North America Electrocardiograph (ECG) Market Size, Share & Trends Analysis Report By Product (Resting ECG Systems, Stress ECG Systems, Holter Monitors), By Lead Type (Single-Lead Type ECG Devices, 3-6 Lead Type ECG Device, 12-Lead Type ECG Devices, Other Lead Type ECG Devices), By End Users (Hospitals, Home/Ambulatory Care Research Centres, Diagnostic Centres, Rehabilitation Centres, Clinics, Physician Offices, Surgical centres) and By Country(US, Canada) Forecasts, 2022-2030

Market Overview

A surface potential linked with the electrical activity of the heart is recorded by an electrocardiograph (ECG). Surface potentials are carried to the instrument via metal connections known as electrodes, which are attached to various regions of the body. Electrodes are linked to the four limbs as well as the heart.

The North America electrocardiograph (ECG) market size is expected to reach a valuation of  USD 3,575 million by 2030, growing at a CAGR of 5.95% during the forecast period (2022–2030). An electrocardiogram (ECG) is a test that examines the electrical activity of the heart to evaluate its overall health. An ECG equipment analyses and records the electrical activity that flows through the heart. An ECG may be recommended if a patient is experiencing arrhythmia, chest discomfort, or palpitations, and an abnormal ECG result can suggest a range of cardiac disorders. The timing of the upper and lower chambers may be seen on an ECG of a typical heartbeat.

The North America Electrocardiograph (ECG) market share is divided into product, technology, lead type, end-user, and region segments.

Market Dynamics

Market drivers

The North American market is expanding as the prevalence of cardiovascular disease rises, the elderly population grows, and improved and cheap remote monitoring technologies become available. The diagnostic ECG market is expected to grow over the forecast period because of continued advancements in ECG device technology, favourable government regulations, rising healthcare spending, an increase in the number of local government awareness programmes, and the introduction of remote monitoring devices.

Furthermore, rising healthcare expenditures, together with increased disposable income, are fueling the growth of the Diagnostic ECG market. Furthermore, because to rising urbanisation and industrialization, respiratory problems are becoming more widespread, increasing the need for ECG equipment.

Significant organisations focus on delivering technical solutions for ECG devices in order to strengthen their position in the ECG devices industry. Furthermore, the acceptance of Al in different healthcare applications, financing from various commercial and public organisations to promote research activities in the pharmaceutical and biotechnology sectors, and vaccine manufacturing during the present pandemic scenario are projected to drive market growth.

Furthermore, most bigger hospitals chose computerization for ECG record preservation and are gradually investing in data management systems to provide doctors access to comparative studies of patients' complete data. Furthermore, newer technology, such as wireless technologies, might give opportunities for growth.

Market restraints

However, the diagnostic electrocardiograph market in the North American region is expected to be hampered by a lack of public awareness about the use of electrographs for the diagnosis of cardiovascular disorders and a scarcity of experienced individuals to operate electrograph devices. A shortage of accomplished specialists may pose a significant obstacle to the diagnostic electrocardiograph market's growth soon. Inconsistent reimbursement practices are also hampering the market's expansion. Furthermore, market saturation uncertainties and economic conditions are limiting its market expansion during the forecast period.

Regional Analysis

The ECG market is divided into four regions: North America, Europe, Asia-Pacific, and the Middle East and Africa. North America held the highest share of the market in 2019. The North American ECG market is expected to be worth USD 3,899.88 million by 2030, growing at a CAGR of 4.45%.

In 2019, North America dominated the worldwide ECG market, accounting for 46.8% of total revenue. This is because of the ageing population and the frequency of lifestyle illnesses. According to CDC data released in June 2020, heart disease accounts for over 647,000 deaths in the United States each year. Every 37 seconds, someone in the United States dies from CVD. Furthermore, the approval and introduction of sophisticated, next-generation ECG equipment and management systems in the United States and Canada, as well as extensive use of wearable devices, are projected to boost regional market expansion.

Segmental Analysis

Product segmentation in the industry

Rest ECG systems, stress ECG systems, Holter ECG systems, event recorders, and other items account for most of the worldwide ECG market share.

The remainder ECG systems segment is expected to be worth USD 2899.56 million by 2030, growing at a CAGR of 4.26% over the forecast period. The rest ECG is the most often used in all clinical operations; nonetheless, testing methodologies are continually evolving. Throughout the previous decade, a trend toward smaller, more compact mobile ECG monitoring devices has boosted the market for wireless resting ECG equipment.

The incidence of cardiac attacks is also on the rise, fueling demand for resting ECG equipment. BTL Corporate is a prominent supplier of wireless ECG technology used by doctors and physicians to monitor resting ECGs in healthcare facilities.

The Holter ECG systems sector, on the other hand, is predicted to increase at a CAGR of 4.73% during the projection period. Heart-related illnesses are expected to rise in the coming years, driving the segment's growth throughout the projection period. These monitors are often rather pricey, but they are quite useful and effective. These monitors are designed to continually capture data, and their short wear duration decreases annoyance for patients.

