Wireless Electrocardiography (ECG) Device Market Size Is Set To Fly High In Years To Come | ACS Diagnostics, AliveCor, Inc.

The wireless electrocardiography (ECG) devices market is expected to reach USD 2,295.7 Million by 2027, showing growth of more than USD 800 Million. The wireless electrocardiography (ECG) devices market is analyzed to grow at a CAGR of 6.5% over the forecast period

Wireless electrocardiography (ECG) device is a medical device which uses wireless technologies such a Bluetooth and smartphones, for transmitting heart activity monitoring data. The devices are used to diagnose heart diseases and arrhythmias, in order to take decisions about the suitable treatment. Rising cases of heart diseases is one of the most important factors driving the demand for ECG devices across the globe.

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Wireless electrocardiography (ECG) devices market is a consolidated, with the presence of international and regional players across various geographies. This results in increased competition in the market. Market players are continuously focusing on development of technologically advanced wireless electrocardiography (ECG), to ensure early detection of heart diseases.

Growth Influencers

Growing prevalence of heart diseases

The need for heart care is anticipated to increase dramatically in the coming decades across the globe, posing a considerable challenge to health systems. Continuous increase in the number of heart related issues and heart attacks has become a global concern. The rising cases of chronic diseases like diabetes and hypertension has aided in the spread of heart problems. Additionally growing usage of alcohol usage, tobacco, unhealthy diet, physical inactivity is promoting to increased number of heart related diseases. As per World Health Organization (WHO), globally at least 17.7 million deaths are caused because of cardiovascular diseases (CVDs). Due to the continuous increase in the number of heart patients, the demand for wireless ECGs is expected to grow at a high rate during the forecast period.

Increased adoption of advanced technologies is anticipated to promote the market growth

Remarkable advancements have been made in the technologies being used by healthcare industry, across all the globe. Market players are making efforts to develop mobile and compact devices for easy and self-usage by the patients. Additionally, growing demand for wearable devices and IoT connected devices have also resulted in fuelling the growth of market.

High cost of wireless electrocardiography (ECG) device is restraining the market growth

High cost of wireless electrocardiography (ECG) device is one of the most crucial factors, restraining the market growth. Whereas, lack of knowledge regarding the usage in developing countries is also expected to retrain the market growth.

Segments Overview

The global wireless electrocardiography (ECG) devices market is segmented into type, modality, lead type, and end-user

By Type
• Monitoring ECG Systems
o Remote Data Monitoring
o Event Monitoring
o Continuous Cardiovascular Monitoring Systems

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• Diagnostic ECG Systems
o Rest ECG Systems
o Stress ECG Systems
o Holter ECG Systems

Based on type, the diagnostic ECG systems segment is estimated dominate the market, with the largest share of more than 75% of wireless electrocardiography (ECG) market in 2020. Whereas, monitoring ECG systems segment is estimated to grow at a highest CAGR of 7.9% during the forecast period.

By Modality
• Hand-held
• Pen
• Band

Based on modality, band segment is forecasted to grow at a highest CAGR of 8.2% during the forecast period. Whereas hand-held segment is anticipated to dominate the market with the largest share in 2020.

By Lead Type
• 12-lead
• 5-lead
• 3-lead
• 6-lead
• Single lead
• Other Lead Types

Based on lead type, 12-lead segment is forecasted to dominate the market with a share of more than 64% of wireless electrocardiography (ECG) device market in 2020. The segment is estimated to continue this dominance during the forecast period.

By End User
• Hospitals, Clinics, & Cardiac Centers
• Home-based setting
• Ambulatory Surgical Centers
• Other End Users

Based on end users, the hospitals, clinics, & cardiac centers segment is estimated to capture the largest market share in 2020.

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Regional Overview

On the regional basis, the global wireless electrocardiography (ECG) device market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The regions have been further analysed on the basis of countries. North America held the largest share of the global wireless electrocardiography (ECG) device market in 2020. Growing number of heart related diseases in U.S. is one of the most important factors attributed to the dominance of North America region.

Competitive Landscape

Key players operating in the market include ACS Diagnostics, AliveCor, Inc., AllengersMedical Systems, Ltd., Ambu A/S, Bionet Co., Ltd., BioTelemetry, Inc., BPL Medical Technologies, Cardioline SpA, Eccosur, Edan Instruments, Inc., FUKUDA DENSHI, GE Healthcare, Hill-Rom Holdings, Innomed Medical Inc, Koninklijke Philips, Medtronic, Midmark Corporation, Nihon Kohden Corporation, Norav Medical, OMRON Healthcare Co., Ltd., OSI Systems, Inc., Schiller AG, SUZUKEN Co., Ltd., VectraCor, Inc. The major 4 players in the market accounted for a cumulative market share of nearly 38% in 2020.

The global wireless electrocardiography (ECG) device market report offers insights on the below pointers:

• Market Penetration: The research report provides comprehensive data on the market offered by the prominent players
• Market Development: The report offers detailed analysis about emerging markets and examines penetration across mature segments of the markets
• Market Diversification: The research report offers comprehensive information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches, collaborations in the market have been provided in this research report. In addition, the report also includes a SWOT analysis of the leading market players.

The global wireless electrocardiography (ECG) device market report answers questions such as:

• What is the market size and forecast of the global wireless electrocardiography (ECG) device market?
• What are the inhibiting factors and impact of COVID-19 on the global wireless electrocardiography (ECG) device market during the assessment period?
• Which are the products/segments/applications to invest in over the assessment period in the wireless electrocardiography (ECG) device market?
• What are the technology trends in the global wireless electrocardiography (ECG) device market?
• What strategies are considered favourable for entering the global wireless electrocardiography (ECG) device market?

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