Diagnostic Electrocardiograph Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product Type (Resting ECG Devices, Stress ECG Devices, Holter Monitors, Others), By Channel (12-channel, 6-channel, 5- channel, 3- channel, Single- channel), By End User (Hospitals & Clinics, Ambulatory Surgical Centers, Cardiac Care Centers, Others), By Region and Competit
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationDiagnostic Electrocardiograph Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product Type (Resting ECG Devices, Stress ECG Devices, Holter Monitors, Others), By Channel (12-channel, 6-channel, 5- channel, 3- channel, Single- channel), By End User (Hospitals & Clinics, Ambulatory Surgical Centers, Cardiac Care Centers, Others), By Region and Competit
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 7.89 Billion |
| CAGR (2023-2028) | 7.55% |
| Fastest Growing Segment | Hospital & Clinics |
| Largest Market | North America |
Market Overview
Key Market Drivers
High Prevalence of Cardiovascular Diseases
Increasing Trend for Early Disease Detection
Rising Cases of Diabetes
Increase in R&D Activities
Key Market Challenges
Strict Product Approval Processes and Safety Regulations Enforced by The FDA
High Costs of Diagnostic Electrocardiographs
Key Market Trends
Advancement in Technologies
Increase In the Government Funding
Segmental Insights
Product Type
Based on product type, the resting electrocardiograph has emerged as the largest market due to its high demand, which is expected to persist in the future. This significant factor contributes to its rapid growth during the forecast period. Electrocardiograph devices are primarily designed to record cardiac activities, aiding in the monitoring of heart conditions. The market has experienced substantial growth driven by intensive research and development efforts by key players to enhance electrocardiograph systems for accurate diagnosis of disorders. Another product in this segment, the holter monitor, is anticipated to exhibit faster growth during the forecast period.
The escalating demand for this product in the market, particularly for detecting cardiac arrhythmias and ensuring precise diagnosis, presents a significant opportunity. Stress electrocardiographs also demonstrate notable growth, attributed to the expanding geriatric population. The elderly age group has witnessed a remarkable increase in recent years, driven by improved life expectancy. Consequently, there is an elevated demand for accurate and precise electrocardiograph devices. Key market players are keen to seize opportunities in this developing market to achieve substantial revenue during the forecast period.
End User Insights
Based on the end user analysis, hospitals and clinics have demonstrated significant revenue returns and therefore have dominated this segment. This trend is expected to persist due to the extensive availability of cardiac facilities in these healthcare centres. Electrocardiograph machines are commonly found in hospitals and clinics, enabling them to provide prompt services and facilities to consumers. These establishments serve as primary healthcare centres where patients seek assistance during cardiac discomfort. The rapid availability of services and diverse facilities in these centres serves as a key driver for the market.
Ambulatory surgical centres also play a role in this segment by providing electrocardiograph machines for monitoring patients' cardiac activities. This segment is anticipated to witness substantial growth in the future. The market is expected to generate higher revenue returns during the forecast period, primarily due to the growing demand for electrocardiograph reports prior to surgeries. In rural areas where major facilities are lacking, other primary healthcare centres that offer electrocardiograph devices serve as driving forces for the market. With the increasing prevalence of cardiac disorders and irregularities, the availability of electrocardiograph devices has become a primary necessity.
Regional Insights
Recent Developments
- In February 2022,AliveCor introduced the KardiaMobile Card, the slimmest and most convenientpersonal ECG device available in the United States. It is the only personal ECGdevice that is slim enough to fit in a wallet, providing instant feedback onheart health anytime, anywhere.
- In January 2022,Koninklijke Philips unveiled a pioneering, 12-lead ECG integrated solution forat-home use in decentralized clinical trials. The goal of this innovation is toenhance patient retention, compliance, and trial outcomes by reducing the needand burden associated with traditional clinical trials.
- In December 2021,Baxter International, Inc. announced its acquisition of Hillrom for USD 12.5billion. This acquisition marks a significant milestone in Baxter'stransformation, promising to deliver even greater impact for patients,clinicians, workers, shareholders, and communities worldwide that the companyserves.
- In July 2021,Medtronic obtained FDA clearance for two of its AccuRhythmâ„¢ AI Algorithms withthe LINQ IIâ„¢ insertable cardiac monitor. The application of AccuRhythm AI toLINQ II data represents a major breakthrough in insertable cardiac monitors,enabling Medtronic to reduce clinical inefficiencies caused by false alarms andaiding physicians in focusing on the relevant patient data needed for effectivetreatment.
Key Market Players
- General Electric Company
- Koninklijke Philips N.V.
- Nihon Kohden Corporation
- Ambu A/S
- Spacelabs Healthcare
- AliveCor, Inc.
- Mindray Bio-Medical Electronics Co., Ltd.
- Hill-Rom Holdings, Inc.
- BPL Medical Technologies
- Cardonet, Inc.
| By Product Type | By Channel | By End User | By Region | |
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