ECG Devices market size was valued at USD 6.05 Billion in 2023 and is expected to exceed USD 14.5 Billion by the end of 2036, expanding at over 7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of ecg devices is evaluated at USD 6.3 Billion.The growth of the market can be primarily attributed to the increasing prevalence of cardiovascular diseases (CVDs) globally. According to the World Health Organization, around 17.9 million people worldwide die each year from CVDs, accounting for 32% of all deaths.85% majority of CVD deaths result from heart attacks and strokes. CVD is one of the leading causes of death and one of the most common health problems. Moreover, patient monitoring devices such as ECG devices have gained popularity in recent years owing to their ease of use and quick results in detecting CVDs. In order to reduce the risks associated with heart disease, ECG tests are performed on individuals who are at risk of contracting heart disease. Thus, the existence of a large number of patients suffering from cardiovascular diseases is expected to drive the global ECG devices market during the forecast period.
In addition to that, the development and launch of advanced ECG devices are expected to drive market growth over the forecast period. For instance, Koninklijke Philips has launched the first 12-lead ECG-integrated advanced solution for remote clinical trials. It combines clinical, site-based ECG data with Philips' leading cloud-based data collection and analysis services. Moreover, improvements in ECG devices, government regulations favoring monitoring devices, and increased R&D activities along with advancements in healthcare facilities are expected to drive the global ECG monitoring devices market over the forecast period.
Growth Drivers
An Increasing Number of Geriatric People Around the World - According to a recent World Bank report, there were 747,238,580 people above 60 years of age in the world at the end of 2021. This number is predicted to continue to grow in the coming years. There is a strong correlation between aging and the development of diseases such as heart disease, hypertension, and high blood cholesterol levels. This factor is expected to enlarge the global ECG devices market size during the forecast period. A growing elderly population propels the demand for ECG devices for diagnosing diseases and monitoring patients.
Surge in Exports of ECG Devices Owing to Rising Demand for Diagnosis - According to the statistics by the International Trade Center (Trademap), the global value of exports of ECG (Electro-cardiographs) in the year 2021 was recorded to be USD 1,181,962 thousand, which was an increase from USD 1,066,130 thousand in the preceding year.
Increasing Incidence of Heart Diseases such as Rheumatic Heart Disease - As per the data by WHO, Rheumatic heart disease is the most common heart disease among people younger than 25. Over 288,348 people die each year from rheumatic heart disease. According to the Centers for Disease Control and Prevention, in 2020 about 697,000 Americans died from heart disease.
Adoption Of Resting 12‑Lead ECG Tests by Patients at Home - For instance, 12 lead resting electrocardiogram (ECG) is one of the most commonly performed tests for the heart. It is estimated that more than 290 million such ECG tests are performed each year on a global scale.
Rising Health Care Expenditure Worldwide with Increasing Health Issues - According to the Centers for Medicare & Medicaid Services, in Unites States healthcare expenditures increased by 9.7% to USD 4.1 trillion in 2020, representing 19.7% of the Gross Domestic Product (GDP). Also, U.S. healthcare spending is anticipated to increase by 5.4% annually for 2019-28 and rise to USD 6.2 trillion by 2028.
Challenges
Experienced medical professionals with a cardiology specialization are difficult to find which hampers the market growth in the forecast period. The increasing number of heart diseases increases the need for more skilled people which leads to a shortage of staff to handle equipment for heart diseases.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7% |
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Base Year Market Size (2023) |
USD 6.05 Billion |
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Forecast Year Market Size (2036) |
USD 14.5 Billion |
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Regional Scope |
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End-user (Hospitals, Clinics & Cardiac Centers, Ambulatory Surgical Centers)
The global ECG devices market is segmented and analyzed for demand and supply by end user into hospitals, clinics & cardiac centers, ambulatory surgical centers, and other end users. Among these segments, the hospitals segment is anticipated to capture the largest market size in the global ECG devices market. An increasing number of ECG devices are being used in cardiac settings throughout hospitals, as well as physicians utilizing ECG tests routinely in the diagnosis and treatment of patients is expected to drive segment growth. An electrocardiogram (ECG) is also one of the most frequently performed tests in hospitals. Moreover, rising heart failure hospital admissions across the world are projected to drive segment growth. For instance, it was observed that there was an average of 158 hospital admissions per day for heart failure in the year 2018-19.
Our in-depth analysis of the global market includes the following segments:
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By Product and Service |
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By Lead Type |
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By End User |
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The Asia Pacific ECG devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. A growing number of emerging ECG device manufacturers in the region, a large population in countries like India and China, the significant presence of geriatrics, as well as improved healthcare facilities are anticipated to drive the ECG device market in the region. Moreover, the large proportion of the population suffering from cardiovascular diseases is expected to propel the demand for ECG devices in the region. For instance, cardiovascular disease (CVD) was the leading cause of death in Asia Pacific in 2019, accounting for up to 10 million deaths, which is approximately 32% of all deaths in this region.
GE Healthcare
GE Healthcare - AliveCor’s KardiaMobile personal electrocardiogram (ECG) device has been launched by GE Healthcare in partnership with AliveCor, to help patients to monitor their heart conditions from anywhere.
Medtronic - Two AccuRhythm AI algorithms for use with the LINQ II™ insertable cardiac monitor (ICM) has been given clearance by the U.S Food and Drug Administration (FDA) has announced by Medtronic. AccuRhythm AI applies artificial intelligence (AI) to heart rhythm event data collected by LINQ II, and thereby improves the accuracy of information received by physicians, helping them to diagnose and treat abnormal heart rhythms in a more efficient way.
Author Credits: Radhika Pawar
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