Medtronic PLC, Cardionet, and GE Healthcare are a few of the prominent firms that provide Holter ECG systems.

Technology-based industry segmentation

The Electrocardiograph (ECG) Market is divided into two types of technology: portable ECG systems and wireless ECG systems. The portable ECG systems market is expected to be worth USD 4820.45 million by 2030, with a CAGR of 4.27%. Portable ECG devices are used to identify arrhythmias because they provide full disclosure of ECG signals, complete data, analysis, comprehensive reporting, and home heart monitoring.

A 2018 study titled 'Atrial fibrillation (AF) detection using single lead portable electrocardiographic monitoring: a systematic review and meta-analysis' included studies on Portable ECG monitoring (18 studies) and Holter monitoring (36 studies) and concluded that portable ECG devices may offer a more efficient screening option for AF than 24 hour Holter monitoring.

Furthermore, the expanding elderly population, rising prevalence of cardiovascular disorders, dropping cost of wireless technologies, and technical breakthroughs in remote monitoring technologies are driving up demand for wireless ECG systems.

Lead type industry segmentation

The North America Electrocardiograph (ECG) Market is divided into three segments: single-lead ECG, 3-6 lead ECG, and 12 lead ECG. The 12 lead ECG category had the largest market share in 2019 and is expected to grow considerably throughout the forecast period. The 12 lead ECG category is expected to be worth USD 4444.2 million by 2030, with a CAGR of 4.38%. This category has grown in popularity due to its application in numerous cardiac diagnostic tests, telemetry monitoring, and medical operations such as emergency, cardiac diagnostic testing, and heart disease therapy.

During the predicted period, the 3-6 lead ECG had the greatest CAGR of 4.60%. Recent technical improvements have enabled cardiac rhythm monitoring utilising single-lead ECG monitoring devices, which can be utilised to detect atrial fibrillation early. A six-lead ECG, on the other hand, gives physicians with a significantly greater image of the heart than a single lead ECG, allowing them to identify a far larger spectrum of arrhythmias and other cardiac issues without the trouble of gels or wires.

Industry classification end-users

The Electrocardiograph (ECG) Market is divided into three end-user categories: home-based users, hospitals, and others. The hospital category is expected to be worth USD 4321.67 million by 2030, with a CAGR of 4.62%. Because of the growing uses of ECG monitoring in non-cardiology departments such as electrophysiology labs (EP), respiratory treatment, and emergency departments, the adoption rate of ECG is increasing in both private and public institutions (ED). The use of portable ECGs for risk assessment and the detection of heart disorders is becoming more popular.

The high proportion is also related to the rising use of ECG equipment in cardiac settings throughout hospitals. An ECG is the most often used diagnostic tool in the cardiac department and in hospitals. Doctors and physicians are increasingly turning to wireless technology, increasing the relevance of this market.

Furthermore, the market would benefit from leading companies' well-established distribution channels with hospitals, the expanding number of hospitals in emerging and developed nations, and increased government financing.

Home-based businesses are expanding significantly in both developed and emerging countries.

Based on the product, the resting ECG devices segment is the largest due to the growing aging population and the increasing incidence of cardiovascular diseases. Holter diagnostic ECH device estimated to be the fastest-growing segment due to technological advancements, which have brought down the prices of these devices.

Impact of covid-19

The automotive industry is critical to the economy's growth. However, during the second and third quarters of 2020, the COVID-19 outbreak impacted the whole automotive supply chain, affecting new car sales in FY 2020.

South America is most affected by COVID-19, with Brazil leading the way, followed by Ecuador, Chile, Peru, and Argentina. South America's government (SAM) has taken a number of steps to protect its citizens and stem the spread of COVID-19. South America is expected to have fewer export revenues as commodity prices fall and export volumes fall, particularly to China, Europe, and the United States, which are all significant trading partners. The manufacturing industry, especially automotive manufacturing, has been damaged by containment measures in various South American countries. Due to the pandemic, major automotive manufacturers have also temporarily halted manufacturing in the region as a cost-cutting move. Furthermore, the automobile disc brake industry has been significantly affected in 2020 due to a lack of raw materials and supply chain disruption.

The Automotive Brake System control module of a vehicle is meant to alert the driver with a warning light if the system fails. The module itself is rarely defective; instead, the sensors or the wiring to the sensors are frequently defective. The most typical cause of dysfunction is when the Automotive Brake System is contaminated with particles or metal shavings. There is no signal continuity when sensor wiring is destroyed. Brake fluid becomes contaminated in corrosive situations, and the hydraulic unit fails to function.

Recent Developments

CompuMed increased its product offering in mobile electrocardiogram (ECG) and ultrasound technologies in 2020 by extending its collaboration with AliveCor and GE Healthcare. Among the items are an AliveCor Heart Monitor, a CompuMed-powered GE MAC 800, and a pocket-sized visualization tool.