The global electrocardiograph market size was valued at USD 9.2 billion in 2021 and is expected to reach around USD 21.7 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 10% during the forecast period 2022 to 2030.
The electrical conduction of the heart is recorded with the help of an electrocardiograph on the basis of the surface potentials that are associated with the respective activities. The presence of electrocardiograph machine in a healthcare sector is a very basic requirement which helps in performing a proper line of treatment for the patient depending upon the diagnosis made by the reports. The electrical activities of the heart are recorded with the help of leads and machines and presented on the sheet of paper in the form of graphical representations which can be calculated by the medical staff in order to diagnose the irregularities and changes.
The automatic electrocardiograph machines that have been introduced into the market help to perform an accurate diagnosis very easily with the help of artificial intelligence. This facility which has been provided along with the electrocardiograph machines proves to be a verifying factor for the medical staff reading the reports. The high cost associated with the use of advanced technologies has proved to be a restraining factor for the growth of the market. The lack of disposable income in the hands of the common people as a result of rapidly growing inflation has also hindered the growth of the market to a great extent. Lack of awareness regarding the advanced healthcare facilities provided by the health care system and the government has also proved to be a challenge for the growth of the market during the forecast period.
On the other hand, the lucrative offers and schemes which are provided by the insurance companies in the form of reimbursement facilities has helped the market to record a considerable growth during the forecast period. The outbreak of the pandemic had a considerable effect on the growth of the electrocardiograph market as a result of the restricted movements which were imposed by the government on the people in order to prevent the spread of infection. The electrocardiograph market played an important role during the pandemic as it became an essential finding in order to assess the condition of the patient.
On the other hand, the patient who visited the hospitals and healthcare centers in order to perform a regular checkup and follow up were returned with a view to reduce the risk of infection. The number of cardiac related disorders increased rapidly after the occurrence of the pandemic which proved to be a driving force for the electrocardiograph market. The number of patients falling prey to cardiac disorders after the occurrence of the pandemic also boosted the market for the electrocardiograph devices.
Report Scope of the Electrocardiograph (ECG) Market
|Market Size in 2022||USD 10.12 Billion
|Market Size by 2030||
USD 21.7 Billion
|Growth Rate from 2022 to 2030||CAGR of 10%|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, Technology, End User, Lad Type, Geography|
General Electric Company (US), Koninklijke Philips N.V. (Netherlands), NIHON KOHDEN CORPORATION. (Japan), Hill-Rom Services, Inc. (US), Ambu A/S. (Denmark), SCHILLER (India), ACSDiagnostics. (US), BPL, FUKUDA DENSHI (Japan), BioTelemetry, Inc. (US), OSI Systems, Inc. (US), BTL. (US), SUZUKEN CO., LTD. (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Allengers (India), Cardioline S.P.A. (Italy), EDAN Instruments, Inc. (China), Nexus Lifecare (India), Innomed Medical Inc. (Hungary), Norav Medical (US), Spacelabs Healthcare (US), BIONET (US), Midmark Corporation (US), VectraCor, Inc. (US)
The rapid research and development which are carried out in the healthcare sector has improved the life expectancy of the people to a great extent. This has resulted into a number of chronic diseases is being developed in the society among the people. As a result of this, a huge geriatric population resides all over the world who would acquire a regular cardiac checkups and follow-ups. This proves to be a major growth factor for the electrocardiograph market.
The number of people suffering with cardiac disorders has rapidly increased after the outbreak of the pandemic which has proved to be a major driving force for the market. With the rapid modernization and urbanization, the sedentary lifestyle of the people has been hampered the cardiac health to a great extent. The presence of cardiac disorders among the younger generations has also proved to be a matter of concern. With the increasing awareness regarding the health care facilities provided by the government, the number of electrocardiograph reports that are recorded in the healthcare sectors has increased tremendously. The increasing prevalence of cholesterol and diabetes among the people has also affected the cardiac health to a great extent which has boosted the market for the electrocardiograph devices.
