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The Diagnostic Electrocardiograph (ECG) Market size is estimated to grow by USD 4,356.94 million at a CAGR of 8.49% between 2023 and 2028.
The growing number of heart speciality centers across the world is driving the growth of the global diagnostic ECG market, mainly in developed countries. The rising need to diagnose and treat CVDs is driving the demand for specialized outpatient cardiovascular centres. These centres/clinics offer the diagnosis and treatment of various CVDs, such as heart failure, hypertrophic cardiomyopathy, atrial fibrillation, hypertension, and valvular heart disease. The rising number of specialized heart centers is expected to spur the growth of the diagnostic electrocardiograph (ECG) market. Specialized cardiac centres are present mainly in developed countries. For instance, the Queen Medical Center, a private hospital in Hawaii, offers stress testing to diagnose the causes of various medical conditions, such as chest pain and arrhythmia. Therefore the growing number of heart speciality centers across the globe will further drive the demand for diagnostic ECG and the growth of the market during the forecast period.
Technavio has segmented the market into end-user, product, and geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The market share growth by the hospitals/clinics/cardiac care centers segment will be significant during the forecast period. The hospitals, clinics and cardiac care centers segment accounted for the largest share of the diagnostic electrocardiograph (ECG) market. Factors such as the increasing number of cardiovascular disease (CVD) cases, the rising number of heart speciality hospitals, and the business strategies adopted by end-users and vendors are fueling the adoption of diagnostic ECG.
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The hospitals/clinics/cardiac care centers were the largest and were valued at USD 3,307.29 million in 2018. The demand for diagnostic ECG is also encouraging healthcare payers and healthcare systems to offer reimbursements. In a few developed countries, reimbursements are provided for diagnostic ECG. The reimbursements will only be provided when the test is performed by a healthcare professional in a healthcare setting. Similarly, like hospitals, clinics are also focusing on increasing awareness about diagnostic ECG. Such awareness programs help clinics and hospitals prepare patients for ECG without any complications. The growing presence of large multi-speciality hospitals and heart speciality hospitals, the availability of reimbursements, and government initiatives to offer diagnostic ECG fees are driving the growth of this segment of the diagnostic electrocardiograph (ECG) market. This, in turn, will drive the growth of the market in focus during the forecast period.
Resting ECG is a non-invasive test performed while the patient is lying down in a comfortable position. It allows clinicians to observe the patient natural default electrical activity of the heart. It can be used to detect certain heart conditions, such as left ventricular hypertrophy, ischemia, myocardial infarction, sequelae of myocardial infarction, and cardiac arrhythmias. Furthermore, several professional societies have revised their guidelines to recommend against resting ECG examinations for asymptomatic patients and low-risk populations or as part of the routine annual examination. Such factors will drive the growth of the segment and market during the forecast period.
A stress test, also known as an exercise test or a treadmill test, is used to assess the response of the patient's heart and blood vessels to physical exertion. It aids in the diagnosis of coronary artery diseases, assessment of the heart-related cause of symptoms, such as chest pain, shortness of breath, and palpitations; assessment of the effectiveness of heart medications; identification of abnormal heart rhythms; assessment of the functioning of heart valves; and development of safe exercise programs. In addition, next-generation intelligent portable diagnostic ECG devices will record high-frequency cardiac rhythms without a catheter and automatically diagnose abnormal and fatal heart rhythms. Researchers from the National Robotics Engineering Center and the Allegheny Health Network in the US are developing next-generation ECG systems. Such factors will drive the growth of the segment and market in focus during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. North America accounted for the major share of the diagnostic electrocardiograph market. The growth of the diagnostic ECG market in North America is driven mainly by technological advances and product launches, rapid growth in the number of diagnostic ECGs, and the favourable reimbursement scenario in North America. The high prevalence of CVDs in North America, coupled with the presence of skilled physicians to conduct advanced diagnostic procedures, is likely to drive the diagnostic electrocardiograph market in North America. For instance, according to the data published by the CDC, coronary heart disease is the most common type of heart disease in the US; heart disease causes about 655,000 deaths annually in the US.
In addition, patients with coronary heart disease have a major risk of a heart attack. Heart diseases need to be diagnosed early to provide proper treatment to patients. The increasing number of diagnostic procedures to detect CVDs in hospitals and clinics in North America is fueling the adoption of diagnostic ECG. This is likely to drive the growth of the diagnostic ECG market in North America during the forecast period.
