Press release
Global Diagnostic Electrocardiograph Market Projected to Surpass $11.39 Billion by 2029 with 6.9% Annual Growth
Diagnostic Electrocardiograph Market
In recent years, the market size for diagnostic electrocardiograph has experienced robust growth. The sector is projected to expand from $8.12 billion in 2024 to an estimated $8.7 billion in 2025, citing a compound annual growth rate (CAGR) of 7.2%. The exponential growth witnessed in the previous period can be attributed to a variety of factors. Among these are the ageing global populace, a spike in cardiovascular disease prevalence, rising global healthcare expenditure, an increase in awareness and cardiovascular health screening programs, and regulatory support favoring the early detection and management of heart conditions.
The market size for diagnostic electrocardiograph is anticipated to witness robust expansion in the forthcoming years, reaching $11.39 billion by 2029, with a compound annual growth rate (CAGR) of 6.9%. Several factors are contributing to this growth during the prediction period, including the development of healthcare infrastructure in burgeoning markets, regulatory measures, increased public awareness and proactive healthcare among individuals, growth in healthcare investments, as well as an aging population. Key trends to watch for during the forecast period comprise the incorporation of artificial intelligence (AI), the use of portable and wireless ECG equipment, the rise of telehealth, progress in wearable ECG technology, and customized medical treatments.
What Is Contributing to the Growth of the Diagnostic Electrocardiograph Market?
The escalating incidence of heart-related diseases around the world is predicted to boost the expansion of the diagnostic electrocardiograph market in the future. The term "heart disorders" covers a broad spectrum of cardiovascular system problems, including arrhythmias, heart attacks, congenital defects, and heart failure. The increasing cases of these disorders can be traced back to a combination of circumstances such as aging populations, sedentary behavior patterns, and poor dietary choices, all of which are contributing to the growing obesity and hypertension rates, major contributors to heart problems. Diagnostic electrocardiography (ECG) holds significant importance in dealing with the escalating incidence of heart diseases globally, by facilitating early detection, monitoring, and treatment of heart conditions using non-invasive electrical activity assessments. For instance, as per the American Heart Association, a nonprofit organization based in the US, the cardiovascular sector saw a small surge in the overall death count in January 2024, reaching 931,578. This signifies a slight increase of 3,000 deaths as compared to the previous year's figure of 928,741. Consequently, the growing incidence of heart disorders globally will usher in the growth of the diagnostic electrocardiograph market.
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Which Key Market Leaders Are Driving Diagnostic Electrocardiograph Industry Growth?
Major companies operating in the diagnostic electrocardiograph market are Koninklijke Philips N.V., GE Healthcare Inc., Suzuken Company Limited, Mindray Medical International Limited, Nihon Kohden Corporation, OSI Systems Inc., Fukuda Denshi Co. Ltd., Midmark Corporation, BTL Group of Companies, BioTelemetry Inc., Spacelabs Healthcare Inc., Welch Allyn Inc., Schiller AG, CardioNet Inc., VectraCor Inc., BPL Limited, SunTech Medical Inc., Mortara Instrument Inc., Allengers Medical Systems Limited, Bionet Co. Ltd., ScottCare Corporation, Nasiff Associates Inc., Compumed Inc., Norav Medical, Nexus Lifecare Pvt. Ltd.
What Are the Emerging Trends in the Diagnostic Electrocardiograph Industry?
Leading enterprises in the diagnostic electrocardiograph market are concentrating their efforts on innovative, forward-thinking technologies like AI-empowered ECG systems to heighten precision and efficiency in identifying heart diseases. Introducing an advanced AI system into ECG devices improves the diagnosis effectiveness and precision in cardiovascular health environments. For example, in June 2024, AliveCor, a medical technology firm based in the U.S., introduced its KAI 12L AI technology in conjunction with the Kardia 12L ECG System. This revolutionary invention is the first ever AI system globally capable of identifying critical heart conditions, including heart attacks, with the aid of a simplified leadset. Using patented technology, the new ECG System is the first global handheld 12-lead ECG system powered by AI, and it's uniquely designed with a single cable.
What Are the Main Segments in the Diagnostic Electrocardiograph Market?
The diagnostic electrocardiograph market covered in this report is segmented -
1) By Product And Service: Resting Electrocardiogram (ECG), Stress Electrocardiogram (ECG) Devices, Holter Monitors, Implantable Loop Recorders, Event Monitors, Mobile Cardiac Telemetry (MCT) Devices, Smart Electrocardiogram (ECG) Monitors
2) By Lead Type: 12 Lead, 5 Lead, 3 Lead, Other Lead Types
3) By End-User: Hospitals, Clinics And Cardiac Centers, Ambulatory Surgical Centers, Other End Users
Subsegments:
1) By Resting Electrocardiogram (ECG): 1-Channel ECG, 3-Channel ECG, 6-Channel ECG, 12-Channel ECG
2) By Stress Electrocardiogram (ECG) Devices: Treadmill Stress ECG, Bicycle Stress ECG, Pharmacological Stress ECG
3) By Holter Monitors: 24-Hour Holter Monitor, 48-Hour Holter Monitor, 7-Day Holter Monitor
4) By Implantable Loop Recorders: Subcutaneous Implantable Loop Recorders, Leadless Implantable Loop Recorders
5) By Event Monitors: Handheld Event Monitors, Wearable Event Monitors
6) By Mobile Cardiac Telemetry (MCT) Devices: Real-Time Monitoring MCT Devices, Non-Real-Time Monitoring MCT Devices
7) By Smart Electrocardiogram (ECG) Monitors: Smart ECG Monitors With Mobile Connectivity, Smart ECG Monitors With Cloud Integration, Wearable Smart ECG Devices
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Which Geographic Area Leads the Diagnostic Electrocardiograph Market?
North America was the largest region in the diagnostic electrocardiograph market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the diagnostic electrocardiograph market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Diagnostic Electrocardiograph Global Market Report?
- Market Size Analysis: Analyze the Diagnostic Electrocardiograph Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Diagnostic Electrocardiograph Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Diagnostic Electrocardiograph Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Diagnostic Electrocardiograph Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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