europe are expected to suffer from arrhythmias by 2060. The latest research report shows that over 22% of the population above 50 with congenital heart issues are at risk of permanent atrial arrhythmias. As the prevalence of cardiac arrhythmia increases with age, and women have higher life expectancy than men, more women experience AFib than men.

Rising Geriatric Population

The number of older people has grown because people are living longer, which is expected to grow. According to the National Institute on Aging —a part of the National Institutes of Health—8.5% of the people worldwide (617 million) are 65 or older. In Europe, the population aged 60 years or above was 25.7% in 2017, projected to increase to 32.2% by 2050. The population above 80 is expected to triple by 2050, reaching 425 million, per the UN Department of Economic and Social Affairs. Around 81% of the population above 65 have died from cardiovascular diseases. The risk of diabetes and cardiovascular diseases increases with age, which results in a higher incidence of these diseases in adults aged 60 and above. According to a study published by the American Heart Association in 2016, about 85.6 million adults in the U.S. suffer from one or more cardiovascular diseases, of which about 43.7 million adults are estimated to be more than 60.

With the increase in the geriatric population, it has become essential to control mortality due to cardiovascular diseases. Thus, the demand for ECG devices continuously monitoring patients' heart conditions is increasing. The International Data Base of the U.S. Census Bureau says that the global geriatric population was nearly 617.1 million in 2015 and is anticipated to reach 998.7 million by 2030.

Global ECG Equipment and Management Systems Market Restraints

False-Negative and False-Positive Results

ECG is a commonly used screening tool for heart diseases, as it is noninvasive, inexpensive, and easy to use. However, in terms of technology, it has some limitations. False-negative results are one of the biggest concerns related to Holter monitors. Hence, it does not detect all heart conditions, such as vulnerable plaque, a form of atheroma. This plaque is a fast-growing lipid-containing plaque on the innermost layer of the artery. As artery walls generally expand in response to growing plaque, they do not affect blood flow and are not reflected in the stress ECG test. Stress ECG systems require high-grade stenosis to show positive results on the graph.

Thus, the technological disadvantages of ECG may restrain the market's growth, as erroneous electrical measurements can often mislead doctors while diagnosing a heart condition.

Global ECG Equipment and Management Systems Market Opportunities

Increasing Market Penetration of Advanced ECG Devices and Management Systems in Developing Economies

The demand for advanced devices and management systems in developing economies is currently low due to their high cost, limiting their use primarily to developed economies such as the U.S. However, there is significant potential for market growth in these regions driven by increasing healthcare spending by governments and rising per capita income. As a result, market penetration is anticipated to improve, and sales are expected to increase rapidly in developing economies.

Developing economies, particularly in regions with a high incidence of cardiovascular diseases, present significant opportunities for adopting advanced ECG devices and management systems. Cardiovascular diseases are a major health concern worldwide, and developing economies often bear a substantial burden of these conditions. As healthcare infrastructures in these regions continue to improve, there is an increasing focus on providing better access to healthcare facilities and advanced diagnostic tools.

Regional Analysis

North America Dominates the Global Market

Based on region, the global ECG equipment and management systems market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America is the most significant global ECG equipment and management systems market shareholder and is estimated to grow at a CAGR of 5.7% over the forecast period. North America dominated the ECG equipment and management systems market in 2020 and is expected to maintain its position during the forecast period. Major factors contributing to its growth are the increasing geriatric population and the prevalence of lifestyle diseases. According to data published by the CDC in June 2020, heart disease accounts for around 647,000 deaths in the U.S. annually. On average, one person dies due to CVD every 37 seconds in the U.S.

Furthermore, approval and launch of advanced, next-generation ECG equipment and management systems in the U.S. and Canada and high adoption of wearable devices will likely boost the market. Some companies operating in the North American market are Koninklijke Philips N.V., iRhythm Technologies, Inc., GE Healthcare, Spacelabs Healthcare, and Welch Allyn. As per registered Medicare data, there were 4,749 acute care hospitals, children’s hospitals, and critical access hospitals in the U.S. as of December 2016.

Europe is anticipated to exhibit a CAGR of 5.9% over the forecast period. The market in Europe is forecasted to expand due to the presence of big industry players and technological developments in wearable monitors for ambulatory monitoring. Furthermore, growing preferences for portable ECG devices with disposable wires stuck to the patient's chest and app-based ECG monitors contribute to market growth.

