A diagnostic electrocardiograph (ECG) is non-invasive and painless equipment used to diagnose common cardiac issues. The most used diagnostic technique is electrocardiography. More than 100 million electrocardiographic operations are carried out annually in the United States of America, 21% of which are done during yearly physicals and 17% of which are done during trips to emergency rooms, according to the American Heart Association.
The market worth of diagnostic electrocardiograph in 2021 was USD 5.39 billion, and it will be worth USD 8.79 billion by 2030, growing at a 5.58% CAGR during the forecast period.
Diagnostic electrocardiograms can aid in preventing myocardial infarction (heart attack) by examining heart parameters at an early stage. After surgery or the administration of anesthesia, electrocardiographs are effective tools for determining the patient’s heart status.
The prevalence of lifestyle-related illnesses such as ischemic heart disease, stroke, peripheral artery disease, and hypertensive heart disease is among the many factors driving the growth of the diagnostic electrocardiograph market. Other variables that help the market expansion include the expanding elderly population, favorable remuneration practices, and evolving healthcare infrastructure. Additionally, it is anticipated that soon, the market for diagnostic electrocardiographs will be driven by ongoing technological advancements in electrocardiograph devices as well as the development of remote monitoring devices.
Clinicians in many third-world countries are compelled to use less-advanced ECG machines due to the cost-effectiveness factor. High equipment purchase and maintenance costs and a lack of professional expertise hamper the rise of the diagnostic ECG market in developing countries.
Technological advancements and improved access to cutting-edge treatment methods will drive the electrocardiograph (ECG) market. The resting ECG, ambulatory ECG, pacemaker, Holter monitor, Event monitor, Exercise Testing System and Cardio Data Management may quickly treat cases of increasing arrhythmia, coronary artery disease, and cardiomyopathy. An NCBI study found that more than 2.6 out of every 1000 Americans have pacemakers implanted to manage various heart diseases.
Product Type Insights
The resting ECG devices segment contributed for the largest market share of 64%, growing at a 5.4% CAGR. The main reason for this is the quicker, more precise diagnosis that may be made immediately. According to the Victorian Department of Health, a resting ECG typically takes 5 to 10 minutes to diagnose a patient when his body is completely at rest. Additionally, it quickly recognizes particular heart issues that contribute to the growth of this segment, such as hypertrophy of the heart, ischemia, myocardial infarction, sequelae of myocardial infarction, and cardiac arrhythmias.
Lead Type Insights
3-6 Lead significantly contributed for the largest market share. This is because it is widely used in many cardiac diagnostic tests. Furthermore, its excellent accuracy rate at a low cost helps in the segment’s growth. A 3-lead ECG is 96.6% more accurate than a 12-lead ECG, according to an NCBI study, while a 3-lead ECG costs about USD 34 billion, whereas a 12-lead ECG costs about USD 90 billion, according to another study.
Due to the rising number of people seeking cardiovascular disease diagnosis and treatment in hospitals, hospitals and clinics held the largest market share of 47.22% in 2019. As per CAD, 4.6% of US adults have been diagnosed with coronary heart disease. 7.2% of Americans have sought treatment for these illnesses in emergency rooms. The segment is expanding due to increased spending on ECG devices for better cardiac care.
Due to the rising prevalence of cardiovascular illnesses in the region, North America held the majority of the market, with a share of 38.76%. Approximately 82.6 million Americans today have one or more forms of cardiovascular disease, and the CDC estimates that 659,000 Americans die each year.
Asia Pacific will grow at a robust rate of 6.8% CAGR. The largest share of this segment is due to the growing general population, and an increase in chronic illnesses is to blame for this. More than 290 million people in China have cardiovascular problems, according to an NCBI study. Around 11 million Chinese people had coronary heart disease, while about 13 million had strokes.
- Koninklijke Philips NV
- GE Healthcare
- Nihon Kohden Corporation
- Hill-Rom Holdings (a subsidiary of Baxter International)
- ACS Diagnostics
- BPL Medical Technologies
- Ambu A/S
- FUKUDA DENSHI
- Innomed Medical
- Allengers Medical Systems, Ltd.
- SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS Co., Ltd.
- Edan Instruments, Inc.
- Suzuken Co. Ltd
- Norav Medical
- VectraCor, Inc.
- Midmark Corporation
- Bionet Co., Ltd.
- Nexus Lifecare
- OSI Systems, Inc.
The market worth of diagnostic electrocardiograph in 2021 was USD 5.39 billion, and it will be worth USD 8.79 billion by 2030, growing at a 5.58% CAGR during the forecast period. Increased spending on health care or diagnostic tests may eventually expand the market due to the rising prevalence of lifestyle-related disorders such as hypertension, ischemic heart disease, stroke, and peripheral artery diseases.