The ECG devices market size is projected to reach US$ 4,509.53 million by 2031 from US$ 3,310.87 million in 2024. The market is expected to register a CAGR of 4.5% during 2024-2031. Technological advancements and developments of smart wearables are likely to bring new trends in the ECG devices market in the coming years.
The factors driving the ECG devices market include the increasing prevalence of cardiovascular disorders and a surge in government initiatives and healthcare investment. Additionally, increasing awareness about cardiovascular conditions and development of new technologies are expected to contribute to the market growth. Moreover, the strategic initiatives by market players are expected to create ample opportunities in the coming years.
North America is expected to dominate the ECG devices market, and Asia Pacific is expected to register a significant growth rate owing to the rapidly aging demographic, implementation of several initiatives by the government, and technological advancements in medical equipment across the region. Further, in APAC, China accounts for the major market share, and India registers a significant growth rate in the region. Increasing aging population, rising incidence of cardiovascular diseases (CVDs), and technological advancements in medical equipment are among the crucial factors bolstering the market growth for ECG devices. CVD is the country’s leading cause of healthcare burden, and its prevalence is rising continuously. As per the research article titled “Cardiovascular Disease Mortality and Potential Risk Factor in China: A Multi-Dimensional Assessment by a Grey Relational Approach,” published in April 2022, CVD is one of the major healthcare burdens in the country. In addition, 290 million people are suffering from cardiac disorders, stroke (13 million), coronary heart disease (11 million), rheumatic heart disease (2.5 million), heart failure (4.5 million), congenital heart disease (2 million), and pulmonary heart disease (5 million) in the country.
According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are among the leading causes of death worldwide. According to the American Heart Association, CVDs account for 19.91 million global deaths in 2021. According to the Centers for Disease Control and Prevention (CDC), 702,880 deaths are reported due to heart disease every year and 805,000 people suffered from a heart attack in the US in 2022. According to the American Heart Association, more than 130 million people in the US suffer from a type of CVD and ~45.1% of the population in the country is likely to suffer from a type of CVD by 2035. According to reports by the European Society of Cardiology, more than 10.2 million people are affected by CVD every year and more than 3 million CVD-related deaths are reported in Europe every year. The prevalence of cardiovascular risk factors in Central and Western Europe can be attributed to smoking habits and heavy drinking among men. According to the World Heart Federation, CVDs accounted for more than a third of all deaths, i.e., 1.4 million people in the Middle East and North Africa. Further, CVD deaths have increased by 48% over the past 30 years, accounting for 40% and 10% of deaths in Oman and Somalia, respectively. According to the American College of Cardiology Foundation report, in 2021, CVD mortality rates in the Middle East and North Africa were from 134.2 to 600.2 per 100,000 people. As ECG devices help in effectively diagnosing irregular heartbeats due to blocked or narrowed heart arteries, the high prevalence of cardiovascular diseases promotes the use of these devices, thereby bolstering its market growth.
Companies operating in the ECG devices market constantly focus on strategic developments such as product approvals, collaborations, funding, agreements, and new product launches to improve their sales, increase their geographic reach, and reinforce their capacities to cater to a large customer base. A few strategic initiatives by key players operating in the ECG devices market are mentioned below.
Therefore, ongoing product launches, approvals, and collaborations are expected to create ample opportunities for the ECG devices market in the coming years.
Key segments that contributed to the derivation of the ECG devices market analysis are product, lead type, technology, and end user.
The geographical scope of the ECG devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America held a significant share of the market in 2023. The increasing incidence of cardiovascular disease, an increased focus on preventive healthcare, and the presence of well-developed healthcare infrastructure in the region are among the major factors propelling the market growth. Government support, aging population, and growing awareness of heart-related diseases are further accelerating the expansion of the ECG devices market in the region. Technological advancements have also played a crucial role. Innovations in digital ECG devices have enhanced accuracy, portability, and user-friendliness, making them more accessible and effective for both healthcare providers and patients. The US is expected to account for the largest market share owing to the rising geriatric population, growing prevalence and awareness of cardiovascular diseases, increasing focus on preventive healthcare, technological advancements in monitoring vital cardiac indicators, and the push for remote monitoring.
The regional trends and factors influencing the ECG Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses ECG Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2024 | US$ 3,310.87 Million |
Market Size by 2031 | US$ 4,509.53 Million |
Global CAGR (2024 - 2031) | 4.5% |
Historical Data | 2021-2023 |
Forecast period | 2024-2031 |
Segments Covered |
By Product
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The ECG Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the ECG Devices Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The ECG devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the ECG devices market are listed below:
The “ECG Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the ECG devices market in 2023.
GE Healthcare; Spacelabs Healthcare (OSI Systems, Inc.); Nihon Kohden Corporation; SCHILLER AG; Hill-Rom Holdings, Inc.; BPL Medical Technologies; Koninklijke Philips N.V.; AliveCor Inc; Fukuda Denshi Co., Ltd; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; CompuMed, Inc.; Norav Medical; and custo med GmbH are among the key players operating in the ECG devices market.
The increasing prevalence of cardiovascular disorders and a surge in government initiatives and healthcare investment are the most influential factors responsible for the market growth.
The global ECG devices market is estimated to register a CAGR of 4.5% during the forecast period.
The estimated value of the ECG devices market can reach US$ 4,509.53 million by 2031.