Echocardiography (ECG) Devices Market Analysis North America,Europe,APAC,Rest of World (ROW) - US,Russia,China,Japan,Germany - Size and Forecast 2023-2027

Echocardiography (ECG) Devices Market Forecast 2023-2027

The echocardiography (ECG) devices market is estimated to grow by USD 4.10 billion at a CAGR of 5.7% between 2022 and 2027. The healthcare market's growth hinges on rising cardiac disorder rates, driving demand for advanced treatments. Preventive healthcare focus 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 2017 to 2021.

What will be the size of the Echocardiography (ECG) Devices Market During the Forecast Period?

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Market Segmentation

This report extensively covers market segmentation by end-user (hospitals and diagnostic centers), product (resting, ambulatory, and stress), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What is the Fastest-Growing Segments in the Market?

The market share growth by the hospital 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 hospitals end-user segment of the market accounted for a significant market share in 2022

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The hospitals segment was valued at USD 6.99 billion in 2017 and continue to grow by 2021. 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.

Which are the Key Regions for the Market?

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North America is estimated to contribute 42% 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.

Market Dynamics and Customer Landscape

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 2022 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.

Key Market Driver

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.

Major Market Trend

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.

Significant Market Challenge

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.  

Key Market Customer Landscape

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

Who are the Major Echocardiography (ECG) Devices Market Companies?

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:

• Bionet Co. Ltd.
• Cardinal Health Inc.
• DMS Service LLC
• Fukuda Denshi Co. Ltd.
• General Electric Co.
• Halma Plc
• Hill Rom Holdings Inc.
• iRhythm Technologies Inc.
• Johnson and Johnson
• Koninklijke Philips NV
• Medtronic Plc
• Nasiff Associates Inc.
• NEXUS LIFECARE PVT. LTD.
• Nihon Kohden Corp.
• Norav Medical

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.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by End-user (Hospitals and Diagnostic centers), Product (Resting, Ambulatory, and Stress), and Geography (North America, Europe, Asia, and Rest of World (ROW)).

• End user Outlook
  • Hospitals
  • Diagnostic centers

• Product Outlook 
  • Resting
  • Ambulatory
  • Stress

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • ROW
    • Saudi Arabia
    • South Africa

Market Analyst Overview

The market is driven by innovations like the AI-Powered Cardiovascular Ultrasound System from General Electric Company and Clarius Mobile Health. These devices, such as the Vivid Ultra Edition, offer advanced features like the Ultrasound Workspace for improved heart function assessment. The market is fueled by the rising incidence of cardiovascular disorders and the need for noninvasive diagnostic procedures. Challenges include high adaptation costs and unfavorable reimbursement, but focus on preventative treatment is driving R&D and innovation. Key players like Heart Center Leipzig are advancing technology, with products like the AI-powered cardiovascular ultrasound device and Paradise Ultrasound Renal Denervation System gaining FDA approval. The market is characterized by efficiency, workflow optimization, and low operating costs, with AI-driven solutions and neural network-based algorithms enhancing 2D echo imaging for accurate diagnosis and measurement uniformity in conditions like uncontrolled hypertension.

The market is witnessing significant growth due to the rising prevalence of heart diseases such as atrial fibrillation and coronary heart disease. Advanced technologies like AI-driven auto-measure applications are enhancing diagnostic capabilities, particularly in heart arrhythmias and heart valve disease. ECG devices offer various imaging techniques including transthoracic echocardiography, transesophageal echocardiography, and stress echocardiography, powered by ultrasonic sound waves emitted by a transducer. Despite challenges like unfavorable reimbursement costs, the market is driven by continuous technological advancements and improved R&D, leading to product innovation and a competitive landscape. This market growth is further supported by the increasing demand for diagnostic tests and the expanding role of echocardiography in Obstetrics and Gynecology (OBGYN), General Imaging, and Cardiovascular Imaging.

The echocardiography market stands at the forefront of cardiovascular disease diagnosis, offering unparalleled insights into the heart's chambers, valves, and blood flow dynamics. As a non-invasive imaging technique, echocardiography plays a pivotal role in detecting various heart-related disorders, from blood clots to pericardial disease. In an era marked by technological advancements, echocardiography continues to evolve, with Doppler imaging enhancing its diagnostic capabilities. This innovation enables healthcare professionals to assess blood flow velocity and direction, crucial for diagnosing conditions like valve stenosis and regurgitation.

Moreover, the rising incidence of cardiovascular illnesses underscores the importance of efficient diagnostic methods. Echocardiography not only provides real-time imaging but also reduces diagnostic test time, enabling prompt intervention when needed. With the frequency of cardiovascular disorders on the rise, echocardiography remains indispensable in facilitating timely interventions such as angioplasty surgeries and guiding vaccination strategies against heart diseases. In conclusion, the echocardiography market's continuous evolution and adoption of innovative technologies are instrumental in combating cardiovascular diseases, ultimately improving patient outcomes and quality of life.

Echocardiography (ECG) Devices Market Scope
Report Coverage	Details
Page number	167
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.7%
Market growth 2023-2027	USD 4.10 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	5.6
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 42%
Key countries	US, Russia, China, Japan, and Germany
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
Key companies profiled	Allengers Medical Systems Ltd., Bionet Co. Ltd., Cardinal Health Inc., DMS Service LLC, Fukuda Denshi Co. Ltd., General Electric Co., Halma Plc, Hill Rom Holdings Inc., iRhythm Technologies Inc., Johnson and Johnson, Koninklijke Philips NV, Medtronic Plc, Nasiff Associates Inc., NEXUS LIFECARE PVT. LTD., Nihon Kohden Corp., Norav Medical, OSI Systems Inc., SCHILLER AG, Wuhan Zoncare Biomedical Electronics Co. Ltd., and AliveCor Inc.
Market dynamics	Parent market analysis, Market Forecasting,  Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for 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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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