Enjoy complimentary customisation on priority with our Enterprise License!
The echocardiography (ECG) devices market is estimated to grow by USD 5.26 billion at a CAGR of 6.78% between 2023 and 2028. The healthcare market's growth hinges on rising cardiac disorder rates, driving demand for advanced treatments. The focus on preventive healthcare is increasing, spurring the adoption of early detection services. New healthcare product launches drive innovation to meet evolving needs. Analyzing market drivers, trends, and challenges is crucial for growth strategies. Furthermore, the report includes historic market data from 2018 to 2022.
To learn more about this report, Download Report Sample
The market share growth by the hospitals segment will be significant during the forecast period. Due to the widespread use of echocardiography devices in hospitals and the assertion that echocardiography is a very common diagnostic tool used in hospital cardiac care units, the hospital end-user segment of the market accounted for a significant market share in 2022
Get a glance at the market contribution of various segments Request a PDF Sample
The hospitals segment was valued at USD 7.34 billion in 2018. One of the most advanced and technologically advanced healthcare systems in the world is found in the US. The availability of cutting-edge medical technologies to healthcare professionals across the nation is a goal shared by both government and non-government organizations. Manufacturers of ECG devices will continue to benefit from these lucrative opportunities during the forecast period. The hospital end-user segment is expected to register a growth of 4.53% between 2022 and 2027. Therefore, these factors will boost the growth of the hospital end-user segment of the global market globally during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US and Canada are the major revenue contributors to the market in North America. The rapid growth of the ECG devices market in North America can be attributed to the high healthcare expenditure on CVD, a rise in the adoption of technologically advanced ECG devices, a high prevalence of CVD, the increasing geriatric population, and the high number of ECG procedures performed. According to the US Census Bureau, in the US, the population aged 65 years and above was 17% in 2021. The geriatric population is more likely to develop CVD and undergo ECG procedures. These factors will facilitate market growth during the forecast period.
The market is experiencing growth due to increasing awareness about health and wellness. This includes trends like muscle building, weight management, and satiety support, driving demand for clean label products and allergen-free options. The rise of vegan and vegetarian lifestyles and concerns about environmental sustainability are also contributing factors. As plant-based foods become more popular, there is a greater need for protein shakes and meat substitutes made from pea protein sourced from yellow peas. This trend is part of the larger plant-based protein industry, which is responding to consumer demand for healthier and more sustainable options. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. The British Heart Foundation supports advancements in stress cardiac ultrasound, contributing to the global echocardiography market alongside technological developments and research at Saarland University Hospital into less invasive cardiac diagnostic methods.
The increased incidence of cardiac disorders is notably driving the market growth. Hypertension, caused by a rise in blood pressure in the arteries, is the most common cause of heart failure. These health risks mainly arise from 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, posing a serious risk of heart disease or stroke. The growing hospitalization of the older population for the treatment of cardiac diseases has increased the need for ECG diagnosis, driving market growth. The rising older population in the Americas is a major factor in the increased adoption of ECG devices. Thus, there is a demand for the early detection of cardiac disorders, raising the demand and boosting market growth.
In addition to these factors, several trends and technologies are influencing the market for health and wellness products. These include muscle building, weight management, satiety support, and the demand for clean label products and allergen-free options. There is also a growing trend towards vegan and vegetarian lifestyles, driven by concerns for environmental sustainability and the ethical treatment of animals. Plant-based foods, including protein shakes made from pea protein and other plant-based sources, are becoming increasingly popular as meat substitutes. This is leading to greater consumer awareness and a larger plant-based protein industry.
The paradigm shift toward portable devices is the key trend driving the market. New opportunities are emerging as companies are focusing on developing portable, compact, and mobile ECG systems that can be used by mobile healthcare providers. Portable ECG devices provide access to EHR with higher interoperability and enable rapid diagnosis, especially while treating critical medical issues on the move.
As interoperability has become one of the important factors in most of the patient monitoring segments, ECG manufacturers have started partnering with ECG management, EMR companies, and CVIS providers to develop better interoperability. Companies are focusing on developing wearable and mobile ECG devices to increase market competitiveness. These factors are expected to drive the growth of the market focus during the forecast period.
