ECG Devices Market Size and Forecast 2024-2033|GE Healthcare Technologies Inc., Koninklijke Philips N.V., Spacelabs Healthcare Inc., CardioNet LLC, Schiller AG

Overview and Scope

An ECG (electrocardiogram) is a process of recording the signal from the heart to monitor heart function for the detection of any heart health problems. These devices are used for diagnostic purposes.

Sizing and Forecast

The ecg devices market size has grown rapidly in recent years. It will grow from $5.88 billion in 2023 to $6.73 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to cardiovascular disease prevalence, aging population, diagnostic and monitoring needs, healthcare infrastructure growth, telemedicine and remote monitoring, and home-based healthcare.

The ecg devices market size is expected to see rapid growth in the next few years. It will grow to $11.02 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to increasing early detection of cardiac arrhythmias, personalized medicine and treatment, growing need for connected health ecosystem, emerging market expansion, non-invasive cardiac monitoring, and post-pandemic healthcare focus. Major trends in the forecast period include portable and wearable ecg devices, ecg in telehealth and remote consultations, ai and machine learning integration, technological advancements, and healthcare iot adoption

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Segmentation & Regional Insights

The ecg devices market covered in this report is segmented –

1) By Product: Monitoring ECG Systems, Diagnostic ECG Systems

2) By Technology: Portable ECG Systems, Wireless ECG Systems

3) By Lead Type: Single Lead ECG, 3-6 Lead ECG, 12-Lead ECG

4) By End User: Hospitals, Homecare Settings, Other End-Users

North America was the largest region in the ECG devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the ECG devices market during the forecast period. The regions covered in the ecg devices market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The increase in incidence of cardiovascular diseases is expected to propel the growth of the ECG devices market going forward. Cardiovascular disease is one of the most common of all health problems and the leading cause of death globally. To check for various cardiac diseases, an electrocardiogram (ECG or EKG) measures the electrical signal from the heart. Electrodes are set on the chest to record the electrical signals sent by the heart, which cause it to beat. For instance, according to the Centers for Disease Control and Prevention, a US-based public health agency, heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. One person dies every 33 seconds in the United States from cardiovascular disease and about 695,000 people in the United States died from heart disease in 2021. Therefore, the increasing cardiovascular diseases such as hypertensive heart disease, stroke, peripheral artery diseases, and ischemic heart disease (IHD) drive the growth of the ECG devices market during forecast period.

Key Industry Players

Major companies operating in the ecg devices market include GE Healthcare Technologies Inc., Koninklijke Philips N.V., Spacelabs Healthcare Inc., CardioNet LLC, Schiller AG, Nihon Kohden Corporation, Medtronic plc, OSI Systems Inc., Shenzhen Bio-Medical Electronics Co. Ltd., Hill-Rom Holdings Inc., BPL Medical Technologies Private Limited, Mortara Instrument Inc., General Electric Company, Opto Circuits Limited, Bionet Co. Ltd., Cardiac Science Corporation, Midmark Corporation, Omron Healthcare Inc., Abbott Laboratories, AliveCor Inc., Compumedics Limited, BioTelemetry Inc., Welch Allyn Inc., Natus Medical Incorporated, Innomed Medical Developing and Manufacturing Ltd., Biotronik SE & Co. KG, Fukuda Denshi Co. Ltd., Spacelabs Healthcare, Medical International Limited, Shenzhen Bio-Medical Electronics Co. Ltd.

The ecg devices market report table of contents includes:

1. Executive Summary

2. ECG Devices Market Characteristics

3. ECG Devices Market Trends And Strategies

4. ECG Devices Market – Macro Economic Scenario

5. Global ECG Devices Market Size and Growth

26. South America ECG Devices Market

27. Brazil ECG Devices Market

28. Middle East ECG Devices Market

29. Africa ECG Devices Market

30. ECG Devices Market Competitive Landscape And Company Profiles

Top Major Players: