ECG Devices Market to Achieve US$ 11.6 Billion by 2031 with 7.3% CAGR: TMR Study
Significant usage of cardiac monitoring devices among the elderly population for the early detection and diagnosis of cardiovascular disease (CVD) is a key trend expected to propel the market development
Wilmington, Delaware, United States, July 19, 2023 (GLOBE NEWSWIRE) — The global ECG devices market is projected to expand at a CAGR of 7.3% from 2022 to 2031 and reach US$ 11.6 Bn by 2031.
Significant usage of electrocardiography (ECG) monitoring equipment for the early detection of different types of arrhythmias or myocardial ischemia is anticipated to create considerable revenue opportunities for medtech companies in the market.
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Rapid technological innovation in ECG devices, such as use of deep learning algorithms and development of sensor technology, is likely to improve accuracy of clinical diagnosis of heart disease.
For instance, manufacturers of portable ECG devices are incorporating polymer material sensors in order to reduce power consumption, enhance patient comfort/convenience, and boost detection accuracy. Ongoing R&D activities in automatic ECG analysis or interpretation are poised to broaden the market outlook over the next few years.
Key Findings of Study
Increase in Usage of ECG Devices in Hospital Settings
The hospital end-user segment is projected to account for major market share during the forecast period (2022 – 2031). High usage of ECG devices in hospital settings is expected to drive the segment. Significant demand for advanced ECG devices, including wearable cardiac monitoring devices, in the emergency department at hospitals, especially in developed countries, is anticipated to offer robust revenue opportunities in the segment.
The market study found that the ambulatory surgical center end-user segment is anticipated to expand at significant CAGR during the forecast period. Demand for ambulatory cardiac/telemetry monitoring is expected to increase rapidly among the patient population. Advancements in ambulatory ECG monitoring technologies (the technologies include insertable cardiac monitor, 24-hour Holter monitor, and wearable event recorder) are expected to broaden the ECG devices market outlook.
High Preference for Resting ECG System
Based on the market segmentation by technology, the resting ECG system accounted for the leading market share of around 50% in 2021. Resting ECG system is widely utilized in all healthcare settings comprising hospitals, ambulatory surgical centers, and clinics. Preference for the ECG monitoring technology is ascribed to several advantages it offers to clinicians in ECG workflow.
Resting ECG system is widely utilized in the early identification of cardiovascular conditions, especially in asymptomatic adults. The system helps the clinician determine the baseline ECG for patients with known or suspected chronic coronary artery disease (CAD). Increase in usage of ECG devices in the prevention of major adverse cardiac events (MACE) in patients with chronic CAD is likely to augment the resting ECG system (technology) segment.
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Key Growth Drivers of ECG Devices Market
- High prevalence of coronary artery disease, such as myocardial ischemia and heart arrhythmias, in the global population is a key factor bolstering the global ECG devices market evolution
- Continuous advancements in methods of heart disease screening are expected to drive the ECG devices market. ECG detection algorithms are rapidly advancing due to incorporation of deep learning methods in ECG monitoring equipment. An instance is use of such algorithms in portable ECG monitoring equipment.
Regional Growth Dynamics
North America accounted for a market share of around 40% in 2021. The region is projected to expand at a CAGR of 6.9% during 2022 – 2031. Increase in adoption of ECG devices, especially wearable cardiac monitoring devices, in acute care settings in the U.S. is a key market trend. Introduction of at-home ECG devices and wireless cardiac monitoring devices for remote care of cardiac patients in the region is expected to bolster market development in the near future.
The market size in Asia Pacific is anticipated to increase due to large untapped opportunities. Presence of significant elderly population in several countries in the region, especially Japan, India, and China, is a key trend expected to offer lucrative opportunities for medtech companies in the market in the region. The market in Asia Pacific is projected to expand at a CAGR of 8.2% during the forecast period. Increase in usage of portable ECG monitoring equipment in the developing countries is anticipated to strengthen market growth in the region.
Some of the key players operating in the global ECG devices market are
- CompuMed, Inc
- SCHILLER AG
- Fukuda Denshi Co., Ltd
- Koninklijke Philips N.V.
- Hill-Rom Holdings, Inc
- Nihon Kohden Corporation
- GE Healthcare
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ECG Devices Market Segmentation
- Resting ECG System
- Holter Monitor
- Stress ECG System
- Event Monitor
- Mobile Cardiac Telemetry
- Specialized Clinic
- Ambulatory Surgical Center (ASC)
- North America
- Latin America
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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