Electrocardiographs Market

Market Overview

The global electrocardiographs market size was valued at USD 5,106.31 million in 2022. It is estimated to reach USD 10,038.05 million by 2031, growing at a CAGR of 7.8% during the forecast period (2023–2031).

An electrocardiographs, or ECG, is a diagnostic tool to measure the heart's electrical activity. The examination is quick and painless, lasting only a few minutes. The heart's electrical activity causes the heart muscles to contract, resulting in the heart's pumping. The ECG consists of waves characterized by peaks and troughs. In addition, the wave pattern helps determine the rate and rhythm of our heartbeat. The heart generates electrical impulses on its own. As this electrical impulse travels through our hearts, it generates an electrical current that spreads throughout our bodies and reaches our skin.

The patient is connected to the Electrocardiograph (ECG) machine with three electrical leads (one to each wrist and one to the patient's left ankle), which monitors the heart's activity. This is a routine ECG test. ECG diagnoses major cardiac disorders non-invasively. Diagnostic electrocardiographs devices are used in high-end hospitals and extensive care clinics to capture electric impulses caused by pericardium depolarization with each heartbeat. ECG is widely used to diagnose hypertensive heart disease, stroke, ischemic heart disease, and peripheral artery disease.

Highlights

• Conventional devices dominate the product type segment
• Hospitals and clinics dominate the end-user segment
• North America is the highest shareholder in the global market

Market Dynamics

Global Electrocardiographs Market Drivers

Increasing Prevalence of Cardiovascular Diseases (CVDs) and other Heart-Related Diseases

Some persistent diseases include cardiovascular diseases, ischemic heart disease, strokes, hypertension, congenital heart disease, rheumatic heart disease, cardiomyopathy, myocarditis, and aortic aneurysms. Many illnesses are generally preventable, curable, and controllable through early detection and remedial therapy. Likewise, chronic illnesses are the primary cause of disability and mortality worldwide. According to World Health Organization (WHO), CVDs claimed the lives of 17.9 million people worldwide in 2019, accounting for 32% of all deaths. Heart attacks and strokes accounted for eighty-five percent of these deaths. Furthermore, in 2019, CVDs accounted for 38% of the 17 million premature deaths (before age 70) due to noncommunicable diseases.

Cardiovascular diseases, ischemic heart disease, strokes, hypertensive heart disease, congenital heart disease, rheumatic heart disease, cardiomyopathy, myocarditis, aortic aneurysms, and other chronic conditions are increasing in the therapeutic use of diagnostic cardiology equipment. To alleviate the disease's economic impact, governments and non-governmental organizations worldwide are raising awareness about cardiovascular diseases to detect them early and offer cost-effective and safe investigation results, thus, fueling the growth of the global electrocardiographs market.

Rising End-User Preference for Non-Invasive Diagnostic Technologies over Invasive Technologies

Non-invasive cardiac imaging is a set of techniques for obtaining images of the heart's anatomy and function without invasive procedures like angioplasty, stenting, or interventional cardiology. Non-invasive examinations are simpler, safer, and able to pick up irregularities that hinder the heart's ability to pump blood, as well as coronary artery disease, characterized by plaque in the arteries supplying the heart muscle. In addition, the number of non-invasive cardiac tests like electrocardiography (ECG), echocardiograms, magnetic resonance imaging (MRI), and computed tomography (CT) has expanded dramatically in the last decade due to technological advancements. Although these tests have enhanced physicians' skills to diagnose and treat heart illness, they have also allowed for the early detection of many cardiac disorders, driving the growth of the global electrocardiographs market.

Global Electrocardiographs Market Restraint

Incomplete and False Diagnosis

False and incomplete diagnoses are one of the most typical issues with diagnosis. The most common problem with ECG is the false-negative results. A good ECG reading does not rule out underlying cardiac disease; other symptoms, such as chest pain, must be considered, and additional testing should be done. In a study of 500 patients, false-positive readings ranged from 77% to 82% in electrocardiogram-screened patients, whereas false-negative readings ranged from 6% to 7% in the same patient population. The ECG also revealed a high negative predictive value, indicating that left ventricular hypertrophy (LVH) was not present during the diagnosis.

