Electrocardiography (ECG) refers to the non-invasive technique to record the electrical activity of the heartbeat over a span of time. Every heartbeat generates an electrical impulse that ECG devices captures with the help of the electrodes that are rested on the body of a patient. The electrodes can sense the tiny electrical modifications on the skin that happen from the depolarizing of the heart muscle during every heartbeat. Changes in the normal ECG pattern occur in many different cardiac abnormalities that include cardiac rhythm disturbances, electrolyte disturbances, and inadequate coronary artery blood flow.
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The major factors contributing to the global diagnostic electrocardiograph (ECG) market include rise in geriatric population, increase in incidence of cardiovascular disease, and development of advanced as well as affordable remote monitoring devices. ECG devices are in high demand due to high accuracy and precision in the diagnosis of chronic diseases offered by them. In this context, chronic diseases term includes cardiovascular disorders such as cardiac murmur, cardiac stress testing, heart stroke, and myocardial infarction. ECG is also useful for the diagnosis of lifestyle related diseases such as hypertensive heart disease, ischemic heart disease, and peripheral artery. The continuous advancement in technologies for ECG devices, rising incidence of lifestyle diseases, and supportive compensation policies in developed countries is estimated to support the growth of global diagnostic electrocardiograph (ECG) market over the forecast period.
The China-originated coronavirus causes breathing problems and is more fatal to the people suffering from cardiovascular problems. Thus, many people prefer to get their cardiovascular condition regularly. In many countries, governments have made more temporary hospitals to curb the coronavirus outbreak and efforts are being made to ensure that these hospitals are equipped with ECG monitoring devices, which is boosting the market growth. In February 2020, the Journal of the American Medical Association (JAMA) published data from Wuhan, China, which highlighted that acute cardiac injury and arrhythmia were among the most prevalent heart complications in confirmed COVID-positive cases. The data indicated that about 16.7% of the hospitalized patients suffered from arrhythmia. According to the American College of Cardiology (ACC) COVID-19 Clinical Guidance, there was a huge number of COVID patients suffering from acute-onset heart failure, cardiac arrest, myocardial infarction, and myocarditis during the first to waves of coronavirus outbreak. Other serious medical problems that they suffered from included Middle East respiratory syndrome (MERS) and severe acute respiratory syndrome (SARS). Highlighting similarities between COVID-19 symptoms with heart attack symptoms, the ACC cautioned about the possibility of myocardial infarction going undiagnosed.
In terms of revenue, diagnostic electrocardiograph (ECG) market was valued at US$ 7953.10 Mn in 2020 growing at a CAGR of 6.9% over the forecast period (2021 – 2029).
Software and Services Estimated to Rapidly Grow over the Forecast Period (2021 – 2029)
According to Absolute Market Insights report, software and services category are expected to witness fastest growth during the forecast period in the global diagnostic electrocardiograph (ECG) market.
With the role of technology increasing in the medical sector, there are software that can be used for managing Non-Emergency Medical Services (NEMS). Software like NEMS Web ECG Management System, offer web-based data management solutions and are designed to manage all ECG records and data from anywhere via a web browser. Uniquely developed to bridge the gap between business developing medical software and the different clinics, hospitals, medical vendors, and modalities, these software allow the automation of processes, offer easy storage, and accurate ECG display. Some software can provide complete telemetry surveillance in an advanced and compact device. They offer integration with cardiology information systems, electronic health records (EHR), and hospital information systems (HIS). They also offer customized web-services. In September 2021, B-Secur launched an electrocardiogram (ECG) hardware and software development kit. This kit has been designed to help companies streamline the development of biometrics-focused ECG devices.
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12 Lead was the Most In-Demand Lead Type in 2020
According to Absolute Market Insights report, 12 Lead category held the largest market share in 2020 in the global diagnostic electrocardiograph (ECG) market. The demand for 12 Lead increased due to high chances of capturing arrhythmia signals or ischemia signals. 12 Lead is helpful in investigating a history of syncope or palpitations. It can monitor a medication effect and help doctors to determine if there is any evidence of myocardial infarction or heart attack in patient's body. Using 12 Lead, doctors can also investigate if there is any evidence of coronary artery blockages in the body of patients.
