The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s ECG Devices Global Market Report 2024, the ECG devices market is expected to show promising growth in the forecast period.

The ECG devices market has experienced remarkable growth in recent years, evolving into a vital component of healthcare. The market size surged from $5.88 billion in 2023 to $6.73 billion in 2024, boasting a substantial compound annual growth rate (CAGR) of 14.4%. Looking ahead, the forecast anticipates even more robust growth, reaching $11.02 billion by 2028 at a CAGR of 13.1%. This growth is propelled by factors such as increased healthcare expenditure, technological advancements, and the introduction of innovative solutions in cardiac monitoring.

Increased Healthcare Expenditure Driving Growth:

• Funding for Research and Development:
  • Higher healthcare expenditure allows for increased funding for medical research and development.
  • This facilitates widespread implementation of ECG devices in primary healthcare settings, particularly in developing regions.
• Global Healthcare Benefit Cost:
  • According to a survey by Willis Towers Watson Public Limited Company, global healthcare benefit costs increased from 8.2% in 2021 to 8.8% in 2022.
  • The trend is expected to continue, with an anticipated growth to a high global average of 10% in 2023.
• Indian Scenario:
  • India’s public expenditure on healthcare, as per the Economic Survey of 2022, stood at 2.1% of GDP in 2021-22, up from 1.8% in the previous year.

Major Players in the ECG Devices Market:

• Prominent Companies:
  • GE Healthcare Technologies Inc., Koninklijke Philips N.V., Medtronic PLC, and others dominate the ECG devices market.
  • These companies play a crucial role in providing cutting-edge solutions for cardiac monitoring.
• Strategic Acquisitions:
  • AliveCor’s acquisition of Cardio Labs in June 2021 exemplifies the strategic moves within the industry.
  • Such acquisitions contribute to extending comprehensive cardiological services to a broader patient base.

Introduction Of Cardiac Monitoring Patch, Integrating With AI:

• Innovative Solutions:
  • Major companies are focusing on introducing cardiac monitoring patches, enhancing their competitive edge.
  • SmartCardia SA’s 7L patch combines wearable technology with AI for predictive and personalized patient insights.
• Real-time Detection:
  • The 7L patch’s AI platform provides real-time detection of important arrhythmia events at cardiologist-level accuracy.
  • This innovative approach ensures more proactive and personalized patient care.

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Alivecor Acquired Cardio Labs:

• Strategic Acquisition:
  • AliveCor’s acquisition of Cardio Labs underscores the industry’s commitment to expanding cardiological services.
  • This move allows AliveCor to manage CardioLabs’ U.S.-based healthcare provider customers and broaden services.
• Comprehensive Cardiological Services:
  • The acquisition aligns with AliveCor’s mission to provide comprehensive cardiological services to patients prescribed monitoring devices.

Market Segmentation:

• Segmentation Overview:
  • The ECG devices market is segmented based on product, technology, lead type, and end-user categories.
  • This segmentation allows for a comprehensive understanding of the diverse applications of ECG devices.
• Product Categories:
  • Monitoring ECG Systems and Diagnostic ECG Systems offer specialized solutions for different healthcare needs.
  • The market caters to various technological preferences with Portable ECG Systems and Wireless ECG Systems.

Regional Dynamics:

• North America’s Dominance:
  • North America emerged as the largest region in the ECG devices market in 2023.
  • This highlights the region’s significant contribution to driving market dynamics.
• Asia-Pacific’s Growth Potential:
  • Asia-Pacific is poised to be the fastest-growing region in the ECG devices market during the forecast period.
  • This growth is indicative of the expanding market reach and increased adoption of ECG devices in the region.

Conclusion:
The ECG devices market is on an upward trajectory, driven by increased healthcare expenditure, technological advancements, and innovative solutions in cardiac monitoring. As major players continue to focus on introducing cutting-edge products and expanding their service offerings through strategic acquisitions, the market is poised for sustained growth. With a forecasted CAGR of 13.1% leading to a market size of $11.02 billion by 2028, the ECG devices market is set to play an increasingly crucial role in the global healthcare landscape.

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