ECG Devices Market Size

  • Report ID: 4241
  • Published Date: May 22, 2024
  • Report Format: PDF, PPT

ECG Devices Market Size

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.

ECG Devices Market Overview
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Author Credits:  Radhika Pawar

  • Report ID: 4241
  • Published Date: May 22, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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., 2023-2035.

Insufficient skilled personnel to operate ECG devices and strict regulatory standards for device approval are the challenges affecting the market growth.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 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 2035 and display significant growth opportunities.
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