ECG Devices Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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How has the ecg devices market size evolved in recent years?
Over the past few years, the market size of ECG devices has experienced substantial growth. It is projected to increase from $6.56 billion in 2024 to $7.46 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.7%. Factors contributing to this growth during the historical period include the widespread occurrence of cardiovascular diseases, an aging population, demand for diagnostic and monitoring solutions, improvements in healthcare infrastructure, advancements in telemedicine and remote monitoring, as well as the rise of home-based healthcare.
What are the predictions for the ecg devices market size in the coming years?
Expectations are high for significant expansion within the ECG devices market over the upcoming years. Predictions see this market surging to $12.32 billion by 2029, with a compound annual growth rate (CAGR) of 13.4%. Factors such as increased early diagnosis of cardiac arrhythmias, a rise in personalized care and treatments, the mounting demand for a connected health ecosystem, growth in emerging markets, non-invasive cardiac monitoring, and a heightened healthcare emphasis post-pandemic, all contribute to the growth during the forecast period. Several key trends set to emerge during this period include the use of portable and wearable ECG devices, the incorporation of ECG in telehealth and remote medical consultations, AI and machine learning integration, progressive technological developments, and a widespread healthcare IoT adoption.
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What key factors are fueling the growth of the ecg devices market?
The surge in cardiovascular health issues is anticipated to drive the expansion of the ECG devices market in the future. Globally, cardiovascular disease is among the most prevalent health conditions and is the primary reason for mortality. An electrocardiogram (ECG or EKG) is used to diagnose different heart illnesses by observing the heart’s electrical activities. Electrodes are placed on the chest to capture these electrical impulses which instigate the heart’s beating rhythm. For example, the Centers for Disease Control and Prevention (CDC), a governmental entity in the US, reported in May 2024 that heart disease claimed 702,880 lives in the United States in 2022, attributing to one in every five deaths. Consequently, the rise in cardiovascular conditions such as hypertensive heart disease, stroke, peripheral artery diseases, and ischemic heart disease (IHD) will likely fuel the development of the ECG devices market during the forecast period.
How is the global ecg devices market divided into key segments?
The ECG devices market covered in this report is segmented –
1) By Product: Monitoring ECG Systems, Diagnostic ECG Systems
2) By Technology: Portable ECG Systems, Wireless ECG Systems
3) By Lead Type: Single Lead ECG, 3-6 Lead ECG, 12-Lead ECG
4) By End User: Hospitals, Homecare Settings, Other End-Users
Subsegments:
1) By Monitoring ECG Systems: Portable ECG Monitors, Holter Monitors, Mobile Cardiac Telemetry Systems, Wearable ECG Monitors
2) By Diagnostic ECG Systems: 12-Lead ECG Machines, Stress Test Systems, Resting ECG Systems, Event Monitors
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Who are the key firms paving the way for growth in the ecg devices market?
Major companies operating in the ECG devices market include GE Healthcare Technologies Inc., Koninklijke Philips N.V., Spacelabs Healthcare Inc., CardioNet LLC, Schiller AG, Nihon Kohden Corporation, Medtronic plc, OSI Systems Inc., Shenzhen Bio-Medical Electronics Co. Ltd., Hill-Rom Holdings Inc., BPL Medical Technologies Private Limited, Mortara Instrument Inc., General Electric Company, Opto Circuits Limited, Bionet Co. Ltd., Cardiac Science Corporation, Midmark Corporation, Omron Healthcare Inc., Abbott Laboratories, AliveCor Inc., Compumedics Limited, BioTelemetry Inc., Welch Allyn Inc., Natus Medical Incorporated, Innomed Medical Developing and Manufacturing Ltd., Biotronik SE & Co. KG, Fukuda Denshi Co. Ltd., Spacelabs Healthcare, Medical International Limited, Shenzhen Bio-Medical Electronics Co. Ltd.
Which trends are expected to transform the ecg devices market?
The ECG devices market is increasingly influenced by technological innovations. To maintain their market relevance, leading companies in the ECG device industry are prioritizing the creation of high-tech solutions. A case in point is Royal Philips, a transnational corporation based in the Netherlands, which in January 2022 rolled out a solution for at-home 12-lead electrocardiograms (ECGs) specifically for use in decentralized clinical trials. This at-home system allows clinical trial participants to gather data of equivalent quality to ECGs conducted on-site, through the use of PCA 500 ECG patch recording technology. The need for frequent on-site visits, technicians present on-site, or home-based nurses is eliminated, thanks to the inventive body-wearing patch that allows for compliant 12-lead ECG embedding and a highly secure data transfer almost in real time.
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What regions are contributing significantly to the growth of the ecg devices market?
North America was the largest region in the ECG devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the ECG devices market during the forecast period. The regions covered in the ECG devices market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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