ECG Devices Market Experiences Surge, Forecast to Reach $11.02 Billion by 2028, Driven by Rising Cardiovascular Diseases and Healthcare Expenditure

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The ECG devices market has witnessed rapid expansion, escalating from $5.88 billion in 2023 to an estimated $6.73 billion in 2024, reflecting a robust Compound Annual Growth Rate (CAGR) of 14.4%. The upward trajectory is poised to continue, with projections indicating significant growth to reach $11.02 billion by 2028, maintaining a CAGR of 13.1%.

Key Drivers of Market Growth:

1. Rise in the Prevalence of Cardiovascular Conditions:
The surge in cardiovascular diseases globally is a pivotal factor propelling the growth of the ECG devices market. Cardiovascular diseases, leading causes of mortality worldwide, necessitate effective diagnostic tools like electrocardiograms (ECG or EKG). The Centers for Disease Control and Prevention (CDC) reports that heart disease claims a life every 33 seconds in the United States, with approximately 695,000 deaths in 2021. The escalating incidence of cardiovascular diseases, including hypertensive heart disease, stroke, peripheral artery diseases, and ischemic heart disease, drives the demand for ECG devices.

2. Increased Healthcare Expenditure:
A surge in healthcare expenditure globally contributes significantly to the burgeoning ECG devices market. Elevated healthcare spending leads to increased funding for medical research and development, fostering the widespread implementation of ECG devices, especially in primary healthcare settings. For instance, India witnessed a rise in public healthcare expenditure, reaching 2.1% of GDP in 2021-22, indicating a positive trend. Globally, the healthcare benefit cost surged from 8.2% in 2021 to 8.8% in 2022, with expectations of further growth to a global average of 10% in 2023. This increased healthcare expenditure fuels the adoption of advanced medical technologies like ECG devices.

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Leading Market Players:
Key players shaping the ECG devices market landscape include GE Healthcare Technologies Inc., Koninklijke Philips N.V., Medtronic PLC, Abbott Laboratories, and AliveCor Inc. These industry leaders play a crucial role in meeting the rising demand for ECG devices and advancing healthcare diagnostics.

Market Trends:

1. Launch of Technologically Advanced Solutions:
Technological innovation emerges as a prominent trend in the ECG devices market, with major companies focusing on developing cutting-edge solutions. For instance, Royal Philips launched an at-home 12-lead ECG solution in January 2022, catering to decentralized clinical trials. This solution enables clinical trial participants to record data at home with quality comparable to site-based ECGs, showcasing the industry's commitment to technological advancements.

2. Introduction of Cardiac Monitoring Patch with AI Integration:
Companies in the ECG devices market are increasingly introducing cardiac monitoring patches integrated with Artificial Intelligence (AI) for a competitive edge. SmartCardia SA launched the 7L patch in August 2022, combining medical wearable technology with AI for predictive and personalized patient insights. This innovative patch offers real-time detection of important arrhythmia events at a cardiologist level of accuracy, enhancing remote monitoring capabilities.

Regional Dynamics and Market Segmentation:
North America dominated the ECG devices market in 2023, with Asia-Pacific expected to exhibit the fastest growth during the forecast period.

The ECG devices market covered in this report is segmented -
1) By Product: Monitoring ECG Systems, Diagnostic ECG Systems
2) By Technology: Portable ECG Systems, Wireless ECG Systems
3) By Lead Type: Single Lead ECG, 3-6 Lead ECG, 12-Lead ECG
4) By End User: Hospitals, Homecare Settings, Other End-Users

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ECG Devices Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The ECG Devices Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on ECG devices market size, ECG devices market drivers and trends, ECG devices market major players, competitors' revenues, ECG devices market positioning, and ECG devices market growth across geographies. The ECG devices market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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