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Global ECG Devices Market Report 2024: Trends, Innovations, and Market Opportunities
ECG Devices Market Report
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According to The Business Research Company's, The ecg devices market size has grown rapidly in recent years. It will grow from $5.88 billion in 2023 to $6.73 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to cardiovascular disease prevalence, aging population, diagnostic and monitoring needs, healthcare infrastructure growth, telemedicine and remote monitoring, and home-based healthcare.
The ecg devices market size is expected to see rapid growth in the next few years. It will grow to $11.02 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to increasing early detection of cardiac arrhythmias, personalized medicine and treatment, growing need for connected health ecosystem, emerging market expansion, non-invasive cardiac monitoring, and post-pandemic healthcare focus. Major trends in the forecast period include portable and wearable ecg devices, ecg in telehealth and remote consultations, ai and machine learning integration, technological advancements, and healthcare iot adoption
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Market Drivers and Trends:
The increase in incidence of cardiovascular diseases is expected to propel the growth of the ECG devices market going forward. Cardiovascular disease is one of the most common of all health problems and the leading cause of death globally. To check for various cardiac diseases, an electrocardiogram (ECG or EKG) measures the electrical signal from the heart. Electrodes are set on the chest to record the electrical signals sent by the heart, which cause it to beat. For instance, according to the Centers for Disease Control and Prevention, a US-based public health agency, heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. One person dies every 33 seconds in the United States from cardiovascular disease and about 695,000 people in the United States died from heart disease in 2021. Therefore, the increasing cardiovascular diseases such as hypertensive heart disease, stroke, peripheral artery diseases, and ischemic heart disease (IHD) drive the growth of the ECG devices market during forecast period.
Technological advancements are a key trend gaining popularity in the ECG devices market. Major companies operating in the ECG devices sector are focused on developing technologically advanced solutions to sustain their market position. For instance, in January 2022, Royal Philips, a Netherlands-based conglomerate corporation, launched an at-home 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials. The at-home solution enables clinical trial participants to record data with quality comparable to site-based ECGs at home by utilizing PCA 500 ECG patch data recording technology. Without the need for frequent site visits, onsite technicians, or home nurses, the solution's novel body-worn patch enables compliant 12-lead ECG implantation and near real-time, highly secure data transfer.
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Major Key Players of the Market:
GE Healthcare Technologies Inc., Koninklijke Philips N.V., Spacelabs Healthcare Inc., CardioNet LLC, Schiller AG, Nihon Kohden Corporation, Medtronic plc, OSI Systems Inc., Shenzhen Bio-Medical Electronics Co. Ltd., Hill-Rom Holdings Inc., BPL Medical Technologies Private Limited, Mortara Instrument Inc., General Electric Company, Opto Circuits Limited, Bionet Co. Ltd., Cardiac Science Corporation, Midmark Corporation, Omron Healthcare Inc., Abbott Laboratories, AliveCor Inc., Compumedics Limited, BioTelemetry Inc., Welch Allyn Inc., Natus Medical Incorporated, Innomed Medical Developing and Manufacturing Ltd., Biotronik SE & Co. KG, Fukuda Denshi Co. Ltd., Spacelabs Healthcare, Medical International Limited, Shenzhen Bio-Medical Electronics Co. Ltd.
ECG Devices Market 2024 Key Insights:
• The ecg devices market size is expected to see rapid growth in the next few years. It will grow to $11.02 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%.
• Rise In The Prevalence Of Cardiovascular Conditions
• Launch Of Technologically Advanced Solutions
• North America was the largest region in the ECG devices market in 2023
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