In September 2021, Indian biotech company Mylab Discovery Solutions acquired the majority stake in Sanskritech. Sanskritech is the developer of Swayam, an Indian Point of Care (PoC) testing system with more than 70 test parameters and telemedicine facility. These PoC systems can offer a comprehensive range of tests to the users for ear nose & throat (ENT), ECG 12 lead, skin test, vision test, and more. These systems can also be used for conducting the basic tests such as height, weight, body mass index (BMI), blood pressure, and temperature.
Ambulatory Surgical Centers Expected to Grow at a Substantial Rate during the Forecast Period (2021 – 2029)
During the forecast period, ambulatory surgical centers (ASCs) category is expected to be the fastest growing category in global diagnostic electrocardiograph (ECG) market due to the increasing popularity of ASCs in developing countries. ASCs can provide wearable Holter ECG devices that allow patients to move while wearing them with monitor attached them. Holter ECG devices are useful for people whose symptoms are intermittent and may not be visible on resting ECG. It is also useful for people recovering from heart attack so that the proper functioning of their heart can be ensured.
In September 2021, the California-based Qardio launched QardioDirect. QardioDirect is a new, fully remote all-inclusive service. It is an end-to-end intuitive remote patient monitoring (RPM) platform that includes cardiac arrhythmia analysis. Apart from a large range of other arrhythmias, it includes ambulatory cardiac monitoring to help diagnose atrial fibrillation (AF). The analysis are provided by QardioCore, which is a patient-friendly Holter device. This device does not require any skin preparation, or gels, patches, and wires. This clip-on Holter device provides continuous wireless ECG readings and their derivatives, and also helps the patient to measure and monitor their activity tracking, respiratory rate, and skin temperature.
Increasing prevalence of Cardiovascular Diseases kept the market strong in the North America Region in 2020
Increasing prevalence of cardiovascular diseases was a leading cause of for the necessity of diagnostic electrocardiograph (ECG) in 2020. AMI reports that North America region was the largest regional market in the global diagnostic electrocardiograph (ECG) market in in 2020 due to presence of key market players, high disposable income, strong economy, high demand for medical devices, and increasing technological advancements. Many people in USA suffer from stroke and arrhythmia every year. In December 2019, the Centers for Disease Control and Prevention published its data, which highlighted that approximately 647,000 people in USA die due to heart disease, every year.
Other factors contributing to the market growth include availability of advanced healthcare infrastructure, rising number of geriatric population, increasing investment in R&D in medical sector, and increasing demand for minimally invasive procedure. In September 2020, Samsung released Samsung Health Monitor app in USA after USFDA approved its use in wearable device. This device helps user to monitor their fitness and overall wellness. Samsung released Samsung Health Monitor app in Galaxy Watch Active2 and Galaxy Watch3. Featuring ECG functionality, this app helps users to not only monitor their heart rhythm for irregularities, but it also enables the scanning for signs of Atrial Fibrillation (AFib).
Some of the players operating in the diagnostic electrocardiograph (ECG) market are BPL Medical Technologies, EDAN Instruments Inc., FUKUDA DENSHI, General Electric Company, Hill-Rom Holdings Inc., Koninklijke Philips N.V., Medtronic, NIHON KOHDEN CORPORATION, Norav Medical, OSI Systems Inc., SCHILLER, and Shenzhen Mindray Bio-Medical Electronics Co. Ltd amongst other market participants.
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Global Diagnostic Electrocardiograph (ECG) Market:
By Offering
- Systems
- Holter ECG
- Stress/ Exercise Testing ECG
- Resting ECG
- Insertable Cardiac Monitor (ICM)
- Mobile Cardiac Telemetry (MCT)
- Event Recorder
- Others
- Parts & Accessories
- Software
- Services
By Lead Type
- 12 Lead
- 5 Lead
- 3 Lead
- 6 Lead
- Others
By End Users
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Cardiac Centers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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