ECG Cables and Lead Wires Market Demand Analysis by Product Type (ECG Lead Wire, ECG Cables), Material Type (Thermoplastic Elastomer, Thermoplastic Polyurethane), Usability Type (Reusable Cables and Lead Wires, Disposable Cables and Lead Wires), End User Type (Hospitals and Clinics, Ambulatory Facilities) – Forecast to 2030

Market Overview

The ECG cables and lead wires market size was valued at around $1,800.0 million in 2021, and it is expected to advance at a CAGR of 6.1% during 2021–2030, to reach $3,071.7 million by 2030. The major factors driving the industry include the rising prevalence of cardiovascular diseases and the increasing geriatric population across the globe. Moreover, patients suffering from insomnia or hyper-anxiety are also advised or recommended to get the ECG test done, resulting in the growth of the market.

During the COVID-19 pandemic, the demand for cables and lead wires propelled significantly, booming the market by around 15%, in 2020. The reason for such significant growth in the market was the rising number of cardiovascular disease cases across the globe, due to the spread of the COVID-19 virus. As a result, companies operating in the market scaled up their production to meet the urgent need, especially disposable cables and lead wires.

Geographically, the North American market holds the largest revenue share, of around 45%, wherein the U.S. accounts for approximately 95% share. The factors contributing to the growth of the U.S. market include the high government expenditure on healthcare and the majority of manufacturing companies headquartered in the country.

Moreover, in 2020, per person healthcare spending in the U.S. was $12,530, which grew by 9.7% compared to the preceding year. Further, the government’s healthcare spending is expected to increase during the forecast period, as healthcare costs in the country are mounting 1.1% faster than the annual GDP. Additionally, 8 out of the top 10 companies operating in the market are headquartered in the U.S., resulting in the early access to the most technologically advanced products for healthcare providers.

Furthermore, the Canadian market is projected to gain momentum during the forecast period, rising at a CAGR of more than 10%, in North America. This can be due to the collaborations and large investments by government and private organizations for research and development and to introduce advanced solutions. For instance, the University of Waterloo has partnered with DynaCare to develop a mobile ECG solution.

APAC Market To Witness the Fastest Growth

The APAC ECG cables and lead wires market is projected to record the highest CAGR, of 6.8%, during 2021–2030, as developing countries are increasingly using these products and surging healthcare expenditure in the region. National governments in these countries have been largely investing in healthcare infrastructure so as to provide individuals with the required screenings as well as treatments.

Countries such as China and India are untapped markets. The ECG screenings in both countries have been growing over the years, due to the increasing population and the rising prevalence of cardiovascular diseases. Moreover, favorable FDI regulations for medical device companies and cheap labor in India and China create an opportunity for companies to set up their manufacturing units in these countries, reducing their overall cost of production. For instance, in March 2022, Wipro GE Healthcare opened a new medical devices manufacturing plant in Bengaluru, built under the government’s production linked incentive (PLI) scheme, which would manufacture ECG machines along with other medical devices such as ultrasound scanners, CT machines, and ventilators.

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ECG Lead Wires Account for the Largest Market Share

The ECG lead wires market generated more than 55% of the total revenue share, while the remaining proportion of 45% was held by the ECG cables market in 2021. 5-lead ECG lead wires and 3-lead ECG lead wires together held more than 70% of revenue share, as these are used to diagnose most heart-related problems.

However, the demand for 12-lead ECG lead wires is projected to witness the fastest growth, advancing at a CAGR of approximately 7%, during 2021–2030. This can be because these wires can detect life-threatening arrhythmias as well as provide early diagnosis of diseases. Thus, healthcare providers in developed countries are gradually shifting their preference toward 12-lead ECG lead wires. Though this might increase the cost of screening, but individual spending on healthcare has been increasing their requirement, and also because companies are innovating their ECG machines. For instance, Amedtec launched a compact 12-lead resting ECG solution in Germany, which can be used at any location as a resting and rhythm ECG.

Moreover, the single-lead ECG lead wires category is expected to depict significant growth during the forecast period. The demand for single-lead ECG lead wires is surging, mainly due to the increasing research and development expenditure on electrocardiography, especially post COVID-19 pandemic, along with their rising use in pre-clinical settings.

Market for Disposable ECG Cables and Lead Wires To Gain Momentum

The reusable cables and lead wires category accounted for more than 85% of the ECG cables and lead wires market share in 2021, as their usage is economical for healthcare providers, majorly in developing countries. Whereas, the disposable cables and lead wires category is projected to witness faster growth, propelling at a CAGR of around 7%, during the forecast period. This can be because healthcare providers have been making an effort to reduce cross-contamination, which largely results in spreading antibiotic-resistant bacteria and the rising incidences of bloodstream infections. With the help of disposable cables and lead wires, these issues can be resolved.

Thermoplastic Elastomer (TPE) Is the Most Preferred Material

TPE is the most widely preferred material for manufacturing cables and lead wires. Thus, the category accounted for more than 45% market share in 2021, due to its chemical properties such as high insulation and stability. Moreover, its recyclable property is also propelling the market growth in this category, as cables and lead wires made with TPE can be recycled and reduce waste.

Hospitals and Clinics Are Largest End Users in the Market

Cables and lead wires are largely used by hospitals and clinics, which contributed more than 40% of the market revenue in 2021, as hospitals are shifting toward disposable cables and lead wires. Moreover, physicians have been progressively using ECG machines in their clinics to monitor patients so as to have access to the required data instantly and accelerate the diagnosis process. Thus, clinical settings have been also utilizing the cables and lead wires largely.

Ambulatory facilities, such as ambulatory surgery centers and dialysis centers, also have been utilizing ECG machines in large numbers over the past couple of years, as there has been an increase in ambulatory outpatient surgeries, leading to the rise in demand for ECG cables and lead wires.

Key Strategic Developments of Market Players

In recent years, competition in the ECG cables and lead wires market has been very fierce, as major companies are actively involved in new product launches along with other developmental activities to enhance their capabilities and offerings. For instance, in January 2022, Philips introduced at-home, 12-lead ECG integrated solution for decentralized clinical trials, resulting in the increase in demand for 12-lead ECG lead wires.

Moreover, companies operating in the market have been moving toward neutral interfaces, i.e., companies manufacturing ECG machines are using similar cables and lead wires so that one cable or lead wire is compatible with multiple ECG machines.

Top Players in the Market Are:

• Cardinal Health Inc.
• 3M Company
• GE Healthcare
• Koninklijke Philips N.V.
• Abbott Laboratories
• Boston Scientific Corporation
• CONMED Corporation
• Mindray Medical International Limited
• Welch Allyn Inc.
• Curbell Medical Products Inc.

Segmentation Analysis

The research offers a market size of the ECG cables and lead wires market for the period 2017–2030.

Based on Product Type

• ECG Lead Wire
  • 12-lead ECG Lead wires
  • 5-lead ECG Lead wires
  • 3-lead ECG Lead wires
  • 6-lead ECG Lead wires
  • Single-lead ECG Lead wires
• ECG Cables

Based on Material Type

• Thermoplastic Elastomer
• Thermoplastic polyurethane

Based on Usability Type

• Reusable Cables and Lead wires
• Disposable Cables and Lead wires

Based on End User Type

• Hospitals and Clinics
• Ambulatory Facilities

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
• Asia-Pacific  
  • China
  • Japan
• Latin America  
  • Brazil
  • Mexico
• Middle East and Africa
  • South Africa