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The global diagnostic ECG market size was valued at USD 7.5 billion in 2021 and is projected to reach around USD 12.0 billion in 2030 exhibiting a CAGR of 5.0% in the forecasted period. The rising demand for diagnostic electrocardiograph (ECG) among end-users, including hospitals and clinics. The important factor driving the diagnostic ECG market is the incidence of cardiac illnesses. The WHO reported that cardiac disease is among the major causes of mortality across the globe. About 18 million people die of cardiovascular illnesses yearly, accounting for 31% of global fatalities. The high frequency of cardiovascular diseases drives the demand for diagnostic ECGs and upsurges industry growth.

Growth in elderly population with a high risk of growth of cardiovascular diseases and rising awareness among people concerning availability of non-invasive systems are major factors boosting growth of the global diagnostic ECG market. Growing prevalence of chronic heart diseases in western nations led by changes in lifestyle and intake habits has compelled demand for reliable testing devices such as diagnostic ECG devices. Favourable government reimbursement policies, improvement of healthcare infrastructure, and increasing investments in R&D activities by public and private sectors are other factors boosting growth of the global diagnostic ECG market. Nevertheless, high prices related with diagnostic electrocardiograph devices, indeterminate economic conditions, and necessity for scheduled maintenance check are anticipated to hamper growth of the global market over the forecast period.

The current COVID-19 pandemic has extensively affected the normal functioning of hospitals and the manufacturing industry and, hence, the global diagnostic ECG market. Numerous hospitals intended for elective surgeries have been transformed into emergency centers for patients diseased by COVID-19. There has been a decrease in accessibility of medical supplies and supply chains have been considerably disrupted. However, the increasing need for intensive care units is anticipated to create new opportunities for growth of the diagnostic ECG market over the forecasted period.

Product Insights

The resting ECG devices segment holds more than 60% of the diagnostic ECG market, making it the highest market with a robust segment. This is mostly due to quicker, more precise diagnosis with no preparatory time. As per the Victorian Department of Health, a resting ECG generally takes 5 to 10 minutes to analyze a patient when his body is completely at rest. Moreover, it promptly detects specific heart problems such as ischemia, hypertrophy of the heart, myocardial infarction, sequelae of myocardial infarction, and cardiac arrhythmias, which contribute to the expansion of this segment. As per the CDC, about 800,000 people annually suffer from myocardial infarction. Approximately 600,000 suffered myocardial infarctions for the first time, while the rest have formerly experienced the disease.

However, Holter monitors are projected to have the fastest growth. Holter ECG monitors are observed as the most prominent kind of ambulatory ECG monitoring that led to their widespread use in identifying many cardiovascular diseases. Holter monitors are less expensive than conventional ECG machines. As per the study, the cost of a Holter monitor was around USD 64, although a traditional ECG costs USD 128. The development of wireless Holter monitors generally contributed to their rapid growth in the global diagnostic ECG market.

End User Insights

Hospitals represented the highest market share, with around 47% in 2021, owing to the rising number of individuals looking for cardiovascular disease diagnosis and treatment in hospitals. As per the CDC, 4.6% of US adults have been detected with coronary heart disease. About 6.9% of Americans visited physician offices due to their cardiac diseases. Nearly 7.2% of Americans have visited emergency departments to diagnose and treat these diseases. Moreover, higher expenditure on purchasing ECG gadgets for better cardiac treatment increases the segment’s growth.

Region Insights

North America lead in 2021 and accounted for the largest share of more than 50% of the total revenue. The increase in the need for the minimally invasive procedures. Moreover, the rising number of elderly populations and the growth in the per-capita income will further increase the growth of the diagnostic ECG market in the region during the forecasted period.

However, Asia-Pacific is anticipated to witness substantial growth in the diagnostic ECG market owing to the growth in the population base. Furthermore, the increase in the expendable income. Additionally, the emerging of the healthcare infrastructure is further estimated to impel the growth of the diagnostic ECG market in the region in the forthcoming years.

Key Companies Insights

Key players are aiming on their technological partnerships, collaborations, and merger & acquisitions policies to gain a competitive edge and expand their product portfolio & business footmark. The ongoing COVID-19 pandemic hindered the healthcare systems worldwide and driven market players to update products for unexploited scenarios. Some of the key players operating in the global diagnostic ECG market include:

• General Electric Company
• Koninklijke Philips N.V.
• NIHON KOHDEN CORPORATION.
• Hill-Rom Services, Inc.
• Ambu A/S.
• SCHILLER
• BPL, FUKUDA DENSHI
• BioTelemetry, Inc.
• OSI Systems, Inc.
• Allengers
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• EDAN Instruments, Inc.
• Cardioline S.P.A.
• SUZUKEN CO., LTD.
• Norav Medical
• BIONET
• VectraCor, Inc.
• Nexus Lifecare
• Midmark Corporation
• Spacelabs Healthcare
• Innomed Medical Inc.
• Other players

Some of the Recent Developments:

• In March 2022, GE Healthcare declared its partnership with AliveCor. Healthcare professionals can utilize GE Healthcare’s MUSE system with the KardiaMobile 6L ECG device. The partnership intends to upsurge patient convenience and decrease cardio-based hospitalizations by improving the patient’s data quality and integration.
• In January, 2021, BioTelemetry, Inc. acquired by Koninklijke Philips N.V. Philips will be able to expand its portfolio of patient care management solutions after the acquisition.

Segments

By Product

• Resting ECG
• Stress ECG Devices
• Holter Monitors
• Implantable Loop Recorders
• Event Monitors
• MCT Devices
• Smart ECG Monitors

By Lead Type

• 12-lead ECG Devices
• 5-lead ECG Devices
• 3-lead ECG Devices
• 6-lead ECG Devices
• Single-lead
• Other Lead Types

By End User

• Hospitals
• Clinics and Cardiac Centers
• Ambulatory Surgical Centers
• Other End Users

By Geography

• North America
  • S.
  • Canada
  • Mexico
• Europe
  • K.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • ASEAN
• Latin America
  • Brazil
  • Argentina
  • Colombia
• MEA
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt