Global ECG Devices Market Size, Forecast, and Trend Highlights Over 2025-2037
ECG Devices Market size was valued at USD 7.1 billion in 2024 and is projected to reach USD 14.6 billion by the end of 2037, rising at a CAGR of 7.4% during the forecast period 2025-2037. In 2025, the industry size of ECG devices is evaluated at USD 7.6 billion.
The increasing incidences of cardiovascular disease (CVD) across the world are creating a surge in heart monitoring solutions, fueling demand in the market. According to WHO, approximately 523.4 million people were affected by this ailment in 2024, which is further poised to grow more due to the worldwide aging population and prevalence of hypertension. It also mentioned that over 75.2% of deaths from this patient pool originated from low- and middle-income countries. The magnifying value of worldwide trade of medical diagnosis equipment, where Europe alone secured a surplus of USD 2.4 billion in 2024, is also testifying to the continuous cash inflow in this sector.
This enlarging demography demonstrates the increasing necessity of sustained products from the market. However, the economic burden on patients is rising due to the heightening payers’ pricing, which is majorly caused by supply chain disruptions in raw materials and essential components, such as lithium, rare-earth metals, batteries, and sensors. In this regard, the U.S. Bureau of Labor Statistics recorded a 4.4% year-on-year rise in the producer price index (PPI) for medical monitoring devices in the 1st quarter of 2024. Moreover, the additional expenses from elongated regulatory approval processes, manufacturing labor, and logistics are also impacting the competency in pricing. Similarly, in 2023, the U.S. Centers for Medicare & Medicaid Services observed a 3.2% increase in the consumer price index (CPI) for ECG services.
ECG Devices Sector: Growth Drivers and Challenges
Growth Drivers
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Financial benefits of early diagnosis: The escalated adoption in the ECG devices market is significantly contributed by the growing demand for value-based healthcare services and solutions. In this regard, the 2022 AHRQ study concluded that the use of AI-powered ECG systems for early atrial fibrillation detection eliminated the need for hospitalization in 22.5% of cardiac cases over two years. It also registered a net cost-saving of up to USD 2.0 billion during the same tenure. Similarly, in 2023, the impact of utilizing portable ECG systems was evaluated to decrease the rate of misdiagnosis by 30.4%, as per the VA Health System report. Thus, both payers and service providers are prioritizing these commodities as essential accommodations.
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Investments and engagement in innovation: Substantial capital influx and participation in R&D are evolving the product quality and manufacturing capacity in the ECG devices market. For instance, in 2023, worldwide public AI-ECG R&D funding, majorly backed by NIH and EU Horizon Europe, reached USD 1.9 billion. In the same year, the implementation of the Digital Healthcare Act reduced patient costs by 35.5% in Germany through penetrating AI-based applications. Such investments help companies strengthen their pipeline with accelerated technological innovation and favorable market conditions. Further, automation in production lowered the manufacturing cost by 12.3-15.1% in 2024, enhancing affordability.
Historical Patient Growth and Its Impact on ECG Market Expansion (2010-2020)
The gradual enlargement in the patient pool over the past decade has notably shaped and stimulated the pace of expansion and discoveries in the ECG devices market. Several factors, including the rapidly aging population, infrastructural upgrades, government awareness programs, and public-private initiatives, have a notable contribution to this patient population growth. This previous boost in demography also shaped the current developed and emerging landscapes such as the U.S., Germany, India, China, and Japan. For instance, the American Heart Association recorded a 22.3% rise in preventive cardiac screenings from 2015 to 2020, caused by rising CVD awareness campaigns.
Historical ECG Device Users (2010-2020)
|
Country |
2010 Users (in million) |
2020 Users (in million) |
CAGR (2010-2020) |
Primary Growth Driver |
|
U.S. |
12.7 |
29.0 |
9.5% |
Medicare RPM expansion |
|
Germany |
5.1 |
9.8 |
8.1% |
Telemedicine adoption |
|
France |
3.9 |
7.5 |
8.4% |
National CVD screening |
|
Spain |
2.4 |
5.2 |
9.8% |
Public-private partnerships |
|
Australia |
1.8 |
4.1 |
10.7% |
Rural telehealth push |
|
Japan |
6.5 |
11.6 |
7.2% |
Aging population |
|
India |
2.1 |
8.9 |
18.6% |
Govt. cardiac missions |
|
China |
3.8 |
15.5 |
17.9% |
Hospital digitization |
Feasible Expansion Models Shaping the Future ECG Device Market
A few of the major components of the current expansion strategies utilized by global leaders in the ECG devices market include: localized production, cost optimization solutions, and technological advancements. Additionally, the benefits of alliance formations are also fueling their manifestation of globalization through establishing alignment with government goals and initiatives. For instance, in 2023, Germany secured the position of the fastest-growing country and a 23.4% revenue growth in the Europe landscape by incorporating 12 digital ECG applications in the national reimbursement coverage under the Digital Healthcare Act (DiGA). Such inclusions, coupled with innovative public-private partnerships are fastening progress in this field.
ECG Market Expansion Feasibility Models (2020-2024)
|
Strategy |
Region |
Financial Impact |
|
Govt. Hospital PPPs |
India |
12.4% Revenue Growth Between 2022 and 2024 |
|
AI-ECG Reimbursement |
Germany |
23.2% Revenue Growth in 2023 |
|
Localized Manufacturing |
China |
40.1% Production Costs Reduction |
|
Medicare RPM Expansion |
U.S. |
USD 1.3 billion Market Evaluation in 2023 |
Challenge
- Volatility in availability and worldwide adoption: Several hindering factors such as geopolitical clashes, regulatory delay, and budgetary pressures may impose significant hurdles in the global expansion of the ECG devices market. For instance, in 2024, the tariff duty on essential components, used in manufacturing in this category, rose to 25.1% due to the U.S.-China trade war, which resulted in an 8.4% cost increment in overall production. Similarly, the strict criteria regulated by GDPR and HIPPA made software adaptation more expensive for every ECG device, accounting for an additional USD 500,003.0 in 2023. Moreover, healthcare funding cuts caused a 40.2% reduction in sales in the public hospitals segment of this market in France.
ECG Devices Market: Key Insights
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.4% |
|
Base Year Market Size (2024) |
USD 7.1 billion |
|
Forecast Year Market Size (2037) |
USD 14.6 billion |
|
Regional Scope |
|
ECG Devices Segmentation
Product Type (Resting ECG, Holter Monitors, Stress ECG)
Based on product type, the resting ECG segment is anticipated to dominate the market with the highest share of 40.4% by the end of 2037. With the growing awareness about the benefits of early intervention and preventive measures, detecting CVD-related illnesses at the primary stage has become a regular routine in all medical settings, including hospitals, clinics, and outpatient facilities. Testifying this fact, the American Heart Association revealed that over 200.3 million ECG procedures are performed across the globe each year as a first-line diagnostic tool for initial cardiac evaluations. Furthermore, the versatility, affordability, reimbursement stability, and wide applicability of this subtype are accumulatively positioning this segment at the forefront of the market.
End user (Hospitals, Homecare, ASCs)
In terms of end user, the hospitals segment is predicted to hold the largest share of 45.2% in the ECG devices market over the analyzed timeframe. The segment’s dominance is primarily driven by the amplifying surge in emergency and critical care for CVD patients. In this regard, the CDC reported that over 30.4% of total hospitalizations in the U.S. were from the cardiovascular category. It also highlighted the 18.1% increase in emergency admissions from 2019 to 2023. The tendency of these organizations to accommodate advanced technology for better workflow and to cope with the continuously rising demand for enhanced medical care is also increasing adoption in this sector. For instance, the Joint Commission standards for cardiac care readiness pushed an average of 350-bed hospitals in the U.S. to maintain an inventory of 45-60 ECG units.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
|
|
End user |
|
Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
ECG Devices Industry - Regional Synopsis
North America Market Analysis
The North America ECG devices market is poised to capture the largest share of 38.4% throughout the assessed timeline. The region presents a lucrative business environment for both domestic and global leaders in this sector, backed by the heavy capital influx, favorable regulatory framework, and advanced healthcare infrastructure. In this regard, the CDC revealed that the count of CVD patients living across North America surpassed 48.1 million in 2024, where the U.S. alone accounted for 18.3 million coronary artery disease incidences in 2023. Thus, more than 90.3% of the hospitals in this region adopted advanced ECG technologies during the same duration, reflecting the urge to necessitate sustained cardiac diagnostic practice.
According to the CMS, U.S. Medicare coverage expanded by 25.4% year-over-year (YoY) for remote patient monitoring (RPM) and AI-powered ECG systems in 2024. Additionally, in 2023, the FDA gave marketing clearance for a total of 5 new AI algorithms, associated with cardiac care. On the other hand, Medicaid coverage for ambulatory ECG rose by 8.3% in 2024, than in 2020. Simultaneously, the nationwide Medicare expenditure on these systems crossed USD 2.2 billion in 2023, as per the calculations from CMS. This displays the country’s steady leadership over the regional market. Currently, the country is focusing on reducing reliance on its foreign suppliers for crucial components, such as electrodes, sensors, and semiconductors, to strengthen local production.
