Electrocardiogram Devices Market Size
Electrocardiogram Devices Market size was worth more than USD 7 billion in 2022 and is projected to record a 4% CAGR from 2023-2032. Rising prevalence of cardiovascular diseases will accelerate industry trends.
Rising prevalence of cardiovascular disorders is expected to have a substantial impact on the industry dynamics. In recent years, the number of people suffering from cardiovascular disorders surged significantly with the rapid adoption of sedentary lifestyles, poor dietary patterns, and excessive consumption of alcohol. According to the Centers for Disease Control and Prevention (CDC), by the end of 2030, the U.S. is estimated to have more than 12 million cases of atrial fibrillation. Additionally, the rapid digitization and automation of healthcare facilities to provide next-generation cardiac care with enhanced operational capabilities will complement the market progression.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Electrocardiogram Devices Market Size in 2022 | USD 7 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 4% |
| 2032 Value Projection | USD 10.5 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 310 |
| Tables, Charts & Figures | 728 |
| Segments covered | Product, Lead Type, Portability, End-use and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
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Lack of skilled professionals to restrain electrocardiogram devices market growth
As medical technology leaps forward with AI, robots, and other cutting-edge gadgets, the demand for skilled professionals to handle these gizmos has skyrocketed. If you don't have the right skills to operate these fancy new machines, there's a higher chance of mistakes, which can mess up the results. All over the world, we're facing a shortage of healthcare workers—doctors, nurses, and even people to help them out. In the US alone, for example, the Association of American Medical Colleges says there could be a shortage of up to 124,000 doctors between 2019 and 2034. This shortage of skilled healthcare workers could spell trouble for the industry that makes ECG machines.
Electrocardiogram Devices Market Analysis
Imagine you have a trusty companion in your home - the 6-lead electrocardiogram device. It's like a heart whisperer, helping us understand our ticker's rhythm and beats. And guess what? It's expected to become a huge hit in the future, earning a whopping $1.2 billion by 2032! Why is it so popular? Well, it's like having a mini doctor right in your home. It's perfect for folks worried about their hearts or those dealing with something called bradycardia, where the heart goes extra slow. Plus, it's great for tracking heart issues like tachycardia and AFib. And get thisthere are these cool new remote monitoring devices that team up with 6-lead ECGs. So, you can keep an eye on your heart health from wherever you are! It's like having a secret agent protecting your heart 24/7. With more and more people concerned about heart health, the 6-lead ECG is becoming the champion of heart monitoring!
In 2022, the market for machines that record your heart's activity, called electrocardiogram (ECG) devices, was worth a whopping 4 billion dollars. This is especially because more and more people are dealing with long-term illnesses. For example, the American College of Cardiology came out with a report in August 2022 that said heart failure is expected to affect way more people in the U.S. by 2060. And it's not just heart failure, but also other heart issues. So, with all these people needing care for their hearts, there's a growing demand for hospitals and clinics that have the latest and greatest equipment to make sure patients get the best care, without having to pay an arm and a leg.
Based on portability, the electrocardiogram devices market size from non-portable ECG devices is projected to exhibit over 3.5% CAGR between 2023-2032. Non-portable ECG machines are extensively used in the hospital settings and healthcare facilities to cater to multiple cardiovascular conditions, such as atrial flutter and atrial fibrillation. The high prevalence of unhealthy lifestyle habits has contributed to a large pool of patients with hypertension and hyperthyroidism, driving the demand for non-portable devices across the healthcare sector. Moreover, the growing patient preference for minimally invasive procedures is expected to positively influence the market outlook.
ECG devices market valuation from ambulatory surgical centers is poised to reach USD 2.3 billion by 2032. Ambulatory surgical centers (ASCs) have emerged as the primary choice of healthcare facility among patients owing to the availability of high-quality affordable treatment, shorter stays as compared to hospitals, and the lowered risk of hospital-acquired infections (HAIs). Moreover, ASCs offer specialized healthcare services allowing insurance carriers and patients to cut down on costs. The increasing investments to build ASCs to address the unmet healthcare needs will complement the market growth.
Get ready for a surge in the Asia Pacific market for electrocardiogram (ECG) devices over the next decade! The market is expected to grow by more than 4% each year, reaching new heights between 2023 and 2032. Why the boom? Asia Pacific is becoming a tech hub for medical care. Healthcare is going digital at lightning speed, and there's big money being poured into building better medical facilities. So, it's no surprise that the demand for ECG devices and other heart care tools is skyrocketing. Here's the catchheart problems are on the rise in Asia Pacific. India alone has seen over 28,000 heart-related deaths every year for the past three years. This means hospitals and clinics need to be equipped with the latest ECG technology to keep up with the growing number of patients.
Electrocardiogram Devices Market Share
Some of the leading companies in the global electrocardiogram devices market include
- AliveCor, Inc.
- Allengers Medical Systems Ltd.
- Bionet America, Inc.
- Biotricity, Inc.
- Boston Scientific Corporation
- Biotronik SE & Co. KG
- BPL Medical Technologies Pvt Ltd.
- Fukuda Denshi Co., Ltd.
- Cardioline S.P.A.
- GE Healthcare
- Koninklijike Philips N.V.
- Hill-Rom Holdings, Inc. (Baxter)
- Medtronic Plc.
- Shezhen Mindray Bio-Medical Electronics Co., Ltd.
- Spacelabs Healthcare, Inc. (OSI Systems, Inc.).
These firms are entering strategic agreements and collaborations to improve their technological capabilities and expand applications.
Impact of the COVID-19 pandemic
The COVID-19 crisis threw a curveball at the world of ECG devices. Governments locked down cities and told people to keep their distance, sending hospitalizations soaring. But this also opened up new doors. People were scared to go to hospitals, worried about catching the virus. This meant fewer patients getting their hearts checked, which hurt the demand for ECG devices. And hospitals were so busy fighting COVID-19 that they had to put off other procedures, like those that use ECG devices. But not all was gloomy. The pandemic showed us that we need new ways to take care of our health, like testing people at home. And that's where portable ECG devices came in—they're easy to use, and people can do it themselves. So, even though the pandemic brought challenges to the ECG devices industry, it also opened up new possibilities.
The electrocardiogram devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
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By Product
- Diagnostics ECG Machines
- Resting ECG
- Stress ECG
- Monitoring ECG Devices
- Holter Monitoring (Ambulatory ECG)
- Implantable Cardiac Monitors
- ECG Telemetry Monitoring/Event Monitoring
- Others
By Lead Type
- Single Lead Type
- 3 Lead Type
- 6 Lead Type
- 12 Lead Type
- Others
By Portability
- Portable Device
- Non-portable Device
By End-use
- Hospitals & Clinics
- Diagnostic Centers
- Ambulatory Surgical Centers
- Home care settings
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Poland
- Switzerland
- Netherland
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Indonesia
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
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