Diagnostic Electrocardiograph Market

Diagnostic Electrocardiograph Market Size, Share & Trends

The size of global diagnostic electrocardiograph market in terms of revenue was estimated to be worth $8.1 billion in 2023 and is poised to reach $11.3 billion by 2028, growing at a CAGR of 6.9% from 2023 to 2028. The comprehensive research encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics.

Rising number of patients suffering from cardiovascular disease (CVD) and the growing demand for early diagnosis of cardiac diseases are driving the growth of this market. Moreover, the rapid rise in geriatric population diagnosed with heart diseases and technological advancements in the wearable ECG devices are anticipated to support the diagnostic ECG market growth. However, the shortage of skilled professionals to monitor diagnostic ECG reports with accuracy is likely to hamper the growth of the Diagnostic ECG market.

Diagnostic Electrocardiograph Market Trends

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Diagnostic ECG Market Dynamics

DRIVER: Increasing prevalence of lifestyle and cardiovascular disease

Increasing adoption of Sedentary lifestyles has led to an increase in lifestyle diseases such as hypertension, obesity, dyslipidemia, diabetes which has increased the prevalence of cardiovascular disease (CVD) across globe. According to CDC, an estimated 12.1 million population in US are expected to have atrial fibrillation by 2030. According to the report published by World Heart Vision, with the rising the burden of CVD, it is estimated that CVD deaths is projected to from 18.9 million in 2020 to around 22.,2 million in 2030 globally. Diagnosis ECG devices enables early diagnose and provides real-time insights of heart conditions, such as arrhythmias, myocardial infarctions. The ability to monitor the CVD progression and timely diagnosis are likely to boost the adoption of diagnostic ECG devices.

RESTRAINT: Dearth of skilled professionals

In most countries, there is a shortage of physicians and healthcare professionals with the expertise and know-how to handle cardiac monitoring devices, such as diagnostic CG devices.

Globally, there is a shortage of 4.3 million physicians (Source: WHO). According to a survey on the latest business conditions conducted by the National Association for Business Economics (NABE), 35% of participants reported that there is a shortage of skilled professionals in the US. According to the Association of American Medical Colleges (AAMC), the US will face a shortage of approximately 122,000 physicians by 2032. This shortage of skilled professionals and physicians in healthcare will have an impact on the diagnostic ECG market.

OPPORTUNITY: Emerging markets to offer high-growth opportunities

Emerging countries offer significant growth opportunities for cardiac diagnostics owing to rising prevalence of cardiovascular diseases , rapid growth in aging population in the emerging countries and ongoing investments in healthcare infrastructure. Moreover, there is an increasing awareness in the emerging countries about preventive care and early diagnosis of CVD. Moreover, Countries like India, Thailand, Singapore have gained popularity as a distinguished destinations for medical tourism owing to lower treatment cost, thus increasing the influx of patients seeking advanced diagnosis and treatment. Moreover, increasing government initiative in improving the healthcare accessibility and rising partnerships & collaborations among manufactures and public & private hospitals and cardiac centers are anticipated to accelerate the demand for advanced diagnosis ECG devices

CHALLENGE: Stringent regulatory requirements delaying approval of cardiac devices

Regulatory barriers can significantly impact the approval procedure of ECG devices resulting in delayed market entry of these devices. The establishment of stringent regulatory framework, rigorous clinical trial, adherence to standard, and the need of additional scrutiny in ECG devices integrated with AI algorithms or wireless connectivity are some of the factors that may lead to delay in the approval of diagnostic ECG devices, further leading to limited timely patient care and early diagnosis of disease. . These delay can also become hinderance for manufactures to expand the diagnostic ECG devices in new market, limiting the market growth opportunity.

Diagnostic ECG Market Ecosystem

Prominent companies in this market include well-established, financially stable manufacturers of diagnostic ECG devices. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include GE HealthCare (US), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), OSI Systems, Inc. (US), and Hill-Rom Holdings, Inc. (Baxter International Inc.) (US).

By product type segment, the restring ECG devices to observe the highest market growth rate in the diagnostic electrocardiograph industry

Based on product type, the diagnostic electrocardiograph market is segmented into devices and software and services. The devices segment is categorized into resting ECG devices, stress ECG devices, Holter monitors, event monitors, implantable loop recorders, mobile cardiac telemetry devices, and smart ECG devices. The resting ECG devices segment captured the larger share of diagnostic ECG market in 2022. The large share of this segment is attributed to the wide applications of these devices in CVD management and the low cost of these devices. Moreover, these devices are simple, easy to use, and come with a space-efficient structure.

In 2022, 12-lead segment to dominate the Diagnostic electrocardiograph industry, by lead type

Based on lead type, the diagnostic electrocardiograph market is segmented into patch type 12-lead, 5-lead, 3-lead, 6-lead, single lead, and other lead types (such as 13 lead, 18-lead). In 2022, the 12-lead segment accounted for the largest share of the diagnostic ECG. 12-lead ECG devices are chiefly used by paramedics to diagnose acute myocardial infarction (AMI) and reduce treatment time. These devices have numerous potential clinical uses and serve as the standard for the noninvasive diagnosis of arrhythmias and conduction disturbances. Moreover, the rising usage of 12-lead ECG devices hospital & pre-hospital settings are likely to support the segment growth

In 2022, hospitals, Clinics, and Cardiac Centers segment to dominate the diagnostic electrocardiograph industry

Based on end user, the diagnostic electrocardiograph market is segmented into hospitals, cardiac centers, & clinics; ambulatory surgical centers; and other end users. This is attributed to the growing burden of cardiovascular diseases, which, in turn, is increasing the need for quality cardiology care, government initiatives to strengthen hospital infrastructure, establishment of new cardiac centers, and growing patient volume undergoing cardiac testing in hospital settings.

In 2022, North America to dominate in diagnostic electrocardiograph industry

The diagnostic electrocardiograph market is segmented into North America, Europe, Asia Pacific, Latin America and Middle-East Africa. North America is expected to dominate during the forecast period, primarily due increasing prevalence of cardiovascular disease, well establish healthcare infrastructe, growing aging population, and the raoid adoption of remote monitoring devices

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The Diagnostic electrocardiograph market is dominated by players such as GE HealthCare (US), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), OSI Systems, Inc. (US), and Hill-Rom Holdings, Inc. (Baxter International Inc.) (US).

Scope of the Diagnostic Electrocardiograph Industry

This report has segmented the global diagnostic electrocardiograph market to forecast revenue and analyze trends in each of the following submarkets:

By Product Type

• Devices
  • Resting ECG Devices
  • Stress ECG Devices
  • Holter Monitors
  • Event Monitors
  • Implantable Loop Recorders
  • Mobile Cardiac Telemetry Devices
  • Smart ECG Devices
• Software and Services

By Lead Type

• 12-lead
• 5-lead
• 3-lead
• 6-lead
• Sigle lead
• other lead types

By End User

• Hospitals, Clinics, and Cardiac Centers
• Ambulatory Surgical Centers
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle-East Africa

Recent Developments Diagnostic Electrocardiograph Industry

• In April 2022, GE Healthcare signed an agreement with Deep Cardio to develop AI based ECG diagnostic technology and ECG data analysis program.
• In 2021, Royal Philips (Netherlands) acquired BioTelemetry, Inc. & Capsule Technologies (US) to strengthen Philips’ cardiac care portfolio, cardiac diagnostics, and monitoring services, which are included in the Connected Care segment.

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