Diagnostic Electrocardiograph ECG Market Size, Share, Growth and Industry Analysis, By Type (Resting, Stress, Holter ECG), By Application (Hospitals, Clinics and Others), and Regional Forecast to 2032.

Updated On: 04 November 2024

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DIAGNOSTIC ELECTROCARDIOGRAPH ECG MARKET REPORT OVERVIEW

The Global Diagnostic Electrocardiograph ECG Market size was USD 6.16 Bn in 2023 and the market is projected to touch USD 11.81 Bn by 2032, exhibiting a CAGR of 6.72%during the forecast period.

For the sake of enhancing diversified and sophisticated healthcare systems in emergent economy, the requirement for the Diagnostic Electrocardiograph ECG devices will increase. In addition, increasing trend in portable ECG devices, AI based diagnostic equipment, and REMS are working in favour of the market at a rapid pace. Apart from technological advancement, the changing focus to preventive care and the growing consciousness of heart diseases have also added to the global Diagnostic Electrocardiograph ECG Market.

The market has been divided by product-types, application-industries and regions to give a deeper understanding on the consumption and revenue generation. General Electric, Philips, and Nihon Cohden are the main players in the ECG market for electrocardiogram diagnostics. And competition is an important factor that will affect future market outcomes.

GLOBAL CRISES IMPACTING DIAGNOSTIC ECG ELECTROCARDIOGRAPH MARKET

COVID-19 IMPACT or RUSSIA-UKRAINE WAR IMPACT or ISRAEL-HAMAS WAR IMPACT

"Diagnostic Electrocardiograph ECG Industry Had a Negative Effect Due to supply chain disruption during COVID-19 Pandemic"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Especially during the outbreak, the hospital offers limited elective surgeries, such as regular heart exams. Nevertheless, the use of Diagnostic Electrocardiograph ECG devices most expanded in telemedicine where doctors can diagnose and check the status of a patient’s heart. Also, brace demand for portable ECGs, this makes it easy to monitor rather than overcrowding the hospitals hence allowing for home care monitoring.

Russia-Ukraine War Impact

"Oil prices for consumers has resulted to high costs of raw materials and interrupted product flow"

Recent war between Russia and Ukraine has led to insecurity in the European region that causes disruption in transportation and availability of diagnostic medical instruments. The problem of the global supply chain has led to increased delivery time of healthcare equipment such as the ECG devices hence slowing down market expansion in affected regions.

Israel-Hamas War Impact

"Increased tension in the Middle East which in turn affected the economies of the countries, Uncertainty in investment coupled with disruption in most healthcare systems"

The ongoing conflict has put a lot of pressure on healthcare institutions in the Middle East region, which in turn has led to diminished investment on medical equipment and technologies. This has impacted the Diagnostic Electrocardiograph ECG in unearthing efficacy healthcare solutions which has brought a considerable stagnation in the advancement of healthcare technology in regions experiencing the war.

LATEST TRENDS

"Technological advancement and integration of Artificial Intelligence Drives Market Growth"

Implementation of ECG systems with artificial intelligence helps in real-time analysis of the results hence giving the best results for diagnosis and intervention of the heart diseases. Also, there has been a development of wearable and portable ECG machines to ease on the monitoring of heart activity from the comfort of the patient’s home.

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DIAGNOSTIC ELECTROCARDIOGRAPH ECG MARKET SEGMENTATION

By Type

• Resting ECG: This segment includes, ECG that monitors the heart when a person is laying down; these are common in annual check-ups and other screening tests.

• Stress ECG: These devices record the intensity of an individual’s heart in efforts to trace the C.A.D otherwise known as coronary artery disease.

• Holter ECG: Holter screens are dense ECG plans cast-off to screen the persistent for a dated of 24 to 48 periods afterward which the doctor usages the consequences of the exam to identify uneven heartbeats and other difficulties.

By Application

• Hospitals: Diagnostic Electrocardiograph ECG devices are mainly purchased by hospitals because of the need to provide extensive real-time monitoring of cardiac condition for patients that are critically ill with cardiac complications.

• Clinics: ECGs are essential for clinics for routine check-ups and for preventive health across all ages which translates into a strengthening contribution to the Diagnostic Electrocardiograph ECG industry.
• Others: These comprises facilities that offer outpatient care, research laboratories as well as diagnostic centres that employ ECG for patients monitoring and research.

MARKET DYNAMICS

"Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions."

DRIVING FACTORS

"Higher incidence of Cardiovascular Disorders – Higher numbers of affective [heart] disorders have led to higher product demand [for diagnostics]"

Consequently, Cardiovascular diseases are increasing globally; there is need for proper diagnostic tools such as Diagnostic Electrocardiograph ECG. Adoptions to the different way of living, people’s aging, and the raising rates of obesity and hypertension all lead to higher chances of heart diseases. These factors are making ECG a growing segment especially in the developed as well as emerging markets where health care organizations are adopting better diagnostic solution.