Furthermore, the increasing incidence of CVDs, growing geriatric population, and favorable regulatory conditions are expected to boost the market during the forecast period. In Europe, AFib is the most common cardiac arrhythmia among the general population. According to the European Society of Cardiology, 7.6 million people aged 65 years and above had AFib in the EU in 2016, projected to increase by 89% and reach 14.4 million in 2060. The prevalence is estimated to rise from 7.8% to 9.5%, an increase of 22%, during 2016-2060. It is the leading cause of stroke, heart attack, and death.

In Asia-Pacific, large patient populations in China, Japan, and India primarily drive the market. China dominated the Asia-Pacific ECG equipment and market for management systems in terms of revenue share in 2020. This is due to significant market participants locally and the large senior population. The Asia-Pacific region's fastest-growing market is expected to be China throughout the projection period.

The market in Latin America is majorly driven by Brazil, Mexico, Argentina, and Colombia. Increased investments by market players in the region, proximity to North America, and free-trade agreements with major countries, such as the U.S., Canada, Japan, and European countries, are anticipated to boost the market during the forecast period. AFib-associated stroke is one of the major problems in Latin America and is a significant financial and clinical burden. AFib-associated stroke results in a much greater burden on the patient than non-AFib-stroke. According to StopAFib.org, in Venezuela, around 230,000 people are living with AFib, which is likely to reach 1 million by 2050. This, coupled with improving access to the public healthcare system, is driving the market in the region.

Middle Eastern countries have a high frequency of CVDs due to changing lifestyles and food habits. AFib is a common form of cardiac arrhythmia in the region, with an estimated incidence between 1.5% and 2%, and is a major cause of stroke. Nearly 30% of school-going children are obese in the Middle East, and the number of CVD patients is increasing. The overall population suffering from AFib in the Middle East is younger and has more comorbidities than patients in the West.

Segmental Analysis

The global ECG equipment and management systems market is bifurcated into types and end-uses.

Based on types, the global ECG equipment and management systems market is bifurcated into holter monitors, resting ECG systems, stress ECG monitors, event monitoring systems, and ECG management systems. 

The resting ECG systems segment dominates the global market and is projected to exhibit a CAGR of 5.4% over the forecast period. A resting ECG system helps record the heart's electrical activity over a period using electrodes placed on the skin. Factors contributing to the market's growth are improved clinical accuracy because of new product launches, new data analysis tools, and other technology advances and accurate diagnosis. For instance, in 2016, GE Healthcare introduced its redesigned Muse system and Mac 2000 resting ECG system at the American College of Cardiology, which enables flexible connectivity. Launched in 2017, the Welch Allyn CP150 resting ECG machine offers a unique 7" touchscreen display for quick results. Partnerships among device manufacturers and device management service providers to develop better exchange of information through Cardiovascular Information Systems (CVIS) and Electronic Health Records (EHRs) to simplify ECG workflow and reduce the complexity associated with custom integration are anticipated to boost market growth.

Based on end use, the global ECG equipment and management systems market is bifurcated into hospitals, clinics, ambulatory facilities, and others. 

The hospitals and clinics segment dominates the global market and is projected to exhibit a CAGR of 5.8% over the forecast period. The hospital segment accounted for the highest share of the market in 2020, as most patients prefer hospitals over other healthcare facilities due to availability of well-equipped devices and the latest monitoring software and equipment. Hospitals provide optimal care to patients suffering from cardiovascular diseases, syncope, or arrhythmia and enable early detection and diagnosis, boosting the growth of the ECG Equipment and Management Systems market.

Furthermore, the hospital segment is expected to grow over the forecast period due to the increasing prevalence of cardiac arrhythmias and the rising adoption of Holter devices in hospitals. According to the American Heart Association, Inc., 209,000 patients suffered from in-hospital cardiac arrest in the U.S. in 2016, expected to increase to more than 23.6 million by 2030. According to WHO, 17.9 million people die annually from cardiovascular diseases. Cardiac arrhythmias have been reported in COVID-19 patients as well. Around 17% of the people who tested COVID-19 positive reported cardiac arrhythmia, according to the latest research report.

Recent Developments

• January 2023- BioTelemetry, Inc. announced the launch of its new CardioMEMS HF System, a wireless implantable sensor that can help monitor and manage heart failure.
• February 2023- Koninklijke Philips N.V. announced the acquisition of CompuMed, a provider of ambulatory cardiac monitoring solutions.