The Diagnostic ECG Market size is estimated to reach $7.2 billion by 2027. Furthermore, it is poised to grow at a CAGR of 6.6% over the forecast period of 2022-2027. The electrocardiogram (ECG) is a device that captures the electrical activity of the heart in waveforms using electrodes that are placed in contact with the body (chest), and the signals are amplified on an ECG monitor. The assessment of these waveforms aids in the identification of atrioventricular reentrant tachycardia, arrhythmia, and acute coronary syndrome symptoms. An implantable loop recorder, or ILR, is a heart-monitoring device placed beneath the chest skin for various monitoring purposes. The most prevalent application include looking for causes of fainting, palpitations, extremely fast or sluggish heartbeats, and hidden rhythms that can lead to strokes. The rising prevalence of cardiovascular illnesses and lifestyle-related disorders such as ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery disease is expected to Diagnostic ECG Industry growth. The diagnostic ECG market is predicted to be driven by an increasing geriatric population base, improved healthcare infrastructure, and favorable reimbursement policies.
Diagnostic ECG Market Report Coverage
The report: “Diagnostic ECG Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Diagnostic ECG Market.
Key Takeaways
- Geographically, North America’s digital ECG market held a dominant market share in 2021. It is owing to the rampant growth in the disease burden of the country. Furthermore, countries like the U.S. spend exorbitant money on public health infrastructure. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. It is owing to rampant technology development across the medical domains, which would allow the market to space.
- The ongoing innovation of ECG device technologies, combined with the introduction of remote monitoring devices, is likely to drive the growth of the diagnostic ECG market over the forecast period. As rich countries' markets are nearly saturated, developing countries have more opportunities for growth than developed countries.
- The rapid growth of the geriatric population and the corresponding increase in the prevalence of coronary artery diseases, the approval of new and sophisticated products, and the rising incidence of diabetes are driving growth in this market. However, negative prospects of understanding the ECG results owing to them being skewed to timings impedes their market growth.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Diagnostic ECG Market Report.
Diagnostic ECG – Market Share (%) by Geography, 2021
Diagnostic ECG Market Segmentation Analysis- By Product Type
Based on Product Type, the Resting ECG Devices segment in the Diagnostic ECG market held a dominant market share in 2021. This is primarily owing to a quick, improved diagnosis with no preparatory time. Furthermore, it detects specific heart problems such as hypertrophy, ischemia, myocardial infarction, sequelae of myocardial infarction, cardiac arrhythmias, and so on in less time, which contributes to the expansion of this segment. Additionally, a recent study within the U.S. revealed that one in four adults over 40 would develop an irregular heartbeat/ arrythmia. However, during the forecast period 2022-2027, the market for Holter ECG monitors is poised to grow at the quickest rate, with a CAGR of 7.2%. Holter ECG monitors were thought to be the most prevalent type of ambulatory ECG monitoring, which led to their widespread use in detecting various cardiovascular illnesses. Furthermore, the development of wireless Holter monitors contributed to a considerable market share in the worldwide ECG industry.
Diagnostic ECG Market Segmentation Analysis- By End User
Based on End Users, the Hospitals segment in the Diagnostic ECG market held a dominant market share in 2021. This increase is attributable to an increase in cardiac arrhythmias and an increase in the number of individuals visiting hospitals for cardiovascular disease diagnosis. Furthermore, increased expenditure on purchasing ECG gadgets for better cardiac care and the availability of reimbursements for Holter and event monitors across developed markets is contributing to the segment's rise. However, during the forecast period 2022-2027, the ambulatory surgical center segment is expected to grow at a CAGR of 7.7% percent. Technological improvements, a shift in treatment preference toward ambulatory facilities, and the availability of improved portable devices such as ECG equipment and management systems for ambulatory ECG monitoring are propelling the segment forward. As these devices allow for the quick transfer of data relevant to outpatient operations, the need for such devices in ambulatory centers for the correct assessment of cardiac arrhythmias is increasing. Additionally, the number of ASCs is growing rampant; as of 2020, around 9600 ASCs exist, and with the government’s inclination to save cost, the ASC setup will grow.
Diagnostic ECG Market Segmentation Analysis- By Geography
The Diagnostic ECG Market by geography is segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America dominated the Diagnostic ECG market in 2021, accounting for 35% of the market. This is mainly owing to an increase in the patient pool of cardiovascular and cancer diseases in the United States and Canada. According to the CDC, one person dies from cardiovascular disease every 36 seconds in the United States. Every year, around 659,000 people in the United States die from heart disease, accounting for one out of four deaths. The most frequent type of heart illness is coronary heart disease, which killed 360,900 people in 2019. However, the Asia Pacific region is expected to offer lucrative growth opportunities over the forecast period 2022-2027 due to rising cardiovascular disease prevalence, technological advancements, rapid economic expansion, and favorable government efforts. According to the American Heart Association, 6.1% of Asians suffer from heart disease, 21% have hypertension, 1.9% have had a stroke, and 3.7% have Coronary Heart Disease (CHD). Thus, the presence of a large patient pool, high-quality services, and rising medical tourism is expected to boost the Asia Pacific market for Diagnostic ECG throughout the forecast period.
