The global ECG devices market size was approximately USD 4.17 billion in 2018 and is expected to generate around USD 6.28 billion by 2025, at a CAGR of around 6.7% between 2019 and 2026.
The electrocardiogram (ECG) is a diagnostic tool that is used to assess the electrical and muscular functions of the heart. ECG measures the rate and rhythm of the heartbeat and provides indirect evidence of blood flow to the heart muscles. ECG plays an important role in providing information related to the heart muscles and determining any kind of heart blockage that can lead to a heart attack. There are various factors that influence the growth of the ECG devices market globally, such as increasing cardiovascular diseases prevalence, growing elderly population base, advanced number of research and development activities, technological advancements, increasing healthcare expenditure, changing lifestyle patterns, improving healthcare infrastructure, and escalating investments made by key players toward development and manufacturing of ECG devices. However, the high cost of advanced ECG devices, strict regulatory requirements for the approval of ECG devices, economic instability, and saturation of ECG devices market in developed economies may inhibit the global ECG devices market growth.
The global ECG devices market is segmented on the basis of technology, type, and end-user. By technology, the global ECG devices market includes ECG resting system, ECG stress testing system, ECG Holter monitoring system, and cardiopulmonary stress testing system. The ECG resting system segment is estimated to contribute to the highest revenue share in the years ahead. Additionally, the ECG Holter monitoring system segment is expected to grow notably in the future due to the high adaptation of ECG devices.
Based on type, the market is classified into 12 lead ECG, 5 lead ECG, 3 lead ECG, and wireless ECG. The 5 lead ECG and 3 lead ECG segments accounted for the largest market share in 2018, followed by 12 lead ECG.
On the basis of end-user, the global ECG devices market is fragmented into hospitals, ambulatory surgical centers, clinics, and others. The hospital segment contributed a major share to the global ECG devices market in 2018, due to the increasing number of private hospitals in developing countries and rising government funding for developing better hospital infrastructure. Moreover, due to the ease of access to diagnostic facilities, the ambulatory surgical centers are likely to show significant market growth in the future.
By region, North America held the largest share in the global ECG devices market in 2018. This can be due to the increasing regional population base and growing prevalence of lifestyle-related disorders, cardiovascular diseases, hypertension, and stroke. In North America, the U.S. is the market leader due to the increasing number of both public and private hospitals and their growing purchasing power to afford the latest ECG devices.
Europe is expected to hold the second spot of the global ECG devices market in the future, owing to the increasing healthcare infrastructure, the presence of major market players in the region, and the introduction of latest ECG devices. Germany, UK, and France are major countries for the European ECG devices market.
The Asia Pacific ECG devices market is expected to grow significantly over the forecast time period, owing to the presence of developing economies, such as India and China, in the region, growing demand for advanced ECG devices, improving healthcare infrastructure, and rising spending in the healthcare sector. Furthermore, the increased awareness about various cardiovascular diseases and conditions among the regional population is also expected to drive the region’s ECG devices market.
The Latin American ECG devices market is estimated to witness moderate growth over the forecast time period. The Middle Eastern and African ECG devices market is likely to register sluggish growth in the future, owing to the high cost of advanced ECG devices and the lack of technical skills.
Some major players of the global ECG devices market include GE Healthcare, Mortara Instrument, Nihon Kohden Corporation, Mindray Medical, Spacelabs Healthcare, Schiller AG, CompuMed, Koninklijke Philips N.V., Welch Allyn, and Fukuda Denshi.
This report segments the global ECG devices market into:
Global ECG Devices Market: By Technology
Global ECG Devices Market: By Type
Global ECG Devices Market: By End-User
Global ECG Devices Market: By Region