In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS16th August 2022: 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.
28th July 2021: Medtronic - Two AccuRhythm AI algorithms for use with the LINQ II™ insertable cardiac monitor (ICM) have been given clearance by the U.S Food and Drug Administration (FDA) as 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.
The global ECG devices market is estimated to garner revenue of USD 12 Billion by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated revenue of USD 6 Billion in the year 2021. 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.
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Electrocardiogram (ECG) Devices record the heart's activity through electric signals and display them on an ECG monitor. It is possible to diagnose heart disease and arrhythmia in a patient using an ECG device in order to provide the appropriate treatment. It is a noninvasive, painless procedure used to identify irregular activity in the heart. Chronic diseases have been on the rise globally, which has made new methods of healthcare necessary, as well as providing better facilities for patients. This has resulted in the need for advancing technologies. 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 global ECG devices market over the forecast period.
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 Around the World-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 thousands, which was an increase from USD 1,066,130 thousands in the preceding year.
Increasing Incidence of Heart Disease 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, 12lead 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- According to 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 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.
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 is 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 year 2018-19.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global ECG devices market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. 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 health care facilities are anticipated to drive 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.
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The global ECG devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global ECG devices market includes the following segments:
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FREQUENTLY ASKED QUESTIONS
Rising prevalence of cardiovascular disease (CVDs) worldwide along with technological advancements in ECG devices are the major factors driving the growth of the ECG devices market.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
Insufficient skilled personnel to operate ECG devices and strict regulatory standards for device approval are the challenges affecting the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are GE Healthcare, SCHILLER, Nihon Kohden Corporation, Ambu A/S,Medtronic, Koninklijke Philips, ACS Diagnostics, Hill-Rom Holdings, BPL Medical Technologies, and BioTelemetry, Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product and service, lead type, end user, and by region.
The hospitals segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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