Diagnostic Electrocardiography Devices Market Outlook 2031
The global diagnostic electrocardiography devices market size was USD 7.58 Billion in 2022 and is projected to reach USD 13.82 Billion by 2031 register a significant CAGR 6.9% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing cardiovascular disease prevalence, combined with an increasing geriatric population base.
A diagnostic electrocardiograph (ECG) is a medical device that aids in the diagnosis of heart-related electrical activity problems. Several cardiac indications including myocardial infarction, heart murmur, cardiac stress testing, and fainting are conducted using electrocardiograph. The need for diagnostic innovation to predict disease progression effectively and accurately, which are expected to bring positive impact on the diagnostic electrocardiography device market.
One of the key advantages of ECG over other diagnostics aids such as photoplethysmography (PPG), the former devices provide more accuracy, offer direct electric signaling of heart activity, and effective monitoring of heart rate variability at low power consumption.
To be precise, electrocardiography is a non-invasive medical approach that focuses on capturing the electrical activity of the heart pulse over time. Every heartbeat generates an electrical impulse, which is recorded using electrodes placed on a patient's body. The electrodes detect the minute electrical changes on the skin caused by the depolarization of the heart muscle during each heartbeat.
Diagnostic Electrocardiography Devices Market Trends, Drivers, Restraints, and Opportunities
- Increasing profusion of cardiovascular diseases linked with rising geriatric population base are expected to boost the market growth during the forecast period.
- Growing prevalence of other chronic illness such as diabetes, obesity, hypertension, coronary diseases, and cholesterol coupled disorders such as hyperlipidaemia are estimated to drive the market growth during the forecast period.
- Rapid development of new hospitals and diagnostic clinics specialized in heart-related issues and health problems especially in the developing regions are key factors propelling the market growth.
- Lack of skilled specialists and technicians handling the devices is expected to pose a challenge that can hamper the market growth during the forecast period.
- Technological advancement and ongoing R&D activities to develop advanced devices for diagnostics are creating several opportunities for the market expansion.
Scope of The Diagnostic Electrocardiography Devices Market Report
The report on the global diagnostic electrocardiography devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Diagnostic Electrocardiography Devices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Types (Holter Monitor System, Stress ECG, Resting ECG, 3-6 Lead, Single-Lead, and 12 Lead) and End-Users (Hospitals, Ambulatory Care, and Research & Diagnostic Centers)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Philips Healthcare; GE Healthcare; Mortara Instrument Inc.; Mindray Medical; Schiller AG; Spacelabs Healthcare; Cardionet; Welch Allyn; and Nihon Kohden Corporation.
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Diagnostic Electrocardiography Devices Market Segment Insights
Holter monitor system segment is projected to account for a key market share
Based on product types, the diagnostic electrocardiography devices market is segmented into holter monitor system, stress ECG, resting ECG, 3-6 lead, single-lead, and 12 lead. The holter monitor system segment is expected to account for a key share of the market during the forecast period. The segment growth can be attributed to several factors such as portable diagnosis and constant monitoring of physiological state of the heart, which aid the physician in producing an accurate portrait of heart functioning.
However, the 3-6 lead segment is anticipated to expand at a rapid pace during the forecast period owing to the factors such as non-redundant results and presence of limited number of leads. On the other hand, the stress ECG segment is anticipated to grow rapidly in the coming years due to the physicians' high preference and its superior performance in assessing the heart's response to exercise or stress.
Hospital segment is expected to grow at a rapid pace
In terms of end-users, the diagnostic electrocardiography devices market is divided into hospitals, ambulatory care, and research & diagnostic centers. The hospital segment is expected to account for a key share of the market during the forecast period due to the disproportionately large number of patients are being admitted to hospital for diagnostic and surgical services aiming at monitoring heart function.
North America is anticipated to dominate the market
On the basis of regions, the diagnostic electrocardiography devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to the increasing number of patients suffering from heart diseases due to unhealthy lifestyle choices such as smoking, drinking, work stress, and high lipid intake.
Moreover, increased prevalence of cardiovascular diseases, rising disposable income, and sophisticated healthcare infrastructure is a key factor boosting the regional market growth. Other factors driving the market growth in North America include the adoption of computerization for the maintenance of electrocardiogram records and increasing investments in data management systems for data access in order to perform a comparative analysis of overall patient data.
However, the market in Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to the prevalence of significant unmet medical needs among individuals and rapidly expanding healthcare infrastructure.
Segments
The global diagnostic electrocardiography devices market has been segmented on the basis of
Product Types
- Holter Monitor System
- Stress ECG
- Resting ECG
- 3-6 Lead
- Single-Lead
- 12 Lead
End-Users
- Hospitals
- Ambulatory Care
- Research & Diagnostic Centers
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Philips Healthcare
- GE Healthcare
- Mortara Instrument Inc.
- Mindray Medical
- Schiller AG
- Spacelabs Healthcare
- Cardionet
- Welch Allyn
- Nihon Kohden Corporation
Competitive Landscape
Key players competing in the diagnostic electrocardiography devices market include Philips Healthcare; GE Healthcare; Mortara Instrument Inc.; Mindray Medical; Schiller AG; Spacelabs Healthcare; Cardionet; Welch Allyn; and Nihon Kohden Corporation.
These players are widely adopting market strategies including maintaining a large product portfolio with diverse characteristics and principles, personnel training, and after-sales service efficiency. To expand their product portfolio, these companies are incorporating new features into their products. Companies are also involved in the development of wireless technologies that are well integrated into hospitals as well as software systems that can streamline clinicians' work by providing patients with updated treatment plan options.
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