Electrocardiograph (ECG) Market Facts, Future Scenarios, Growth and Analytical Insights

According to a new report published by Allied Market Research, titled, “Electrocardiograph (ECG) Market,” The electrocardiograph (ecg) market was valued at $8.3 billion in 2020, and is estimated to reach $18.4 billion by 2030, growing at a CAGR of 8.3% from 2021 to 2030. 

List of Key Players

• NIHON KOHDEN CORPORATION
• OSI SYSTEMS FUKUDA DENSHI CO LTD.
• OPTO CIRCUITS LIMITED
• PHILIPS HEALTHCARE (KONINKLIJKE PHILIPS N.V.)
• SCHILLER AG
• GE HEALTHCARE (GENERAL ELECTRIC COMPANY)
• JOHNSON AND JOHNSON
• MORTARA INSTRUMENT, INC.
• MEDTRONIC PLC
• MINDRAY MEDICAL INTERNATIONAL LIMITED

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Key Findings Of The Study

• On the basis of product, the resting electrocardiograph (ECG) segment was the highest contributor to the ECG industry in 2020.
• Based on of end user, the hospitals and clinics segment was the highest contributor to the market in 2020.
• Depending on lead type, the 6 lead ECG segment was the highest contributor to the market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. North America accounted for a majority of the global ECG market size in 2020, and is anticipated to remain dominant during the forecast period due to high prevalence of cardiovascular diseases, increased healthcare expenditure, and large geriatric population base.

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The COVID-19 outbreak is anticipated to have a negative impact on the growth of the ECG industry, as most hospitals were not operating due to COVID-19 and the ongoing lockdowns in many countries. The spread of COVID-19 led to a major public health issue. COVID-19 affected the ECG market forecast, owing to lack of visits to healthcare facilities such as hospitals and clinics. Moreover, it affected workforce and staffing issues as well as procedural prioritization. Thus, the abovementioned issues affected the ECG Market growth due to cancellation of scheduled visits for primary care at hospitals and reflecting patients concern about infection.

According to Onkar Sumant, Manager, Healthcare at Allied Market Research, “Recent technological advancements in ECG devices with enhanced features such as mobile ECG devices with a wireless system that can transmit data to monitoring stations and improved detection rates boost the ECG market growth. In addition, increase in awareness regarding preventive healthcare among people increased the frequency of electrocardiography, thereby propelling the market growth”.

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