Electrocardiograph Market size in 2020 was estimated at $5.1 billion, growing at a CAGR of 5.8% during the forecast period 2021-2026. Electrocardiograph is a non-invasive test that used to check and record electrical activity of heart. Electrocardiograph is used to detect myocardial infarction, cardiac murmur, cardiac stress testing and fainting. Electrodes are placed on chest of the patient which record heart's electrical signals. Various technologies are used in ECG Systems such as portable and wireless ECG system. The lead type used in electrocardiograph are single lead, 3-6 lead, 12 leads. Electrocardiograph is quick and simplest test used to evaluate the heart. Rising prevalence of cardiovascular diseases such as heart attack, coronary artery diseases coupled with rising aging population is major factor driving the growth of the market. Moreover, growing technological development in electrocardiograph devices are further enhance the overall market demand for Electrocardiograph during the aforesaid period.
Electrocardiograph Market Segment Analysis - By Product Type
Based on the product type, Electrocardiograph Market is segmented into Rest ECG Systems, Stress ECG Systems, Holter ECG Systems, Others. The Holter ECG Systems segment is estimated to dominate the market during the period 2021-2026. This is attributed to the most common type of ambulatory monitoring ECG that leads to it is highly utilized for identification of cardiovascular diseases. The Rest ECG Systems, segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 5.3% during the period 2021-2026. This is mainly owing to it detect certain heart conditions such as hypertrophy of heart, ischemia, myocardial infarction, sequelae of myocardial infarction, cardiac arrhythmias and others, in less time.
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Electrocardiograph Market Segment Analysis - By End User
Based on the end-user, Electrocardiograph Market is segmented into Hospital & Clinics, Home & Ambulatory Care, Others. In 2020, Hospital & Clinics is estimated to hold major share in the market. This is mainly to increasing number of patients in the hospitals for the diagnosis of cardiovascular diseases. Moreover, rising expenditure on buying ECG devices in the hospitals is also contributing to the dominance of this segment. Also, Home & Ambulatory Care is projected to grow with a CAGR of 4.7% over the period 2021-2026. This is owing to Home & Ambulatory Care include continuous monitoring and care for the patient.
Electrocardiograph Market Segment Analysis - By Geography
North America dominated the Electrocardiograph market share accounting for 43% of the market in 2020. This is mainly owing to growing prevalence of cardiovascular diseases such as heart attack, coronary artery diseases in this region. According to, American Heart Association on Heart Diseases and Stroke, in 2017 around 800,000 deaths occurred owing to cardiovascular diseases in U.S. However, the Asia-Pacific region is projected to be the fastest-growing over the period 2021-2026. This is owing to rising expenditure on healthcare coupled with rising aging population.
Electrocardiograph Market Drivers
Increasing Prevalence of Cardiovascular Diseases
Increasing prevalence of cardiovascular diseases such as heart attack, coronary artery diseases across the globe is driving the growth of Electrocardiograph market. According to, World Health Organization (WHO), cardiovascular diseases are the leading cause of deaths in worldwide and causes around 17.9 million deaths each year. Moreover, rising number of geriatric population is also set to increase the market growth.
Rising Research and Development
Increase in research and development of advanced technology for Electrocardiograph device is also driving the market. New product development and innovation in designing in Electrocardiograph device for instance, in 2020, AliveCor, U.S. based company launched KardiaMobile 6L is a personal ECG device in India. Also, introduction of remote monitoring devices with single lead and portable ECG systemis also set to the growth of Electrocardiograph Market.
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Electrocardiograph Market Challenges
High buying and maintenance cost of ECG device is challenging the market. Along with this lack of skilled professional for monitor Electrocardiograph are also further challenging the growth of the market.
Covid-19 Impact
Moreover, the outbreak of COVID-19 around the world has impacted all industries including healthcare industry. Covid- 19 affects the Electrocardiograph market including drastic reduction in Electrocardiograph owing to lack of visits to healthcare facilities such as hospitals and clinics. Also owing to widespread of coronavirus it affects workforce and staffing issues, procedural prioritisation. These affects Electrocardiograph market by cancellation of scheduled visit for primary care at hospitals and reflecting patients concern about infection.
Electrocardiograph Market Landscape
Product launches, Merger & Acquisitions, Joint Ventures and R&D activities are key strategies adopted by players in the Electrocardiograph Market. Electrocardiograph top 10 companies are GE Healthcare, Phillips Healthcare, Schiller Ag, Medtronic Plc., Midmark Corporation, Spacelabs Healthcare, Nihon Kohden Corporation, Cardionet, Mindray Medical, and Mortara Instrument Inc.,
Developments
In September 2020, AliveCor launched launched KardiaMobile 6L is a personal ECG device in India. The device helps to detect arrhythmias or irregular heartbeat, atrial fibrillation (AFib), bradycardia, and tachycardia.
Key Takeaways
In 2020, North America dominates the Electrocardiograph Market owing to rising incidence of cardiovascular diseases.
Increasing innovation and development in Electrocardiograph devices across the globe is driving the market growth of Electrocardiograph.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Electrocardiograph Market report.
High buying and maintenance cost and lack of skilled professional are challenging the growth of the market.
Related Reports:
A. ECG Equipment & Management System Market
https://www.industryarc.com/Research/ECG-Equipment-Management-System-Market-Research-503823
B. Diagnostic Electrocardiograph Market
https://www.industryarc.com/Research/Diagnostic-Electrocardiograph-Market-Research-507043
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