Diagnostic Electrocardiograph Market to Grow with a CAGR of 7.55% through 2028
Increasing cases of cardiovascular diseases and increasing usage of
remote monitoring device is expected to drive the Global Diagnostic
Electrocardiograph Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Diagnostic Electrocardiograph
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Diagnostic Electrocardiograph Market stood
at USD 7.89 billion in 2022 and is anticipated to grow with a CAGR of 7.55% in
the forecast period, 2024-2028. The growth in the geriatric population, coupled
with an increased risk of developing cardiovascular diseases, and the growing
awareness among individuals regarding the availability of non-invasive
techniques, are significant factors driving the expansion of the global
diagnostic electrocardiograph (ECG) market.
The rising prevalence of chronic heart diseases in western countries,
attributed to changes in lifestyle and dietary habits, has spurred the demand
for reliable testing devices like diagnostic electrocardiograph devices.
Furthermore, favorable government reimbursement policies, the development of
healthcare infrastructure, and increased investments in research and
development activities by both public and private sectors, contribute to the
growth of the global diagnostic electrocardiograph (ECG) market.
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The global diagnostic electrocardiograph market is poised for growth in
the forecast period. The rise in incidences of cardiovascular diseases and
lifestyle-associated ailments like ischemic heart disease (IHD), hypertensive
heart disease, stroke, and peripheral artery diseases are expected to drive
market growth.
Cardiovascular diseases (CVDs) such as heart attacks, arrhythmias, and
heart failure are significant causes of morbidity and mortality globally. Given
the increasing prevalence of these conditions, accurate diagnostic tools like
ECGs are essential for timely intervention and treatment planning. The aging
population worldwide is particularly susceptible to cardiovascular problems,
leading to a steady demand for diagnostic ECG devices to monitor and manage
cardiac health. Continuous advancements in ECG devices have resulted in
improved accuracy, ease of use, and connectivity features. Wireless monitoring,
cloud-based data storage, and mobile applications have expanded the use of ECG
systems in clinical and home care settings. Developing economies are investing
in healthcare infrastructure, including diagnostic centers, which presents
opportunities for ECG device adoption, especially in regions with previously
limited access to advanced medical technologies.
The global diagnostic electrocardiograph (ECG) market is expected to be
driven by factors such as an increasing geriatric population, improving
healthcare infrastructure, and supportive reimbursement policies. Furthermore,
continuous technological advancements in ECG devices, along with the
introduction of remote monitoring devices, are anticipated to fuel market
growth in the forecast period. Developing nations offer high growth potential
compared to developed countries, as the markets in developed nations are
nearing saturation. Additionally, developing nations are expected to experience
lucrative growth opportunities due to favorable government policies, increased
healthcare expenditures, and untapped potential markets.
The ECG industry will receive a boost from increased access to novel
treatment options and technological advancements. Utilizing Holter monitors,
resting ECGs, exercise testing systems, ambulatory ECGs, event monitors,
pacemakers, and cardio data, medical professionals can promptly address cases
of arrhythmia, cardiomyopathy, and coronary artery disease. According to an
NCBI study, in the US, more than 2.6 out of every 1,000 people have pacemakers
for treating various heart conditions. Pacemaker usage has become more
prevalent, with 0.4 per 1,000 people in the 18-64 age range and 26 per 1,000
people in the 65-plus age range. The mobile ECG, home ECG devices, and ECG
equipment industries could benefit from these advanced developments and
increased access to advanced treatment options.
Extensive research and development in the healthcare sector have
significantly improved life expectancy. However, this progress has also led to
the development of numerous chronic diseases, resulting in a sizable geriatric
population worldwide requiring regular cardiac checkups and follow-ups. This
factor proves to be a major growth driver for the electrocardiograph market.
