Electrocardiograph (ECG) Market Value to Grow $6,637 Million by 2023 : Allied Market Research

Electrocardiograph (ECG) is a non-invasive medical test that records the electrical activity of the heartbeat over a period of time. ECG monitoring devices such as, resting ECG, stress ECG, and holter monitors help identify and provide information about abnormal functioning of the heart.

Global ECG Market was valued at $4,516 million in 2016, and is expected to reach $6,637 million by 2023, registering a CAGR of 5.6% from 2017 to 2023.

Cardiovascular disease is one of 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. This propels the demand for ECG market as the increase in number of ECG tests are conducted by people, susceptible to heart diseases.

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The other key factors that boost the growth of electrocardiograph (ECG) market include technological advancements in ECG devices such as portable and handheld, rise in incidence of cardiovascular diseases globally, increase in geriatric population, and favorable government regulations regarding monitoring devices. However, certain aspects such as, unfavorable reimbursement policies along with increase in market saturation hamper the market growth.

Recent advancements in the ECG devices such as potable, handheld, novel electrodes & sensors, and smart phone integration is set to propel the market growth. In addition, rise in number of cardiovascular diseases along with soaring old age population propels the market growth. Moreover, emergence of novel ECG devices such as handheld ECG devices and ECG devices integrated with artificial intelligence systems supplements the growth of the market. However, lack of awareness regarding early prevention of cardiovascular diseases in the developing economies, unstable reimbursement strategies for ECG devices, and increase in market saturation hamper the market growth. Moreover, untapped emerging markets and increase in number of mergers, acquisitions, and product launches by market players offer profitable opportunities for the expansion of ECG market.

The holter ECG monitors have recorded the highest growth rate of 9.1% from 2017 to 2023, and is considered to be the most common type of ambulatory monitoring in electrocardiography. This is attributed to the fact that utilization of holter ECG monitors captures asymptomatic as well as symptomatic arrhythmias, increasing its demand among patients suffering from irregular heartbeat.

Among lead types, 3-6 lead type in ECG systems generated the highest revenue in 2016, and has also registered highest CAGR of 6.1% among other lead types. Moreover, wireless holter monitors have generated the highest revenue in 2016, accounting for about two-fifths share of the total holter monitors market. This is attributed to the rise in penetration of wireless systems in the point-of-care market, and are increasingly adopted across home care setting as well as ambulatory surgical centers driving the growth of the market.

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The key players operating in the ECG market have adopted product launch as one of their key developmental strategy, among many others such as business expansion, product development, and business acquisition. The major companies profiled in the report include GE Healthcare (General Electric Company), Royal Philips Healthcare (Koninklijke Philips N.V.), Nihon Kohden Corporation, Schiller AG, Opto Circuits Limited, OSI Systems Fukuda Denshi Co Ltd., Johnson and Johnson, Mindray Medical International Limited, and Medtronic.

Key Findings of the Electrocardiograph (ECG) Market:

• North America dominated the global ECG market, accounting for maximum share of overall market in 2016 both in terms of value and volume.

• India is the fastest growing country of Asia-Pacific ECG market in the year 2016, and is anticipated to maintain this during the forecast period.

• The hospitals & clinics segment holds the largest share accounting for about fifth-sevenths share in 2016, and is set to retain the similar trend from 2017-2023.

• In terms of volume, holter monitors are anticipated to grow at the fastest CAGR of 12.0% from 2017 to 2023.

• The 12-lead type ECG segment holds the second position of ECG lead type in 2016, and is expected to grow at a CAGR of 5.8% from 2017 to 2023.

• The wired holter monitor dominated the holter monitor market in 2016, and is set to maintain its dominance throughout the forecast period.

Asia-Pacific witnessed highest growth rate for ECG market, and is expected to continue this trend throughout the forecast period. Asia-Pacific region serves to be an emerging market with a high population density, rise in disposable income, and increase in healthcare expenditure. In addition, increase in incidence of cardiovascular diseases in India, boosts the market growth.

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