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The echocardiography (ECG) devices market is estimated to grow at a CAGR of 5.7% between 2022 and 2027. The size of the market is forecast to increase by USD 4,102.12 million. The growth of the market depends on several factors, including the increased incidence of cardiac disorders, the focus on preventive treatment, and the new product launches.
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.
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Technavio categorizes the global echocardiography (ECG) devices market as a part of the global healthcare equipment market. The parent, global healthcare equipment market covers products and companies engaged in research and development (R and D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increased incidence of cardiac disorders is notably driving the market growth, although factors such as the high cost of ECG products and procedures may impede the market growth. 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 Echocardiography (ECG) Devices Market Driver
The increased incidence of cardiac disorders is notably driving the ECG devices 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.
The growing hospitalization of the older population for the treatment of cardiac diseases has increased the need for ECG diagnosis, which has driven market growth. The rising older population in the Americas is one of the major factors for the increased adoption of ECG devices. Thus, there is a demand for the early detection of cardiac disorders, raising the demand for ECG devices, thereby boosting market growth.
Significant Echocardiography (ECG) Devices Market Trend
The paradigm shift toward portable devices is the key trend driving the ECG devices market growth. 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 vendors, 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.
Major Echocardiography (ECG) Devices Market Challenge
The major challenge impeding the ECG devices market growth 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.
ECG 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 Echocardiography (ECG) Devices 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 Echocardiography (ECG) Devices Market Customer Landscape
Vendors 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.com - The company offers echocardiography devices such as KardiaMobile which is a medical-grade personal ECG device application. Also, under this segment, the company offers 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 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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 ECG devices market accounted for a significant market share in 2022
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The hospitals segment was valued at USD 6,995.03 million 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 ECG devices market globally during the forecast period.
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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.
The COVID-19 outbreak had a positive impact on the growth of the regional echocardiography devices (ECG) market during 2020, owing to the increased need to monitor the heart of patients with heart disease. The demand for diagnostic wearable ECG increased as numerous patients were in isolation at their homes due to the restrictions imposed by governments to curb the spread of COVID-19. However, the vendors in the region are strengthening their partnerships with major hospitals across the region to deploy ECG devices. The pandemic increased the use of ECG devices by numerous healthcare facilities in terms of regular patient monitoring even after the pandemic was contained, which has driven the growth of the ECG market in the region. Such developments are expected to further the growth of the ECG devices market in the region during the forecast period.
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)).
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Echocardiography (ECG) Devices Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.7% |
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Market growth 2023-2027 |
USD 4,102.12 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.6 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 42% |
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Key countries |
US, Russia, China, Japan, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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. |
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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 forecast period. |
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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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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