APAC Market Statistics
Asia Pacific is expected to exhibit the highest CAGR in the ECG devices market by 2037 due to its leveraging medical instrument manufacturing capabilities. Besides, the enlarging patient pool, government initiatives, and technological innovations are also accelerating the pace of the region’s propagation in this sector. In this regard, the National Health Commission recorded 330.4 million CVD patients in China in 2023. On the other hand, WHO marked the contribution of India to the global heart disease burden at 60.1% in 2024. Further, to combat this widespread and reduce mortality, the Government of China released an initiative to upgrade the nationwide cardiac care infrastructure, Healthy China 2030, with an allocation of up to USD 30.2 billion. Similarly, in 2023, the use of remote ECG monitoring increased by 300.1% in South Korea.
Following the current trend of infrastructural development and fast deployment of primary medical assets, India is emerging as a lucrative and reliable consumer base for the market. The country is augmenting its progress majorly with financial and promotional efforts from the governing entities. For instance, from 2020 to 2023, more than 500,010 ECG units were equipped in the primary health centers of India, as per the roadmap drafted by the Ayushman Bharat program. Similarly, the National Cardiac Disease Program completed the screening of over 50.3 million patients in 2024, from 2017, under government supervision. Furthermore, the subsidiary policies, availing of production-linked incentives, inspire local ECG systems and component producers to invest more in this field, bringing affordability.
Companies Dominating the ECG Devices Landscape
The ECG devices market is highly dominated by global MedTech pioneers, including GE Healthcare, Philips, and Abbott, whose accumulative share is predicted to be over 56.4% by 2037. The incorporation and utilization of AI analytics in new instruments have become the key contributor to their market expansion strategy. In addition, they are adopting several advanced components to reduce the cost of final products, widening the range of options for every individual and hence increasing adoption in this field. For instance, BPL Medical introduced sub-USD 100 ECG equipment to make its portfolio suitable and acceptable for price-sensitive regions, such as the market in India.
The cohort of 20 of such key players include:
|
Company Name |
Country |
Market Share (2024) |
Industry Focus |
|
GE Healthcare |
USA |
22.3% |
Hospital-grade ECG systems (MAC Series) |
|
Philips Healthcare |
Netherlands |
19.5% |
Wearable ECG patches & AI diagnostics (BioTel Heart) |
|
Abbott Laboratories |
USA |
15.1% |
Implantable cardiac monitors (Confirm Rx) |
|
Medtronic |
Ireland |
12.2% |
AFib detection devices (LINQ II ICM) |
|
Siemens Healthineers |
Germany |
10.1% |
AI-powered ECG analysis (Cardiopoint) |
|
Nihon Kohden |
Japan |
xx% |
Portable ECG machines (Cardiofax) |
|
Hill-Rom (Baxter) |
USA |
xx% |
Telemetry ECG systems (Lifepoint) |
|
Schiller AG |
Switzerland |
xx% |
Stress ECG devices (AT-10 Plus) |
|
BPL Medical Technologies |
India |
xx% |
Low-cost ECG devices for emerging markets |
|
Fukuda Denshi |
Japan |
xx% |
Holter monitors (DS-7000) |
|
Edan Instruments |
China |
xx% |
Handheld ECG devices (iM8) |
|
OSI Systems (Spacelabs) |
USA |
xx% |
Ambulatory ECG monitors (Ultra) |
|
Biotronik |
Germany |
xx% |
Remote cardiac monitoring (CardioMessenger) |
|
LivaNova |
UK |
xx% |
Advanced ECG for surgical settings |
|
Midmark Corporation |
USA |
xx% |
Clinic-based ECG solutions (IQecg) |
|
Comen Medical |
China |
xx% |
Tele-ECG platforms (C100) |
|
Bionet |
South Korea |
xx% |
Wireless ECG systems (BM3) |
|
Allengers Medical Systems |
India |
xx% |
ECG carts for hospitals |
|
BTL Industries |
Malaysia |
xx% |
Stress ECG devices (BTL-08 MT) |
|
Cardionics |
Australia |
xx% |
Educational ECG simulators |
Recent Developments
- In March 2024, Philips introduced a next-generation portable wireless 12-lead device, Tempus Pro ECG, delivering real-time AI diagnostics. Further, in the 3rd quarter after the launch, this system helped the company capture a 7.4% share in the hospital telemetry segment, with a 23.3% adoption rate among top U.S. hospitals.
- In February 2024, GE Healthcare announced the commercial launch of its MAC Studio AI-ECG platform in the North America market. With the efficacy of this analysis system in reducing diagnostic errors by 30.2%, the company secured USD 250.3 million in sales just after 6 months from the launch.
Author Credits: Radhika Pawar
- Report ID: 4241
- Published Date: May 23, 2025
- Report Format: PDF, PPT