Diagnostic ECG Market Drivers
Rising Prevalence of Cardiovascular Diseases is Boosting the Market Growth.
The increasing prevalence of cardiovascular disorders is expected to grow the global cardiovascular monitoring and diagnostic devices market. According to the World Health Organization (WHO), cardiovascular illnesses are the leading cause of death worldwide, accounting for around 17.9 million deaths per year. According to the British Heart Foundation, 2.3 million persons in the UK had CAD as of June 2020. In the United Kingdom, 170,000 individuals die each year as a result of heart and circulation illnesses. With such a large patient population and a high mortality rate, the need for Diagnostic ECG is projected to rise in the future years. Furthermore, the growing geriatric population is likely to contribute to market growth. According to the United States Census Bureau, the elderly population in the United States is predicted to reach 77 million by 2034.
Rising cases of diabetes have driven the demand for ECGs.
Diabetes and hypertension are also risk factors that drive the demand for Diagnostic ECG equipment. Diabetes is more likely to be associated with other illnesses that increase the risk of coronary heart disease. High blood sugar levels might harm the blood arteries that control the heart over time. According to the International Diabetes Federation (IDF), the number of diabetics worldwide is anticipated to rise from 463 million in 2019 to 700 million by 2045. According to American Diabetes Association, every year, 1.5 million Americans are diagnosed with diabetes in the United States alone. Diabetes prevalence is increasing owing to an increase in the geriatric population; as per American Diabetes Association, it is estimated that 25% of all older adults in the United States have diabetes.
Moreover, expanding diabetes incidence in emerging countries, combined with a significant geriatric population, provides considerable growth prospects for the diagnostic ECG market. According to the IDF, 77.0 million individuals in India alone suffered from diabetes in 2019; this figure is expected to rise to 101.0 million by 2030. Similarly, diabetes will affect 140.5 million people in China by 2030, up from 116.4 million in 2019. Furthermore, rising health awareness in the aforementioned countries will likely boost demand for diagnostic ECGs.
Diagnostic ECG Market Challenges
The long Process of Approval of Devices is posing Challenges to the Market
The lengthy approval process for medical devices is projected to stifle growth in the diagnostic ECG market. The FDA in the United States has implemented guidelines for in-vitro testing of ECG Devices, including environmental testing, software testing, electrical safety, and electromagnetic compatibility. Furthermore, due to the complexity and number of medical device marketing applications, the time required to process and approve 510(K)s grew from 90 to 140 days. Additionally, the cost of pushing the products is extensive, as various forms of lead wires are used, which drives the cost of the product. Lastly, the interpretation of various ECG readings can be highly influenced by conditions-which impedes their market growth at granular levels. Patients on hemodialysis (HD) suffer from high cardiovascular morbidity and mortality due to high rates of coronary artery disease and arrhythmias. Electrocardiography (ECG) is often performed in the dialysis units as a routine clinical assessment. However, fluid and electrolyte changes have affected all ECG morphologies and intervals. ECG interpretation thus depends on the time of the recording of the HD session.
Diagnostic ECG Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Diagnostic ECG Market. The top 10- Diagnostic ECG Market companies are-
- GE Healthcare
- BioTelemetry Inc
- Koninklijke Philips
- Schiller AG
- SUZUKEN Co. Ltd
- General Electric Company
- BPL Medical Technologies
- Nexus Lifecare
- Mindray Medical
- Midmark Corporation.
Recent Developments
- On February 15, 2022, Massachusetts, United States-based recognized medical device manufacturing company “Boston Scientific” announced the successful acquisition of Canada-based Baylis Medical (a company known for its oncology and cardiology medical devices). A payment of $175 billion was made by Boston Scientific to conclude the acquisition process. The transaction has strengthened the structural heart offerings of Boston Scientific.
- In January 2022, ECG- BiCo Net has been preparing an ECG machine that would help in the diagnosis of COVID-19 diagnosis, which would use Bi-Layers of deep feature integration. ECG-BiCoNet employs five deep learning models of distinct structural design. ECG-BiCoNet extracts two levels of features from two different layers of each deep learning technique. The results of ECG-BiCoNet present a promising COVID-19 performance with an accuracy of 98.8% and 91.73% for binary and multiclass classification categories.
- In December 2020, Biotricity Inc., a medical diagnostic and consumer healthcare technology firm, raised US$ 6 million for FDA filing for its patch solution, which is predicted to be a revolutionary product in the field of Holter monitoring within the first six months of 2020.
- In November 2019, Bittium Corporation, Finland-based cardiology and neurology device company, presented Bittium HolterPlus, a web-based remote cardiac monitoring solution comprised of a Bittium Faros ECG device and Bittium HolterPlus mobile application, at Medica, a leading international medical trade fair held in Germany.
Relevant Reports
Cardiac Implant Devices Market – Forecast (2022 - 2027
Report Code: HCR 0032
Cardiac Rhythm Management Market – Forecast (2022 - 2027)
Report Code: HCR 0199
For more Lifesciences and Healthcare related reports, please click here