The COVID-19 outbreak had a positive impact on the growth of the regional diagnostic ECG market in 2020, owing to the increased need to monitor the heart of patients with heart disease. However, the pandemic increased the use of diagnostic ECG by numerous healthcare facilities in terms of regular patient monitoring even after the initiation of the vaccination drive, which drove the growth of the diagnostic ECG market in the region. Therefore, the regional diagnostic ECG market is driven by the increasing number of cases of CVDs and respiratory diseases. Such developments are expected to further boost the growth of the diagnostic ECG market in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
ACS Diagnostics Inc. - The company offers diagnostic electrocardiographs such as ACS Diagnostics.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
Increased incidence of cardiac disorders is notably driving the market growth. Hypertension is the most common cause of heart failure and is caused due to a rise in blood pressure in the arteries. These health risks mainly arise because of unhealthy dietary habits, increased stress, and lack of physical activity due to hectic lifestyles. The worldwide prevalence of hypertension is increasing at a rapid pace. It is the most dangerous condition, causing a serious risk of heart disease or stroke. Diabetes causes greater complications with CVD. Healthcare devices such as blood pressure monitors are also gaining popularity, encouraging vendors to launch new products. The growing hospitalization of the older population for the treatment of cardiac diseases has increased the need for ECG diagnosis, which has driven the diagnostic electrocardiograph market growth.
Moreover, the rising older population in the Americas is one of the major factors for the increased adoption of diagnostic ECG. There is a demand for the early detection of cardiac disorders, raising the demand for diagnostic ECG, thereby boosting the diagnostic ECG market growth and driving the market during the forecast period.
Increasing uptake of MCT is an emerging trend shaping the market growth. MCT records and wirelessly transmits data related to asymptomatic and symptomatic arrhythmia to doctors and clinicians. An advanced algorithm is used to compute heart rate and detect asymptomatic and symptomatic arrhythmia. MCT is mainly used for ambulatory cardiac monitoring. It performs a real-time ECG and automatically detects abnormalities. MCT enables constant communication between the patient and doctor based on standard cell phone technology. With many technological advantages over long-term monitoring options, MCT has brought a new wave in the medical devices industry.
However, the software used in these devices must be validated; otherwise, data privacy and protection can become a major issue. The manufacturers must work on this to avoid data leaks, which can lead the vendor into regulatory hurdles. Therefore, the increasing uptake of MCT will drive the growth of the market during the forecast period.
Shortage of skilled clinicians is a significant challenge hindering market growth. There is a global shortage of cardiologists, including general cardiologists, electrophysiologists, interventional cardiologists, coronary and peripheral cardiologists, and pediatric cardiologists. Even in developed countries, there is a significant shortage of cardiac professionals. The shortage was mainly attributed to the ongoing trends toward hospital integration, new maintenance of certification (MOC) requirements, cuts in funding for Graduate Medical Education (GME) and research, and a continued decline in physician reimbursements.
Furthermore, in some countries, the reimbursement amounts for a range of cardiac devices, including implantable loop recorders, have also declined steadily. This has been accompanied by an increase in the difficulty for recent graduates of cardiology programs in finding jobs after their training. Hence, the shortage of skilled cardiologists is expected to restrict the growth of the global diagnostic ECG market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Diagnostic Electrocardiograph (ECG) Market Customer Landscape
The diagnostic electrocardiograph (ECG) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Diagnostic Electrocardiograph (ECG) Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.49% |
Market Growth 2024-2028 |
USD 4,356.94 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.17 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACS Diagnostics Inc., Allengers Medical Systems Ltd., Ambu AS, Baxter International Inc., Bionet America, BPL MEDICAL TECHNOLOGIES Pvt. Ltd., Cardioline SpA, EDAN Instruments Inc., Fukuda Denshi Co. Ltd., General Electric Co., Innomed Medical Inc., Koninklijke Philips N.V., Midmark Corp., Mindray Bio medical Electronics Co. Ltd., NEXUS LIFECARE PVT. LTD., Nihon Kohden Corp., Norav Medical, OSI Systems Inc., SCHILLER AG, and VectraCor Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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