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 Electrocardiogram (ECG) Equipment And Management System Global Market Report 2024, the electrocardiogram (ECG) equipment and management system market is expected to show promising growth in the forecast period.

The electrocardiogram (ECG) equipment and management system market has grown significantly in recent years. It was valued at $5.81 billion in 2023 and is expected to reach $6.25 billion in 2024, with a compound annual growth rate (CAGR) of 7.5%. Key factors driving this growth include:

• Rising healthcare expenditure
• Growing aging population
• Increasing cases of diabetes and hypertension
• High demand for ambulatory monitoring devices
• Growing prevalence of cardiac arrhythmias

Growth Forecast for the ECG Equipment Market
Looking ahead, the ECG equipment market is set to experience strong growth, projected to reach $8.38 billion by 2028, with a CAGR of 7.6%. Key growth drivers in the forecast period include:

• Rising prevalence of cardiovascular disorders (CVDs)
• Increased adoption of remote monitoring technologies
• Government initiatives and funding to improve cardiac care
• Rising demand for effective cardiac monitoring solutions

Additionally, major trends shaping the market include the development of telemedicine, integration of ECG systems with electronic health records (EHRs), and the rising demand for wireless and portable ECG devices.

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Cardiovascular Disorders Driving Market Expansion
The rising prevalence of cardiovascular disorders (CVDs) is a key driver of the ECG equipment market’s growth. Factors such as unhealthy dietary habits, obesity, and aging populations have led to increased cases of CVDs. ECG systems help detect and monitor heart conditions, improving patient outcomes. For example, in 2021, cardiovascular diseases caused 931,578 deaths in the US, according to the American Heart Association. The prevalence of coronary heart disease also increased from 4.6% in 2020 to 4.9% in 2021.

Major Players in the Global ECG Equipment Market
Several key companies dominate the global ECG equipment market, including:

• Koninklijke Philips N.V.
• GE Healthcare
• Mindray Medical
• Hill-Rom Holdings Inc.
• Nihon Kohden Corporation

These companies are investing in R&D and advancing technologies to improve ECG systems’ efficiency and expand their product offerings.

Technological Innovation: AI-Powered Portable ECG Systems
Innovations like artificial intelligence (AI)-powered portable ECG systems are revolutionizing the market. These devices offer quick, accurate ECG diagnostics, even in resource-limited settings. For instance, AliveCor Inc. launched the FDA-cleared KAI 12L AI technology and the Kardia 12L ECG System in June 2024. These AI-powered systems can identify 35 cardiac conditions, improving access to high-quality cardiac diagnostics in areas with limited healthcare infrastructure.

Market Mergers and Acquisitions: Expanding Cardiology Solutions
Mergers and acquisitions are playing a significant role in the ECG equipment market’s growth. In August 2021, Hill-Rom Holdings Inc. acquired Bardy Diagnostics for $375 million. This acquisition enabled Hillrom to expand its cardiology solutions portfolio, providing customers with a broader range of ECG monitoring options and strengthening its position in the diagnostic cardiology space.

Segmentation of the ECG Equipment Market
The global ECG equipment and management system market is segmented into:

1. By Type: Holter Monitors, Resting ECG Systems, Stress ECG Monitors, Event Monitoring Systems, ECG Management Systems
2. By Lead Type: Single Lead, 3-6 Lead, 12-Lead
3. By End-User: Hospitals and Clinics, Ambulatory Centers, Other End Users

Regional Outlook
In 2023, North America held the largest share of the ECG equipment market, driven by high healthcare expenditure and widespread adoption of advanced technologies. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period, due to increasing healthcare investments, government initiatives, and the rising prevalence of cardiovascular diseases.

The ECG equipment market continues to evolve, driven by technological advancements, the rising prevalence of cardiovascular conditions, and increasing demand for portable, remote cardiac monitoring solutions. These factors ensure a promising future for the market, offering better patient care and improved diagnostics worldwide.

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