ECG Devices Market Size, Share, Development, Growth and Demand Forecast to 2024

  • Publishing: June 2021
  • Report Code: LS10427
  • Available Format: PDF

The global electrocardiogram (ECG) devices market is witnessing growth, due to high incidences of cardiovascular diseases and large geriatric population. Based on product type, the resting systems segment leads the global ECG devices market; whereas, the Holter monitor systems segment is the fastest growing segment of the market. The hospitals segment is the largest and the fastest growing end-user segment, in the global ECG devices market, which is driven by technological advancements for the development of ECG devices. The high healthcare provider’s compliance for ECG devices and massive unexplored ECG devices market in the emerging economies is creating ample opportunities for the growth of the global ECG devices market, in the coming years. The advanced research and development activities and new product developments by the major players are supporting the demand with better and cost effective ECG devices, thus fuelling the growth of the global ECG devices market.

The increasing number of collaboration among key players for the development and manufacturing of the ECG devices is a trend witnessed in the global ECG devices market. ECG refers to the process of monitoring the heart activity over a period of time. It is the most commonly used test to detect heart diseases and monitor heart activity, while undergoing the treatment of heart diseases, cancer, and other diseases. ECG devices record the electrical activity of the heart to detect any damage to the heart, its positioning, and effects of the drugs on heart. ECG devices have applications in surgical procedures ranging from cardiovascular to cancer.

The various types of cardiovascular diseases include coronary heart disease, rheumatic heart disease, peripheral arterial disease, congenital heart disease, deep vein thrombosis, and pulmonary embolism. Some of the major risk-leading habits towards cardiovascular diseases are high blood pressure, high blood cholesterol, diabetes, smoking and obesity. According to the WHO, cardiovascular diseases are the major cause of all deaths worldwide. The organization also reported that 17.5 million people died from cardiovascular diseases in 2012, representing 31% of the global death toll.

Some of the factors driving the growth of the global ECG devices market are increasing healthcare expenditure, growing lifestyle related diseases, improving healthcare infrastructure. In addition, the increasing adoption of technologically advanced ECG devices in hospitals and ambulatory care settings, and high investments for the development and manufacturing of ECG devices by major players are fueling the growth of the global ECG devices. However, the high cost of advanced ECG devices, stringent regulatory requirements for the approval of ECG devices, and saturation of ECG devices market in the developed economies, such as the U.S. and Germany, are some of the factors restraining the growth of the global ECG devices market to some extent.

Geographically, North America leads the global ECG devices market due to high prevalence of cardiovascular diseases, increased healthcare expenditure, and large proportion of older population. In addition, the high investment by major players for the development of ECG devices and technological advancements are further fueling the growth of the ECG devices market in North America. Asia-Pacific is the fastest growing region in the global ECG devices market, which is driven by growing healthcare expenditure, high prevalence of cardiovascular diseases, and improving healthcare infrastructure. Moreover, the Asia-Pacific ECG devices market is growing rapidly due to increasing awareness about ECG devices among patients and healthcare providers, and growing research and development activities in the emerging economies, such as India and China.

The key players operating in the global ECG devices market are General Electric Company, Mindray Medical International Limited, Koninklijke Philips N.V., Spacelabs Healthcare (a subsidiary of OSI Systems Inc.), CardioNet Inc., Schiller AG, Compumed Inc., Welch Allyn, and Nihon Cohden Corporation.

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