On the basis of product, the resting electrocardiograph has proved to be the largest market as a result of its high demand which is expected to remain the same during the future as well. This is a major factor for its rapid growth during the forecast period. The electrocardiograph devices are mainly manufactured in order to record the cardiac activities of the patient which help to monitor the condition of the heart. The rapid research and development which is carried out by the key market players in order to develop advanced electrocardiograph systems which will facilitate an accurate diagnosis in case of a disorder Has proved to be a major growth factor for the market. The next product that has been discussed under this segment is the holters monitor which is expected to show a faster growth during the forecast period.
The rapidly increasing demand for this product in the market in order to detect cardiac arrhythmias which helps to make a perfect diagnosis of the cardiac condition proves to be a great opportunity for the market. Stress electrocardiograph also shows a considerable growth with the increase in number of people belonging to the geriatric population. The number of people belonging to the elderly age group has increased tremendously during the recent years as a result of the increased life expectancy of the people which in turn increases the demand for accurate and precise electrocardiograph devices. The key market players are eager to capture the developing market in order to record a considerable revenue during the forecast period.
End User Insights
On the basis of end user, the hospitals and clinics have shown a high revenue return and thus dominated the segment. This trend of hospitals and clinics is foreseen to continue as a result of the huge availability of cardiac facilities in these health care centers. The availability of electrocardiograph machine is a very common phenomenon in the hospitals and clinics in order to provide fast services and facilities to the consumers. Hospitals and clinics become the primary health care centers where a patient presents himself during the occurrence of a cardiac discomfort. The rapid availability of services and multiple facilities in these centers become the major driving force for the market.
Ambulatory centers and home settings become the next factors under this segment which provide electrocardiograph machines in order to monitor the cardiac activities of the patient. This segment is foreseen to experience a significant growth in the future. As a result of the rapidly increasing demand of an electrocardiograph report in order to proceed for a surgery, the market is expected to record a higher revenue return during the forecast period. The other primary health care centers which provide with the facilities of electrocardiograph devices prove to be driving force for the market in the rural areas where major facilities are absent. The availability of electrocardiograph device becomes a primary necessity with the growing number of cardiac disorders and irregularities.
Lead Type Insights
On the basis of lead type, the six lead ECG is expected to record the fastest growth as a result of its high demand by the health care industry. The domination of this segment is foreseen to propel the growth of the market to considerable heights during the forecast period. In order to make a precise diagnosis regarding the cardiac disorders a 6 lead ECG becomes very important for the health care centers. With the help of a 6 lead electrocardiograph the doctor is able to make and accurate diagnosis and hence select a better line of treatment for the patient as they have a clear view regarding the interior condition of the heart.
On the other hand, the 12 lead ECG recorded a considerable growth as a result of the increasing demand in the market During the forecast period. The experienced medical staff prefers the utilization of such advanced devices in order to have a perfect picture of the internal pathological changes presented by the heart. The other segment which has been included under this heading is the three lead ECG that is not very commonly used in the healthcare systems.
Electrocardiograph (ECG) Market Share, By Region, 2021 (%)
|Regions||Revenue Share in 2021 (%)|
On the basis of geography, the region of North America has dominated the segment globally as a result of the huge number of cardiac patients that reside in this region. As a result of the modern lifestyle practices the food habits of the people have been hampered to a great extent. The prevalence of various cardiovascular disorders has increased tremendously as a result of the sedentary lifestyle practices of the people.
The region of Asia Pacific as recorded a considerable growth as a result of the high number of cardiac patients presented to the healthcare sector. The rapid urbanization that has been seen globally has proved to be a major driving force for the electrocardiograph market. With the development of the advanced technologies, the demand for electrocardiographs has also increased considerably. The European nations also have shown a tremendous demand for the electrocardiograph devices as a result of the advanced health care facilities that have been provided to the people by the government. The increasing number of people belonging to the geriatric population has proved to be a great opportunity for the growth of the market during the forecast period.
Key market players
By End User
By Lad Type
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