ECG Devices Market - Snapshot

The global ECG devices market is driven by the high prevalence and rapid increase in incidence of cardiovascular diseases across the globe. The global market was valued at US$ 3.95 Bn in 2017 and is projected to reach US$ 6.79 Bn by 2026, expanding at a CAGR of 6.2% from 2018 to 2026. High growth rate of the market is attributed to the increase in adoption and availability of technologically advanced ECG devices, rise in the geriatric population, and surge in preference for minimal invasive diagnostics tools across the globe. 

ecg devices market

Cardiovascular diseases is the leading cause of death across the world. Cardiovascular diseases is a group of disorders of the blood vessels and the heart. They include congenital heart disease, rheumatic heart disease, coronary heart disease, and cerebrovascular disease. According to the World Health Organization (WHO), about 17.9 million people died of cardiovascular diseases in 2016, which represents 31% of all deaths worldwide. Of these, 85% of deaths were caused by stroke and heart attack. About 47% people in the U.S. are at a risk of a heart attack due to diabetes, overweight, physical inactivity, smoking, and excessive consumption of alcohol. This drives the demand for diagnostic techniques in the region. Increase in geriatric population, unhealthy diet, and obesity among various age groups are anticipated to drive the global ECG devices market during the forecast period. According to an estimate by the United Nations University (UNU), the percentage of the global population aged 65 years or above is expected to increase to 16% by 2050, from 7% in 2000. Furthermore, the World Health Organization (WHO) has stated that cardiovascular diseases would be the leading cause of death worldwide by 2030.

Thus, increase in population aged 65 years or above augments the demand for diagnostic and monitoring devices, including ECG devices. This is anticipated to boost the global ECG devices market during the forecast period. 

The global ECG devices market has been segmented based on technology, end-user, and region. In terms of technology, the market has been classified into resting ECG systems, Holter monitoring, stress ECG systems, event monitoring, and mobile cardiac telemetry. The resting ECG systems segment dominated the global ECG devices market. The segment’s dominance is attributed to the high usage of resting ECG systems across hospitals, clinics, and ambulatory surgical centers and advancements in technology of ECG devices, as recent ECG systems are designed to improve workflow and simplify operation. For instance, in 2017, HeartSciences launched MyoVista ECG in Europe. The device combines informatics with traditional 12-lead resting ECG tracings and ECG interpretive analysis. The mobile cardiac telemetry segment is estimated to expand at a higher CAGR from 2018 to 2026, due to the rise in adoption of mobile cardiac telemetry devices owing to technological advancements in these devices and their effectiveness in cardiac monitoring services. Moreover, the diagnostic yield of mobile cardiac telemetry is considerably higher than event monitoring and Holter monitoring systems. 

In terms of end-user, the global ECG devices market has been classified into hospitals, specialized clinics, ambulatory surgical centers, and others. The hospitals segment accounted for major share of the global market in 2017, followed by specialized clinics. The ambulatory surgical centers segment is projected to expand at a higher growth rate during the forecast period, to an increase in the outpatient setting for cardiovascular care, including interventional cardiology and electrophysiology procedures, with continued technology advances and a surge in preference for ambulatory surgical centers, as they are high quality, cost-effective sites for cardiac patients care and cardiovascular procedures. 

In terms of region, the global ECG devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a prominent share of the global market in 2017, followed by Europe. Well-established health care facilities, favorable reimbursement policies, and early adoption of technologically advanced products for the management of cardiovascular diseases have contributed to North America’s large market share. Asia Pacific is projected to be a highly attractive market for ECG devices from 2018 to 2026. The market in the region is anticipated to expand at a notable CAGR during the forecast period, due to the high prevalence and increase in incidence of cardiovascular diseases, and surge in awareness about disease conditions in the region. 

The global ECG devices market is consolidated, with small number of companies accounting for majority market share. Key players operating in the global market include GE Healthcare, Philips Healthcare, BioTelemetry Inc., Hill-Rom Holdings, Inc., Nihon Kohden Corporation, Schiller AG, and Spacelabs Healthcare (OSI Systems, Inc.). These players exhibit significant geographical outreach, with presence in multiple ECG devices segments. Manufacturers are adopting acquisition & collaboration and new product development strategies in order to tap the unmet needs of a large proportion of cardiovascular diseases patient pool. Other prominent players in the global ECG devices market include Fukuda Denshi Co., Ltd, Mindray Medical International Limited, and CompuMed Inc. 

ECG Devices Market - Overview

This report studies the current as well as future prospects of the global ECG devices market. Stakeholders of this report include companies and intermediaries engaged in the manufacture, commercialization, and provision of medical devices for the treatment of cardiovascular diseases as well as new players planning to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information of various segments considered in the scope of the study. This section also provides the overall information and data analysis of the global ECG devices market with respect to the leading segments based on technology, end-user, and region. 

The global ECG devices market has been segmented based on technology, end-user, and region. In terms of technology, the market has been classified into resting ECG systems, Holter monitoring, stress ECG systems, event monitoring, and mobile cardiac telemetry. In terms of end-user, the market has been divided into hospitals, specialized clinics, ambulatory surgical centers, and others, which includes home settings and academic and research institutes. 

Each of the market segments has been extensively analyzed based on the market related factors such as increase in incidence and prevalence of cardiovascular diseases. Moreover, historical year-on-year growth has been taken into consideration while estimating the market size. The market size and forecast in terms of US$ Mn for each segment has been provided for the period from 2016 to 2026. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2018 to 2026, considering 2017 as the base year. 

The market overview section of the report explores the market dynamics such as drivers, restraints, and opportunities that currently have a strong impact on the global ECG devices market and could influence it in the near future. Market attractiveness analysis has been provided in the overview section in order to explain the intensity of competition in the market across different regions. The competitive scenario among different market players is evaluated through market share analysis in the competitive landscape section of the report. All these factors would help market players to take strategic decisions in order to strengthen their positions and expand their shares in the global ECG devices market. 

In terms of region, the global ECG devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market size and forecast for each of these regions have been provided for the period from 2016 to 2026, along with their respective CAGRs for the forecast period from 2018 to 2026, considering 2017 as the base year. The report also provides market size and forecast for major countries in the respective regions. A detailed qualitative analysis of factors responsible for driving and restraining the market and future opportunities has been provided in the market overview section. This section of the report also provides with market attractiveness analysis and market share analysis by key players, thereby presenting a thorough analysis of the overall competitive scenario in the global ECG devices market. 

Major players operating in the global ECG devices market are GE Healthcare, Philips Healthcare, BioTelemetry Inc., Hill-Rom Holdings, Inc., Nihon Kohden Corporation, Schiller AG, and Spacelabs Healthcare (OSI Systems, Inc.). These players exhibit significant geographical outreach, with presence in multiple ECG devices segments. Other prominent players in the global ECG devices market include Fukuda Denshi Co., Ltd, Mindray Medical International Limited, and CompuMed Inc. 

The global ECG devices market has been segmented as follows: 

Global ECG Devices Market, by Technology

  • Resting ECG Systems
  • Holter Monitoring
  • Stress ECG Systems
  • Event Monitoring
  • Mobile Cardiac Telemetry

Global ECG Devices Market, by End-user

  • Hospitals
  • Specialized Clinics
  • Ambulatory Surgical Centers
  • Others

Global ECG Devices Market, by Region

  • North America
    • U.S
    • Canada
  • Europe
    • U.K
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa
.