ECG Devices Market Industry Analysis - ECG Devices Market Size Driven by Recent Developments, Marketing Approaches, and Innovation

The Global ECG Devices Market Size accounted for USD 5,284 Million in 2021 and is estimated to garner a market size of USD 8,611 Million by 2030 rising at a CAGR of 5.6% from 2022 to 2030.

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The electrical signals produced by the heart are recorded by an electrocardiogram (ECG or EKG), which is particularly useful for monitoring various heart activities. To help patients receive the proper treatment, this device is used to diagnose various heart diseases and arrhythmias in patients. The procedure to identify heart abnormality patterns is non-invasive and painless.

ECG Devices Market Dynamics

The growing geriatric population and growing prevalence of cardiovascular diseases (CVD) necessitating long-term ECG monitoring are driving the ECG devices market share. Rapid technological breakthroughs in remote monitoring technologies, as well as favorable monitoring device policies, are supporting market value. The availability of low-cost and effective wireless ECG devices has boosted wireless ECG adoption. Because of their convenience, ease of use, and non-invasive nature, portable mobile ECG devices are gaining traction in the market. Furthermore, increasing disposable income in emerging markets has prompted people to increase their investment in healthcare solutions, propelling the ECG devices market value even higher.

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ECG Devices Market Segmentation

The ECG devices market is segmented based on product type, end-user, and regions. The market is divided into two product types: monitoring ECG systems and diagnostic ECG systems, which include Holter ECG systems, rest ECG systems, and stress ECG systems,. Market segments by end-user include hospitals, ambulatory surgical centres, clinics, and others.

Monitoring ECG systems segment leads the ECG devices Market by product type in 2021, with the highest revenue share (%). Remote data monitoring, continuous cardiovascular monitoring systems, and event monitoring, are the three types of monitoring ECG systems. The factor driving the segmental market value is the decreasing cost of wireless technologies while concurrently increasing the occurrences of cardiovascular diseases where tracking of heart activities is important. The increasing adoption for home ECG devices is increasing the value of the segmental market.

ECG Devices Market Regional Outlook

The global ECG devices industry is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa (MEA). In 2021, North America accounted for the lion's share (%) of the global ECG device market. The existence of significant players in the regional market such as AliveCor Inc., CardioComm Solutions Inc., GE Healthcare, and iRhythm Technologies Inc. are adding to the regional market value. The rapidly growing geriatric population, and also rising cardiovascular disease incidences, is driving up regional market value. Furthermore, the presence of advanced healthcare infrastructure in the United States and Canada contributes to the regional market value.

Aside from these, the Asia Pacific region is expected to grow at the fastest rate, with a significant CAGR (%) from 2022 to 2030. The factors supporting the regional market value are developing healthcare infrastructure, emerging economies, increased spending on healthcare solutions coupled with increasing disposable income, favorable government policies, and increased investment by market players in the region to capitalize on available opportunities. The region's developing economies, including China and India, are contributing to the regional market value.

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ECG Devices Market Players

Some of the leading ECG devices companies operating in the industry include Aerotel Medical Systems Ltd, AliveCor Inc., BPL Medical Technologies, Cardiocity Limited, CardioComm Solutions Inc., GE Healthcare, iRhythm Technologies Inc., MediBioSense Ltd, Medtronic PLC, and Nihon Kohden Corporation. To strengthen their position in the ECG devices industry, ECG device companies have declared strategic mergers and acquisitions, collaborations and partnerships, and new product development. Major players are also expanding into new markets with advanced technologies in order to gain a competitive advantage.

Some of the Key Observations Regarding ECG Devices Industry Include
• In 2020, LifeSignals Group will receive FDA 510(k) clearance for its ECG Remote Monitoring Patch Platform. The ECG Remote Monitoring Patch Platform is a wireless remote monitoring system used by healthcare professionals in ambulatory, hospital, and home settings. The new platform collects data that is wirelessly transmitted to a remote server for storage and analysis.

• In 2020, the Electronics and Telecommunications Research Institute (ETRI) and a midsize medical device company collaborated to develop a monitoring system that includes a biometric signal measuring device (VDR-1000) and a patient monitoring device (VMA-1000). The VDR-1000 collects and transmits data from the patient's electrocardiogram (ECG), pulse wave, pulse, respiration, and blood pressure to the VMA-1000, allowing healthcare providers to monitor the condition of COvid-19 infected patients in real time.

• GS Elektromedizinische Geraete G. Stemple GmbH and VectraCor Inc. announced an agreement in 2020, specifically to incorporate VectraCor's cloud-based version of VectraCor's derived 22-Lead ECG and Cardiac Electrical Biomarker technology into corpuls defibrillators.

• Withings, a French consumer electronics company, announced a $60 million Series B funding round in 2020, co-led by Gilde Healthcare, Idinvest Partners, and Bpi France, as well as BNP Paribas Développement, ODDO BHF, and Adelie Capital, through their Large Venture funds.

• In the United States, Philips has launched a remote monitoring and defibrillator solution (Tempus ALS) for pre-hospital settings. The FDA has granted the company 510(k) clearance for its pre-hospital wireless monitoring solution (Tempus LS- Manual). The software platform, among other things, allows for the secure, real-time transfer of clinical data and events, interactive ECG measurement, and two-way communication.

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