Global Electrocardiograph (ECG) market was valued at USD 5.18 billion in 2020 and is anticipated to generate USD 10.79 billion by 2030. The market is projected to experience growth at a CAGR of 5.67% during the forecast period (2022–2030).
An electrocardiogram (ECG) is a test that measures the electrical activity of the heart to determine how well it is working. The electrical activity flowing through the heart is deliberated and recorded by an ECG device. If a patient is suffering arrhythmia, chest pain, or palpitations, an ECG may be advised, and an abnormal ECG result can indicate a variety of heart diseases. An ECG of a normal heartbeat can show the timing of the upper and lower chambers.
The global ECG market share is segmented based on product, technology, lead type, end-user, and region.
Cardiovascular disorders and lifestyle-related diseases such as ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery disease are on the rise. Cardiovascular diseases (CVD) are the world's leading cause of mortality and are linked to unhealthy lifestyles and CVD risk factors like dyslipidemia, hypertension, and diabetes.
According to the American Heart Association's estimations for 2021, cardiovascular illnesses are the leading cause of mortality in the United States, accounting for about 868,662 fatalities. Furthermore, according to the American Heart Association (AHA), arrhythmias affect an estimated 4 million individuals, with half a million people dying each year in the United States. Overall, growing incidences are likely to create demand for ECG devices, resulting in significant growth of the ECG market.
Remote ECG monitoring systems are slowly but steadily becoming standard medical equipment for cardiac monitoring. In recent years, remote ECG monitoring devices have been used to monitor heart problems such as arrhythmia, tachycardia, and bradycardia, and the quality of the conduction and reception of ECG signals has improved.
According to a 2021 article titled "Home Monitoring of Cardiac Devices in the Era of COVID-19," remote patient monitoring (RPM) technology was underutilized due to a lack of data transparency and system difficulties until the COVID-19 pandemic forced a new era of telehealth and virtual solutions. Also, VitalConnect, a major player operating in this market received an Emergency Use Authorization (EUA) from the FDA in 2020. This has allowed its VitalPatch wearable sensor to monitor patients receiving COVID-19 treatment. VitalPatch is a one-time-use adhesive patch that can be worn for up to seven days.
Low-budget hospitals are often burdened with expensive equipment replacement. Portable and wireless ECG equipment are expensive, particularly for those in developing nations like India, where per capita income is low. In contrast, due to the high cost of the devices and extensive maintenance, home-based users of ECG systems are less common in other developing nations. For instance, the average cost of a Holter monitor ECG system in India can be around USD 5,000-6,000.
Hence, the high maintenance, as well as upfront costs of ECGs, may force physicians to use traditional devices instead of the latest high-end devices, which may hinder the growth of the ECG Market.
One of the four worldwide demographic "megatrends" is the aging of the population. Globally, the proportion of elderly people and average life expectancy has risen. This is predicted to have a substantial impact on the healthcare system as well as the global electrocardiograph (ECG) market.
The prevalence of chronic diseases among the elderly is rather high, and this is predicted to contribute to the rising risk of cardiovascular diseases. According to the World Ageing Report, the population of people aged 65 and more will grow from 703 million (9.1%) in 2019 to 1.5 billion (15.9%) by 2050. With the growing elderly population, the burden of cardiovascular diseases is expected to increase, as they are more prone to chronic disorders, which is offer lucrative opportunities for ECG Market growth.
The global ECG market share is segmented into rest ECG systems, stress ECG systems, Holter ECG systems, event recorders, and other products.
The rest ECG systems segment is valued at USD 2899.56 million by 2030 at a CAGR of 4.26% during the forecast period. The rest ECG is the most commonly employed in clinical procedures of all types; nonetheless, testing techniques are constantly changing. The market for wireless resting ECG systems is projected to be driven by a trend toward smaller, more compact mobile ECG monitoring systems throughout the last decade.
The number of heart strokes is also on the rise, which is driving up demand for resting ECG devices. BTL Corporate is one of the leading providers of wireless ECG equipment for doctors and physicians to monitor resting ECGs in healthcare institutions.
On the other hand, the Holter ECG systems segment is expected to grow at a CAGR of 4.73%, during the forecast period. Heart-related disorders are likely to rise in the coming years and are anticipated to drive the growth of the segment over the forecast period. These monitors are usually quite expensive but are very convenient and effective. These monitors are designed to record the data continuously, and their limited wear time reduces the inconvenience for patients.
Some of the major companies offering Holter ECG systems are Medtronic PLC, Cardionet, and GE Healthcare.
The Electrocardiograph (ECG) Market is segmented into technology such as portable ECG systems and wireless ECG systems. The portable ECG systems segment is valued at USD 4820.45 million by 2030 at a CAGR of 4.27%. Portable ECG systems are used to diagnose an arrhythmia, which provides full disclosure of ECG signals, complete data, analysis, comprehensive reporting, and heart monitoring at home.
A 2018 article titled ‘Atrial fibrillation (AF) detection using single lead portable electrocardiographic monitoring: a systematic review and meta-analysis included studies related to Portable ECG monitoring (18 studies) and Holter monitoring (36 studies) and concluded that portable ECG devices might offer an efficient screening option for AF compared to 24 hours Holter monitoring.