The outbreak of the pandemic has led to a rapid increase in the number
of people suffering from cardiac disorders, further propelling the market. The
sedentary lifestyle resulting from rapid modernization and urbanization has
adversely affected cardiac health. The presence of cardiac disorders among
younger generations is also a growing concern. Increased awareness of
government-provided healthcare facilities has led to a tremendous rise in
electrocardiograph reports recorded in healthcare sectors. The increasing
prevalence of cholesterol and diabetes has also significantly impacted cardiac
health, further boosting the market for diagnostic electrocardiograph devices.
The Global Diagnostic Electrocardiograph Market is segmented into product
type, channel, end user, regional distribution, and company.
Based on end users, the hospitals segment held a dominant market share
in the diagnostic ECG market in 2022. This growth can be attributed to an
increase in cardiac arrhythmias and the rising number of individuals seeking
cardiovascular disease diagnosis in hospitals. Additionally, increased
expenditure on ECG gadgets for improved cardiac care and the availability of
reimbursements for Holter and event monitors in developed markets are
contributing factors. However, during the forecast period of 2024-2028, the
ambulatory surgical center (ASC) segment is projected to experience steady
growth. Technological advancements, a shift in treatment preference towards
ambulatory facilities, and the availability of improved portable devices like
ECG equipment and management systems for ambulatory ECG monitoring are driving
this segment forward. The need for such devices in ambulatory centers to
accurately assess cardiac arrhythmias is increasing as they facilitate the
quick transfer of relevant data for outpatient operations. Moreover, the number
of ASCs is rapidly growing, with approximately 9600 ASCs in existence as of
2020. With the government's focus on cost-saving measures, the ASC setup is
expected to expand.
Based on region, North America segment is expected to grow during the
forecast period. North America is set to dominate the growth of the
electrocardiograph (ECG) market in the forecast period. With its leading
position, North America benefits from a strong focus on patient care and needs,
supported by a well-developed infrastructure and technologically advanced
healthcare system. The increasing burden of cardiovascular diseases in the
United States further fuels the growth of the ECG market. According to a report
published in April 2021, the United States is expected to have about 16.5% of
the population, or 54 million people, aged 65 and above by 2020. As the elderly
population increases, the demand for proper detection and diagnosis of cardiac
diseases remains high, driving the growth of the ECG market. Moreover, the
prevalence of valvular heart diseases (VHD) is on the rise, with over 5 million
Americans being diagnosed each year, and up to 1.5 million people suffering
from aortic stenosis (AS) in the United States, as reported by the 2022
American College of Cardiology Foundation. This increase in the prevalence of
cardiac diseases contributes to the overall growth of the ECG market in North
America.
Major companies operating in Global Diagnostic Electrocardiograph Market
are:
- General Electric
Company
- Koninklijke Philips
N.V.
- Nihon Kohden
Corporation
- Ambu A/S
- Spacelabs Healthcare
- AliveCor, Inc.
- Mindray Bio-Medical
Electronics Co., Ltd.
- Hill-Rom Holdings, Inc.
- BPL Medical
Technologies
- Cardonet, Inc.
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“The global diagnostic electrocardiograph (ECG) market is projected to
attain a substantial market size by 2028, with a high compound annual growth
rate (CAGR) throughout the forecast period. Industry analysis suggests that the
increasing demand for diagnostic electrocardiograph (ECG) among end-users such
as hospitals and clinics is driven by evolving market trends. These trends are
anticipated to support both industry and market growth during the forecast
period. Furthermore, key factors contributing to the growth of the ECG market
share include technological advancements in ECG devices, the rising incidence
of cardiovascular diseases worldwide, and favorable government regulations
concerning monitoring devices. Additionally, the growing geriatric population
is expected to bolster the diagnostic electrocardiograph market size.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Diagnostic Electrocardiograph Market Segmented By Product Type (Resting ECG Devices,
Stress ECG Devices, Holter Monitors, Others), By Channel (12-channel,
6-channel, 5- channel, 3- channel, Single- channel), By End User (Hospitals
& Clinics, Ambulatory Surgical Centers, Cardiac Care Centers, Others), By Region
and Competition, Forecast &
Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Diagnostic
Electrocardiograph Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Diagnostic
Electrocardiograph Market.
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