The global diagnostic electrocardiograph/ECG market is projected to reach USD 15.18 billion by 2032 from USD 9.19 billion in 2025, at a CAGR of 7.4% during the forecast period.
The increasing incidence of CVDs worldwide, the expanding elderly demographic, advantageous reimbursement policies, and ongoing technological innovations alongside new product introductions by major market players are expected to drive significant growth in the diagnostic ECG market over the forecast period. However, regional regulatory discrepancies may hinder market expansion, necessitating a strategic approach to facilitate the widespread adoption of these advanced technologies.
Some of the prominent players operating in the market include GE HealthCare (US), Koninklijke Philips N.V. (Netherlands), Baxter (US), FUKUDA DENSHI (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), NIHON KOHDEN CORPORATION (Japan), OSI Systems, Inc. (US), Bittium (Finland), iRhythm Technologies, Inc. (US), Lepu Medical Technology (Beijing) Co., Ltd. (China), Midmark Corporation (US), BPL Medical Technologies (India), SCHILLER (Switzerland), ACS Diagnostics (US), Allengers (India), and Bionet Co., Ltd. (South Korea).
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In June 2024, Koninklijke Philips N.V. (Netherlands) launched the Cardiac Workstation in EMEA to transform diagnostic cardiology by using advanced algorithms that streamline ECG data collection and analysis. The platform helps clinicians prioritize at-risk patients and reduces administrative burdens, enabling faster, more efficient care. In April 2025, OSI Systems Inc. (US) announced that its Healthcare division, Spacelabs Healthcare, expanded its footprint with an existing US-based customer. Under a new agreement, the company will provide approximately USD 4 million in patient monitoring solutions, supplies, and accessories.
GE Healthcare (US)
GE Healthcare is a well-established entity in the diagnostic ECG sector, boasting over 125 years of industry experience and a formidable reputation within the global healthcare landscape. The company effectively utilizes its extensive global footprint in medical technology, diagnostics, and digital solutions, catering to a diverse clientele across 160 countries while adhering to sustainable operational practices. Central to GE Healthcare's strategy is a robust emphasis on R&D to optimize existing offerings and innovate new products and services. This commitment allows the company to stay responsive to evolving customer demands and to capitalize on emerging market opportunities. In a notable move for 2024, GE Healthcare invested approximately USD 969 million to enhance manufacturing capabilities and local R&D initiatives in India over the next five years. The company’s growth strategy encompasses a range of collaborations, agreements, expansions, and acquisitions to strengthen its operational reach and market presence. These strategic endeavors not only expand the product portfolio but also fortify the company's competitive standing in the market. In a recent development, GE Healthcare partnered with the Mayo Clinic in September 2023 to leverage advanced technologies and improve the precision of diagnostics and treatment processes for healthcare providers.
Koninklijke Philips N.V. (Netherlands)
Koninklijke Philips N.V. (Royal Philips) serves as the parent organization of the Philips Group, strategically operating across four core domains: Personal Health, Diagnosis & Treatment, Connected Care, and Others. Within the Connected Care segment, Philips provides advanced diagnostic solutions, including cardiographs, Holter monitoring systems, and stress-testing ECGs. The company’s growth strategy is heavily centered on forming strategic partnerships in high-potential markets and fostering collaborative efforts to drive innovation. A notable example of this approach is the 2023 partnership with NYU Langone Health to leverage innovative technologies and enhance patient care over an eight-year span. Additionally, in January 2025, Philips is set to present its latest innovations at Arab Health 2025. These advancements emphasize the integration of smart systems, automation, and cloud-based informatics into healthcare delivery, targeting reductions in clinician workload and improvements in operational workflows, ultimately leading to enhanced patient outcomes. Key subsidiaries within the Philips ecosystem include Philips Oral Healthcare, LLC (US), Philips GmbH (Germany), Philips Ultrasound, Inc. (US), and Philips Consumer Lifestyle B.V. (Netherlands). The company maintains a comprehensive operational footprint across North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
Shenzhen Mindray Bio-Medical Electronics Co. (China)
Shenzhen Mindray Bio-Medical Electronics is a prominent entity in the diagnostic ECG segment, distinguished by its diverse operational structure across three primary business verticals: Patient Monitoring and Life Support, In-vitro Diagnostics, and Medical Imaging Systems. Within the Patient Monitoring & Life Support sector, the company delineates its offerings into Patient Monitoring Systems, ECG devices, and ancillary products. Mindray dedicates more than 10% of its revenue to R&D, which underpins its commitment to innovation and sustains a formidable portfolio of over 3,000 patents. This investment not only fuels technological advancement but also strengthens its competitive edge. The company has also established strategic partnerships to enhance its market penetration and product offerings. Notably, its collaboration with Amazon Business facilitates improved access to medical equipment for healthcare systems, hospitals, and practitioners, streamlining procurement and distribution channels in a rapidly evolving healthcare landscape.
Market Ranking
The global diagnostic ECG market is consolidated in nature, with the top players— GE HealthCare (US), Koninklijke Philips N.V. (Netherlands), Baxter (US), FUKUDA DENSHI (Japan), Shenzhen Mindray Bio-Medical Electronics (China), NIHON KOHDEN CORPORATION (Japan), OSI Systems, Inc. (US), and Bittium (Finland). The competition among the leading players is high, and most of the players focus on establishing partnerships with others to ensure a stable market share. The market is dominated by key players with a strong global footprint and well-established supply and distribution chains in developed regions such as North America and Europe. Smaller players strive for sustainable growth by focusing on low-price products and technological innovation. This results in a highly competitive market with numerous small and medium-sized players in developed and emerging economies. Meanwhile, the dominant market players leverage their expertise, higher R&D budgets, and strong brand recognition to minimize competition from smaller players in regional markets.
Related Reports:
Diagnostic Electrocardiograph/ECG Market by Product (Resting ECG, Stress ECG, Mobile Cardiac Telemetry), Lead Type (Single-lead, 3, 5, 6 & 12-lead ECG Device), Type (Portable ECG Device, Wearable ECG Device), Connectivity - Global Forecast to 2032
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