Global Electrocardiograph (ECG) Market by Product (Resting ECG, Stress ECG, and Holter Monitors), by Lead Type (Single Lead, 3-6 Lead, and 12-Lead), and by End User (Hospitals & Clinics, Home Settings & Ambulatory Surgical Centers, and Others) - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Electrocardiography Market held USD 6220.4 million in 2020 and is to grow with a CAGR of 7.4%during forecast period. ECG is a non-invasive medical test that is used to record the electrical signals transmitted through two or more ECG electrodes and generate a visual display of the electrical signals produced by the heart over time. An ECG is one of the most common heart tests as well as it is the only way of finding certain problems with the heart’s electrical impulses. The electrical activity of the heart can be changed due to any irregularity in the heart rhythm or damage to the heart muscle which changes the shape of the ECG graph. The doctor recommends an ECG to the people having an irregular heartbeat, shortness of breath, high blood pressure, palpitations, suspected heart valve problem, family history of heart disease, or because they smoke, are overweight or have diabetes.

Market Dynamics and Factors:

Cardiovascular disease and lifestyle associated diseases such as ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery diseases are the most common health problems faced by people across the globe, with high mortality rate accounting for approximately 370,000 people deaths annually in the U.S. alone. These factors are anticipated to drive diagnostic ECG market over the forecast period as this increases in the number of ECG tests are conducted by people, susceptible to heart diseases. The other factors that boost the growth of market include technological advancements in ECG devices which include portable and handheld, increase in geriatric population, rise in the incidence of cardiovascular diseases globally, and favorable government regulations regarding monitoring devices. Additionally, Factors such as increasing focus on early diagnosis and disease prevention, the rising number of resting ECG procedures, increase in geriatric population will play a significant role to maintain the market position of resting ECG devices segment. The impact of the driving factors is expected to outshine that of the restraints. Moreover, an increase in focus toward mergers, acquisitions, and product launches offer lucrative opportunities for the expansion of the global ECG market. Developing nations witness high growth opportunity in comparison with developed countries since the market of developed nations is almost saturated. Additionally, developing nations are expected to witness lucrative growth opportunity owing to favorable government policies, increasing expenditure in healthcare and largely untapped potential market.

Market Segmentation:

Global ECG market is segmented based on the product, lead type, end-user, and region. Based on the product, the market is classified into resting ECG, stress ECG, and holter monitors. Holter monitors are further bifurcated into wired holter monitors and wireless holter monitors. Based on the lead type, the market is segmented into a 3-6 lead, single lead,and 12-lead. Based on the end-user, it is classified into hospitals & clinics, home settings & ambulatory surgical centres (ASCs), and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographic Analysis:

In 2018, North America was the most dominant region in terms of revenue owing to Cardiovascular and lifestyle associated diseases such as ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery diseases with high mortality rate. According to World Health Organization (WHO), presents that over one-third of the European residents above the age of 15 has a chronic disease and two out of three people reaching retirement age are likely to have at least two such conditions. WHO also states that chronic diseases are the prominent cause of mortality and illness, representing 77% of all casualties, and research suggests that complex conditions, such as diabetes and depression are expected to execute a larger burden in the future. Owing to this the European Commission spends 70% to 80% of healthcare resources on chronic diseases. By 2023, the growth of the European market is expected to slow down due to saturation of the market. Asia Pacific region is anticipated to show lucrative growth due to growing disposable income and high population base. Moreover, Asia Pacific is likely to have a huge demand due to an increase in developments in the healthcare system. Japan accounted the largest share in terms of revenue in 2018 and is anticipated to continue during the forecast period. Owing to the increase in developments in the healthcare system in this country coupled with the strong product portfolio of local market players such as Nihon Kohden and Fukuda.

Competitive Scenario:

The key players of global electrocardiography market are Schiller AG, Medtronic Plc., Mortara Instrument, Inc., General Electric Co., Koninklijke Philips NV, OSI Systems Inc., Hill-Rom Holdings Inc., Nihon Kohden Corp., Opto Circuits Ltd, Mindray Midical International limited., and Johnson and Johnson.

Electrocardiography Market Report Scope