Additionally, doctors use multiple ECG readings or additional investigations, such as MRI, CT scan, etc., to identify the cardiac disease. LVH is an independent predictor of future unfavorable cardiovascular illness, including heart attacks, strokes, heart failure, arrhythmias, and mortality if left untreated. As a result, the electrocardiography market may face challenges due to low sensitivity in detecting LHV or false negative/positive results.

Global Electrocardiographs Market Opportunities

Implementation of ECG in Hybrid Operating Rooms

New therapies combining surgical procedures with skin incisions and interventions, such as transcatheter approaches with a vascular puncture, have emerged due to recent advancements in cardiac surgery. Integrated operating rooms (ORs) must be installed to allow these procedures. In addition to surgical equipment, these hybrid operating rooms require high-end imaging technology similar to angiography systems used in interventional radiology and cardiology. Many surgeries can be performed with mobile C-arms, ultrasonography, and endoscopy. Nevertheless, complicated transcatheter techniques require high-powered equipment to visualize thin guide wires, measure small vessel diameters, and evaluate delicate anastomoses.

Using these integrated endovascular suites or hybrid ORs demands specific considerations, planning, design, and new skills to be mastered by the team due to their scale and complexity. Transcatheter aortic valve replacement (TAVR), endovascular thoracic (TEVAR) or abdominal (EVAR) aortic repair, combined percutaneous coronary intervention (PCI), and structural heart intervention are all examples of hybrid treatments. The hybrid OR allows for a whole new range of cardiac surgical procedures, making it a crucial resource for any cardiovascular hospital. Due to the quick incorporation into surgical techniques, the inclination toward hybrid approaches is more of a revolution than an evolution, providing market growth opportunities.

Regional Analysis

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

North America Dominates the Global Market

North America is the most significant global electrocardiographs market shareholder and is anticipated to exhibit a CAGR of 6.5% during the forecast period. The growing prevalence of CVDs is the primary growth driver for the North American electrocardiographs market. For instance, according to Global Health Data Exchange, the prevalence of cardiovascular diseases increased by 13.5% between 2010 and 2019 in the region. Consequently, the rising prevalence of the diseases has led to a surge in demand and adoption of electrocardiographs, propelling the market's growth. The North American market provides growth opportunities to companies, owing to the increased adoption of technologies such as advanced implantable cardiac monitors, mobile cardiac telemetry and event monitors for the healthcare industry, rising incidence of cardiovascular diseases, and the presence of significant companies in this region, therefore contributing to the growth of the market.

Asia-Pacific is estimated to exhibit a CAGR of 9.1% over the forecast period. The Asia-Pacific electrocardiographs market is anticipated to be the fastest-growing market throughout the forecast period. The main factor driving the regional market's growth is the rising prevalence of CVDs over the past few years. For instance, according to GHDx, the prevalence of CVDs increased by 29.3% in the region from 2010 to 2018. Consequently, adopting electrocardiographs devices is anticipated to increase and propel the market's growth. The region comprises China, South Korea, India, Japan, Australia, New Zealand, and the rest of the Asia-Pacific market.

China has the largest market share among these countries, followed by Japan. This can be attributed to the world's most significant population base and a small number of local and international market players. In addition, the Asia-Pacific area has been the fastest-growing region regarding technological advancements and developments. Asia-Pacific market players such as Fukuda Denshi Co Ltd., Asahi Kasei Corporation, Nihon Kohden Corporation, and BPL Medical Technologies Pvt. Ltd., among others and other international players, have been making significant developments in the region, thus leading the market forward.

The primary driver for the growth of the Europe electrocardiographs market is the rising prevalence of CVDs. For instance, according to Global Health Data Exchange, the prevalence of CVDs in the region increased by 11.7% from 2010 to 2018. The rising prevalence of the diseases has led to increased adoption of electrocardiographs and consequently propelled the market's growth. ECG device innovations such as portability, innovative electrodes and sensors, and smartphone integration would aid in driving the development of the market in Europe. Additionally, rising cases of cardiovascular disorders, as well as a rapidly aging population, are fueling market expansion. Similarly, introducing novel ECG devices like handheld and ECG devices integrated with artificial intelligence systems would contribute to market expansion.

Latin America is an emerging healthcare system in the global healthcare ecosystem. The rising prevalence of CVDs is propelling; the advancements in the local healthcare system and the adoption of medical devices are anticipated to boost the overall healthcare landscape. According to GHDx, the prevalence of CVDs increased by 23.3% in the region from 2010 to 2019. The rising prevalence of diseases is anticipated to increase the adoption of electrocardiographs devices. Additionally, emerging companies offering advanced solutions can expand in this region through the network of distributors to increase their customer base.

