ECG Devices Market Key Manufacturers, Development Trends and Competitive Analysis

ECG Devices Market Outlook 2031

• The global ECG devices market was valued at US$ 5.6 Bn in 2021
• It is projected to grow at a CAGR of 7.3% from 2022 to 2031
• The global ECG devices market is anticipated to reach US$ 11.6 Bn by the end of 2031

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Analysts' Viewpoint on ECG Devices Market Scenario

High prevalence of cardiovascular diseases across the globe and launch of technologically advanced ECG equipment are expected to propel the global ECG devices market during the forecast period. Increase in geriatric population, rise in number of people adopting sedentary lifestyle, and growth in tobacco & alcohol consumption are also anticipated to augment the ECG devices market. Increase in focus on health care in developing countries is likely to offer immense opportunities to players operating in the global ECG devices market.

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Overview of Global ECG Devices Market

ECG device is generally used alongside other tests to help diagnose and monitor conditions affecting the heart. It is a painless, non-invasive source that helps diagnose many common heart-related issues. Increase in geriatric population, unhealthy diet, and obesity among various age groups are projected to propel the ECG devices market in the near future.

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Rise in Prevalence of Cardiovascular Diseases across Globe to Drive Market

The prevalence of cardiovascular diseases is high across the globe. Cardiovascular diseases include a group of disorders of blood vessels and the heart such as congenital heart disease, rheumatic heart disease, coronary heart disease, and cerebrovascular disease. Increase in prevalence of cardiovascular diseases in developing countries can be linked to the rise in incidence of hypertension; increase in smoking, and growth in obesity caused by sedentary lifestyle. Presence of a large patient pool suffering from cardiovascular diseases is projected to drive the global ECG devices market during the forecast period.

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Increase in Need for Cardiovascular Monitoring among Aging Population to Boost Market

Aging is one of the key factors responsible for the increase in the incidence of disorders such as hypertension and high blood cholesterol level. This is likely to drive the demand for cardiovascular monitoring and diagnostic devices, such as ECG, that enable quick diagnosis of the disease and monitoring of patients.

According to a study published in the American Journal of Medicine, the U.S. population is aging rapidly. Increase in life expectancy is likely to result in a doubling of the population aged 65 years or above from 40 million people in 2010 to 81 million by 2040. The mortality rate is the highest in Eastern Europe and middle-income countries. Overall CVD death rates are higher in low- and middle-income countries than those in developed countries. Increase in population aged 65 years or above augments the demand for diagnostic and monitoring devices including ECG devices. This is anticipated to drive the global ECG devices market during the forecast period.

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Growth in Demand for Resting ECG Procedures among Patients to Augment Market

The resting ECG systems segment dominated the global ECG devices market, accounting for a market share of around 50% in 2021. Higher share of the segment can be ascribed to the better exchange of information through Cardiovascular Information Systems (CVIS) and Electronic Health Record (EHRs), which simplify ECG workflow and reduce the complexity associated with custom integration, and rise in usage of resting ECG systems in hospitals, clinics, and ambulatory surgical centers. Development and launch of technologically advanced electrocardiogram devices - recently developed ECG monitoring systems are designed to improve workflow and simplify operation - is expected to propel the segment during the forecast period. Holter monitoring system and stress ECG system are also rapidly growing segments based on technology type.

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