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Diagnostic Electrocardiograph (ECG) Market worth $11.3 billion by 2028

11-09-2023 02:36 PM CET | Health & Medicine

Press release from: MarketsandMarkets

Diagnostic Electrocardiograph Market

Diagnostic Electrocardiograph Market

Diagnostic Electrocardiograph (ECG) Market in terms of revenue was estimated to be worth $8.1 billion in 2023 and is poised to reach $11.3 billion by 2028, growing at a CAGR of 6.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. Increasing incidence of cardiovascular and lifestyle diseases, growing demand for the early and continuous diagnosis, rising aging population with heart conditions and technological advancements in wearable ECG devices are expected to support the diagnostic ECG market growth.

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Diagnostic ECG devices segment is expected to account for the largest share in 2022.

Based on product type, the diagnostic ECG market is segmented into devices and software and services. The devices segment accounted for the largest share of diagnostic ECG market in 2022 owing to the increasing application of diagnostic ECG devices in the management of cardiovascular disease and growing presence of wide range of cost-effective ECG devices in the market

The 12-lead segment held the largest market share in the Diagnostic Electrocardiogram (ECG) market.

Based on lead type, the diagnostic electrocardiogram (ECG) market is segmented into patch type 12-lead, 5-lead, 3-lead, 6-lead, single lead, and other lead types (such as 13 lead, 18- lead). In 2022, the 12-lead segment accounted for the largest share of the diagnostic ECG attributed to clarity obtained by using 12 lead providing detailed outlook, making the interpretation of cardiac activity easier.

The hospitals, clinics, and Cardiac Centers segment dominated the Diagnostic Electrocardiogram (ECG) market in 2022.

Based on end user, the diagnostic electrocardiogram (ECG) market is segmented into hospitals, clinics, and Cardiac Centers, ambulatory surgical centers, and other end users. The hospitals, clinics, and Cardiac Centers segment accounted for the largest share of the global market in 2022 attributed to the growing incidence of cardiovascular diseases, rising number of hospitals & cardiac centers, and increase in the patient visits to physician offices for the diagnosis of CVDs.

North America dominates the global Diagnostic Electrocardiogram (ECG) market

Based on the region segmentation, the Diagnostic Electrocardiogram (ECG) market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America holds the largest share and expects to dominate the Diagnostic Electrocardiogram (ECG) market. The large share of the North American market can be attributed to the increasing healthcare spending, rising incidence of CVD, and rapid adoption of technologically advanced ECG devices in the region.

The Asia Pacific is estimated to be the fastest-growing regional market for Diagnostic Electrocardiogram (ECG) products during the forecast period. The high growth in this market can be attributed to the rising proportion of population with cardiovascular diseases, rapid adoption of sedentary lifestyle, growth in aging population, and rising healthcare infrastructure.

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Diagnostic Electrocardiograph (ECG) Market Dynamics:

Drivers:

Increasing prevalence of lifestyle and cardiovascular disease

Restraints:

Dearth of skilled professionals

Opportunities:

Emerging markets to offer high-growth opportunities

Challenges:

Stringent regulatory requirements delaying approval of cardiac devices

Key Market Players:

Major players in the Diagnostic Electrocardiogram (ECG) market include GE HealthCare (US), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), OSI Systems, Inc. (US), and Hill-Rom Holdings, Inc. (Baxter International Inc.) (US), among others

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Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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