Further, the demand for wireless ECG systems is increasing due to the growing geriatric population, increasing incidence of cardiovascular diseases, declining cost of wireless technologies, and technological advancements in remote monitoring technologies.
The Electrocardiograph (ECG) Market is segmented into single-lead ECG, 3-6 lead ECG, and 12 lead ECG. The 12 lead ECG segment held the biggest market share in 2019 and is predicted to rise significantly over the forecast period. The 12 lead ECG segment is valued at USD 4444.2 million by 2030 and is predicted to grow at 4.38% CAGR. The rise in this category can be attributable to its use with various cardiac diagnostic tests, telemetry monitoring, and medical procedures such as emergency, cardiac diagnostic tests, and heart disease treatment.
The 3-6 lead ECG registered the highest CAGR of 4.60% during the forecast period. Recent technological advancements have allowed heart rhythm monitoring using single-lead ECG monitoring devices, used for early diagnosis of atrial fibrillation. However, a six-lead ECG provides physicians with a far superior view of the heart than a single lead ECG, giving them the ability to detect a far broader range of arrhythmias and other heart problems, all without the hassle of gels or wires.
By end-user, the Electrocardiograph (ECG) Market is segmented into home-based users, hospitals, and others. The hospital's segment is valued at USD 4321.67 million by 2030 at a CAGR of 4.62% . The adoption rate of ECG is found to be increasing in patients in both private and public hospitals due to the widening applications of ECG monitoring in non-cardiology departments, such as electrophysiology labs (EP), respiratory therapy, and emergency departments (ED). There has been an increasing demand for portable ECGs for the risk identification and occurrence of cardiac diseases.
The significant share is also attributed to the increased usage of ECG devices across hospitals in cardiac settings. An electrocardiogram is the most common diagnostic tool in the cardiac department and the most frequently used tool in hospitals. Doctors and physicians are frequently shifting toward wireless technologies, driving the importance of this segment.
Moreover, the well-established distribution channels of key players with hospitals, the growing number of hospitals in the developing and developed countries, and the increasing government funding would also help boost the market.
The home-based segment is growing steadily in both developed and developing economies.
The COVID-19 outbreak has wreaked havoc on logistics and supply chains all around the world. The pandemic is expected to have a positive impact on the ECG market growth during the forecast period. The general public has become conscious of their cardiovascular problems as it has been established that COVID-19 is more fatal in people with cardiovascular problems such as diabetes and heart problems.
Furthermore, because virus infection and pneumonia enhance the risk of rhythm disturbance and acute coronary syndrome, routine electrocardiography (ECG) is a suggested diagnostic test for all COVID-19 afflicted individuals. Furthermore, ECGs can be used to assess the cardiac toxicity of antibiotics given to COVID-19 patients.
Arrhythmia and acute cardiac damage were among the most common heart problems in confirmed-positive COVID-19 cases, according to data from Wuhan, China. Furthermore, a case report published in the Journal of the American Medical Association (JAMA) in February 2020 found those complications in 16.7% and 7.2 percent of hospitalized patients, respectively. As a result, physicians have found ECG to be an essential tool for monitoring cardiac complications in patients, which could drive the growth of ECG Market.
The ECG market share is segmented into North America, Europe, Asia-Pacific, and Middle East & Africa. In 2019, North America accounted for the largest share of the market. The North American ECG market is valued at USD 3,899.88 million by 2030 at a CAGR of 4.45%.
North America dominated the global ECG market share in 2019, accounting for 46.8% of total revenue. This is due to the growing geriatric population and the prevalence of lifestyle diseases. According to CDC data released in June 2020, heart disease is responsible for roughly 647,000 fatalities in the United States each year. In the United States, one person dies from CVD every 37 seconds. In addition, the clearance and launch of advanced, next-generation ECG equipment and management systems in the United States and Canada, as well as widespread usage of wearable devices, are expected to drive market expansion in the region.
In Europe, the market for ECG equipment and management systems is predicted to grow due to rising CVD incidence, growing geriatric population, and favorable regulatory conditions during the forecast period. Also, the ECG Market in Germany is increasing due to rising healthcare expenditure and the growing prevalence of cardiovascular diseases. Cardiovascular diseases (CVD) pose a significant healthcare burden in the United Kingdom.
According to the NHS England 2018, CVD is the leading cause of death worldwide. CVD affects around seven million people in the United Kingdom and is a significant cause of disability and death. The National CVD Prevention Program has been set up to develop targeted interventions to optimize care by maximizing diagnosis and treatment to minimize the risk.
The Asia-Pacific ECG market share is valued at 1,989.87 million by 2030 at a CAGR of 4.76% due to rising cardiovascular disease prevalence, increased technological developments, rapid economic expansion, and favorable government initiatives.
Technological improvements such as wireless and real-time monitoring, increased healthcare spending, and regulatory backing are expected to drive market expansion in Asia-Pacific. According to the American Heart Association (CHD), 6.1 percent of Asians have heart disease, 21.0 percent have hypertension, 1.9 percent have had a stroke, and 3.7 percent have Coronary Heart Disease. Thus, over the forecast period, a large patient pool, availability of high-quality services, and rising medical tourism are expected to boost the ECG market growth in Asia-Pacific.
Due to changing lifestyles and the rising frequency of cardiovascular disease, Middle East & Africa is likely to expand significantly.
List of Top Industry Players in Electrocardiograph (ECG) Market
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