"Portability and Technological Innovations in Personal Electronics – Innovations and Technologies for persons with disabilities"

Market trends of adoption of portable and AI driven Diagnostic Electrocardiograph ECG are invigorating the market. Wireless ECG systems allow patients with irregular heart health conditions to be diagnosed locally, thus reducing the cost of diagnoses and taking pressure off facilities. Meanwhile, diagnosis through Artificial Intelligence will provide a prompt analysis of the ECG data hence giving improved diagnosis of heart disorders.

RESTRAINING FACTOR

"High Cost of Advanced ECG Systems – Financial barriers are becoming in the way of market growth"

Advanced Diagnostic Electrocardiograph ECG devices, especially those with AI enhanced functions or easy mobility, are relatively expensive and the use of these cost prohibitive especially in the developing health care systems. This is a problem for market development, especially in those areas that have scarce health care financing.

OPPORTUNITY

"Increase in demand of better diagnostic without any need for surgery due to high incidences of heart diseases driving the growth for Diagnostic Electrocardiograph ECG Market"

Seeing as cardiovascular diseases are increasingly becoming a threat in the world today, there is a high demand for diagnostic strategies that are non-invasive like the electrocardiogram. Such an increase in demand along with the advent of portable or AI incorporated ECG equipment points to a range of growth opportunities in the developed and the emerging world.

CHALLENGES

"High cost of advanced ECG technology, and healthcare limited resources restrain the use of new diagnostic tools, thus acting as a major slow down for the Diagnostic Electrocardiograph ECG Market"

Although there is a great improvement in technology, the high cost of premium ECG devices and more so due to the scanty health care budgets in some parts of the world remains a major impediment. This especially applies to poorly-funded healthcare facilities and small clinic that cannot afford expensive diagnostic equipment.

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DIAGNOSTIC ELECTROCARDIOGRAPH ECG MARKET REGIONAL INSIGHTS

• North America (United States)

The United States Diagnostic Electrocardiograph ECG Market is the leading global market for Diagnostic Electrocardiograph ECG devices due to better health care infrastructure and rising need for cardiological diagnosis. Advanced Healthcare Technologies and growing prevalence of heart diseases make the U. S. a key market which offers investment in innovative technologies.

• Europe (Germany)

Regionally, the European Diagnostic Electrocardiograph ECG Market will primarily be propelled by Germany since the country boasts a highly developed infrastructure for medical facilities as well as focus on the development of healthcare technologies. A push towards enhancing cardiac care in the country coupled with an ageing population need ECG systems thus driving their demand.

• Asia Pacific (China)

Diagnostic Electrocardiograph ECG devices has been prospectively growing market in China because of growing healthcare sector in the country and increasing spending on medical equipment. Increased knowledge about cardiovascular diseases, in conjunction with initiatives toward the advancement of healthcare technology by the government is projected to fuel the market growth in this region.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

The Diagnostic Electrocardiograph ECG Market has some of the leading players that dominate a large market share of the total market. GE Healthcare and Philips makes two of the biggest market competitors largely due to the fact that both companies are vertical integrated with a broad range of healthcare products and services. Other main companies including Mindray Medical, Nihon Kohden, and Welch Allyn both produce hospital-use ECG machines and event portable ECG machines. To sustain their dominance in the market these companies are emphasizing on product differentiation, geographical diversification and alliance.

LIST OF TOP DIAGNOSTIC ELECTROCARDIOGRAPH ECG COMPANIES

• Fukuda Denshi (Japan)
• GE Healthcare (USA)
• Mortara Instrument (USA)
• Mindray Medical (China)
• Philips Healthcare (Netherlands)
• Schiller AG (Switzerland)
• Suzuken (Japan)
• Welch Allyn (USA)
• BioTelemetry (USA)
• NIHON KOHDEN (Japan)
• Spacelabs Healthcare (USA)
• Medtronic (USA)

KEY INDUSTRY DEVELOPMENT

Sep 2023: The Diagnostic Electrocardiograph ECG Market has experienced some intense industrial advancement especially in facets such as AI and remote monitoring technology in the last few years. There is increase in demand for wearables such that point-of-care and longitudinal data on heart health can be obtained by companies funding these devices. Moreover, the use of the deep-learning diagnostic algorithms in ECG has enhanced the diagnostics’ efficiency and accuracy as compared to traditional methods of diagnostics.

REPORT COVERAGE

This Diagnostic Electrocardiograph ECG Market report covers the scenario for the market from the year 2019 to 2032. It involves full information on markets, its segments and competitors. The report also measures sales volume, revenue increase, and market share besides providing a segmentation analysis of the market by type, application, and region. Moreover, it assesses the downstream effect of covid-19, the macroeconomic environment, and political risks including the war between Russia and Ukraine on the performance of the market.

The report also shows the potential in the market for the players leveraging on various factors which include technology and portability. Moreover, it gives issues like high risks and restrictive legislations that may hinder the growth of the market. Based on primary and secondary research, this research report presents the information to understand the existing and future trends of the Diagnostic Electrocardiograph ECG Market.