The Middle East and Africa is a developing market comprising a few developing countries developing electrocardiography equipment. The main driver of this market's expansion is the rising prevalence of the geriatric population, hypertension, obesity, and lifestyle changes, which will raise demand for electrocardiography scans. The key drivers for the market include the rising prevalence of cardiac disorders and improving healthcare infrastructure. However, the market is restrained by various factors, such as a need for more trained medical staff and awareness about advanced technologies such as mobile cardiac telemetry.

Segmental Analysis

The global electrocardiographs market is segmented by product type and end-user.

Based on product type, the global market is bifurcated into conventional devices and emerging devices.

The conventional devices segment dominates the global market and is expected to exhibit a CAGR of 5.8% over the forecast period. The conventional devices segment is further sub-segmented into resting ECG devices and stressed ECG devices. Resting ECG devices is a non-invasive test that can detect arrhythmias (abnormal or irregular heartbeats), indications of coronary heart disease, left ventricular hypertrophy, and bundle branch blockages, among other problems. Resting ECG is used in the preoperative situation to examine established cardiovascular disorders, detect previously unidentified cardiovascular diseases, and establish a baseline against which changes in the postoperative phase are measured. When performed by a properly trained individual, the resting ECG is simple to do and interpret. The only known complication is a slight allergy to the ECG electrodes that causes self-limiting skin reddening. In addition, a stress electrocardiographs (also known as a cardiac exercise test) is an in-office procedure that assesses the heart's response to physical activity in a controlled setting. The test, usually done on a treadmill or stationary bike, is beneficial in identifying coronary artery disease (CAD), which is typically missed when a person is at rest.

The emerging devices segment is further sub-segmented into implantable loop recorder (ILR), mobile cardiac telemetry (MCT), Holter monitor, and cardiac event monitor. The implantable loop recorder (ILR), also known as the insertable cardiac monitor (ICM), is a subcutaneous (under the skin), single-lead, electrocardiographic (ECG) monitoring device used for diagnosis in patients with frequent unexplained episodes of palpitations or syncope. Mobile cardiac telemetry (MCT) is an event monitor that typically uses wireless technology, such as a cell phone network, to transmit event data to a monitoring facility during the wear period for both patient-triggered and auto-detected events. A Holter monitor is a battery-powered portable device that constantly measures and records the patient's heart activity for up to 48 hours, depending on the type of monitoring utilized. A cardiac event monitor is a portable, battery-operated device that records the heart's electrical activity (ECG) when a patient experiences symptoms such as an increase or decrease in heart rate, chest pain, etc.

Based on the end-user, the global market is segmented into hospitals and clinics, homecare settings and ambulatory surgical centers, and others.

The hospitals and clinics segment owns the highest market share and is projected to exhibit a CAGR of 8.0% during the forecast period. In the global electrocardiographs market, hospitals and clinics held the largest share, which is anticipated to continue during the forecast period. The rising prevalence of cardiovascular disorders globally, improving healthcare infrastructure, and various products for the segment are expected to propel the market's overall growth.

The high growth in homecare settings and ambulatory surgical centers can be attributed to increased government focus on reducing healthcare costs with enhanced patient outcomes. This has significantly shifted patient care from inpatient settings to outpatient settings. Many ECG procedures, such as resting ECG, are currently being performed, outpatient. In addition, the demand for home care settings and ambulatory surgical centers has surged significantly in the global healthcare ecosystem, especially during the COVID-19 pandemic. The rising geriatric population, growing technology integration in healthcare, and growing focus on preventive healthcare have increased the emphasis on home care monitoring.

Impact of covid-19

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.

Recent Developments

• April 2023- Many practices need help sharing, viewing, and storing ECG data in PACS and EMR systems. TeleRay's new service addresses this issue. TeleRay receives ECG data as data files in the native data format of the source ECG machine, bedside monitor, or another acquisition device. This file-based application and TeleRay platform can send and receive ECG Data files over LAN and WAN networks.
• April 2023- Icentia announced that its CardioSTAT continuous ECG monitoring system had received FDA 510(k) clearance. CardioSTAT utilizes a single-use, cordless recorder. Icentia claims its technology is Canada's leading wearable cardiac monitoring solution.