The major challenge impeding the market is the high cost of ECG products and procedures. Cost pressure has led the end-users to invest less in ECG devices, leading to greater usage of traditional ECG devices. This has become a challenge for companies that sell advanced ECG products, such as wearable devices, in the market.
These devices with treadmills and advanced software installations having wide functions such as wireless, Bluetooth, data integration, and remote monitoring are expensive when compared with portable and handheld ECG devices. However, ECG testing devices are mostly bought by Tier-1 and Tier-2 hospitals only. Thus, the high cost of these products restricts their use in homecare settings and small testing laboratories. Such factors will hinder the market growth during the forecast period.
The 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 Market Customer Landscape
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.
Allengers Medical Systems Ltd. - The company offers echocardiography devices such as KardiaMobile which is a medical-grade personal ECG device application. Also, they offer a neuropod electroencephalograph, a Virgo electroencephalograph machine, and a Scorpio electromyograph machine.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 companies, including:
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.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
You may also interested in below market reports:
Cardiopulmonary Stress Testing Systems Market: Cardiopulmonary Stress Testing Systems Market by Product, End-user, and Geography - Forecast and Analysis
Japan - Medical Devices Market: Japan - Medical Devices Market by Product, Application, and End-user - Forecast and Analysis
Fractional Flow Reserve Devices Market: Global Fractional Flow Reserve Devices Market by Product, Application, and Geography - Forecast and Analysis
In the realm of cardiovascular health, advancements in diagnostic procedures such as transthoracic and transesophageal echocardiography play pivotal roles. These noninvasive methods utilize ultrasonic sound waves emitted by a transducer to visualize the heart's chambers, valves, and detect abnormalities like blood clots or atrial fibrillation. The integration of AI-driven technologies, including neural network-based algorithms, has revolutionized cardiovascular imaging, enhancing measurement uniformity and diagnostic accuracy. Innovations like the AI-Powered Cardiovascular Ultrasound System by Clarius Mobile Health and the Vivid Ultra Edition ultrasound workspace exemplify this progress, offering stress echocardiography capabilities and aiding in the early detection of heart arrhythmias and valve disease. Amidst rising incidences of coronary heart disease and pericardial disease, there's a growing focus on preventative treatment and angioplasty surgeries for uncontrolled hypertension cases. These advancements underscore a shift towards efficiency, optimizing workflow and reducing diagnostic test time to improve patient outcomes.
Moreover, the landscape of cardiovascular disease management is evolving with cutting-edge technologies and innovative approaches. From AI-driven auto-measure applications to AI-powered cardiovascular ultrasound devices, healthcare providers are embracing advancements for noninvasive diagnostic procedures like transthoracic echocardiography and Doppler imaging. These technologies are pivotal in assessing heart function and detecting conditions such as heart valve disease early on. With the rising incidence of cardiovascular illnesses, there's a pressing need for frequency monitoring and proactive measures. Product innovations like the Paradise Ultrasound Renal Denervation System at Heart Center Leipzig exemplify this drive for excellence in cardiovascular care. Integrating 2D echo imaging and workflow optimization enhances general imaging capabilities, benefiting specialties like Obstetrics and Gynecology (OBGYN). As the field continues to advance, the emphasis on vaccination and heart-related disorders underscores a holistic approach to disease prevention and management. Product innovation in cardiovascular health includes the development of AI-driven auto-measure applications and AI-powered cardiovascular ultrasound devices, aimed at improving the diagnosis and management of heart diseases and related disorders while monitoring the frequency of cardiovascular disorders.
Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 5.26 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 45% |
Key countries |
US, China, Germany, Russia, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AliveCor Inc., Allengers Medical Systems Ltd., Baxter International Inc., Bionet Co. Ltd., Biotricity Inc., Bittium Corp., Cardinal Health Inc., DMS Service LLC, Fukuda Denshi Co. Ltd, General Electric Co., Halma Plc, iRhythm Technologies Inc., Johnson and Johnson Services Inc., Koninklijke Philips N.V., Medtronic Plc, Nasiff Associates Inc., NEXUS LIFECARE PVT. LTD., Nihon Kohden Corp., Norav Medical, OSI Systems Inc., SCHILLER AG, and QT Medical |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.