ECG Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Diagnostic Electrocardiograph Market is segmented by Product (Rest ECG Systems, Stress ECG Systems, Holter ECG Systems, Event Recorders, and Others), Technology (Portable ECG Systems and Wireless ECG Systems), Lead Type (Single Lead ECG, 3-6 Lead ECG, and 12 Lead), End User (Home-Based Users, Hospitals, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The report offers the value (in USD million) for the above segments.

Electrocardiograph (ECG) Market Size

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Electrocardiograph (ECG) Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 6.24 Billion
Market Size (2029) USD 7.50 Billion
CAGR (2024 - 2029) 3.72 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Electrocardiograph (ECG) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Electrocardiograph (ECG) Market Analysis

The Electrocardiograph Market size is estimated at USD 6.24 billion in 2024, and is expected to reach USD 7.5 billion by 2029, growing at a CAGR of 3.72% during the forecast period (2024-2029).

The COVID-19 pandemic impacted the production of ECG devices. Furthermore, the delay of elective procedures due to COVID-19-related measures had adversely affected the ECG market, especially in 2020. On the other hand, COVID-19 can negatively impact the cardiovascular system and lead to abnormal ECG findings. For instance, according to the report titled 'Electrocardiographic manifestations of COVID-19' published in March 2021, COVID-19 can negatively impact the cardiovascular system and lead to abnormal ECG findings, which may be due to cytokine storm, hypoxic injury, electrolyte abnormalities, plaque rupture, coronary spasm, microthrombi, as well as direct endothelial or myocardial injury. This increase in the cases of cardiovascular complications due to COVID-19 may increase the diagnostic testing with ECG, which helps in the increased usage of ECG and augment the growth of the ECG market. However, the benefits of ECG help in the growth of the market during the pandemic. For instance, according to the study titled 'Electrocardiographic Changes in COVID-19 Patients: A Hospital-based Descriptive Study' published in January 2022, Patients with COVID-19 showed anomalies in their ECGs including ischemia alterations, rate, rhythm, and conduction problems. ECG is a straightforward, noninvasive test that can be used at the bedside to aid in the early diagnosis and management of cardiac damage in the face of the COVID-19 pandemic and limited healthcare resources. These advantages and easy access to ECG in hospitals and emergency care during COVID-19 showed a significant impact on the growth of the ECG market in the COVID-19 pandemic.

The market is expected to grow due to the increasing cases of cardiovascular diseases and the rising aging population. The increase in the incidence and prevalence of cardiovascular diseases across different age groups is primarily due to stressful work conditions, sedentary lifestyles, growing consumption of tobacco, alcohol, and substance abuse, and the growing geriatric population, and these factors are anticipated to have a positive impact on the growth of the ECG market during the forecast period of the study. According to the research study titled 'Global epidemiology of atrial fibrillation: An increasing epidemic and public health challenge' published in January 2020, the most common cardiac arrhythmia is atrial fibrillation, which is a major risk factor for ischemic stroke and causes an enormous economic burden as well as morbidity and mortality. Further, as per the same source, it is estimated that atrial fibrillation would affect 6-12 million people in the United States by 2050, while it will affect 17.9 million people by 2060. This data shows a significant prevalence of atrial fibrillation which can be diagnosed using ECG. Thus, the ECG market is anticipated to have a significant impact on the forecast period.

Another growth-driven factor is increased usage of remote monitoring devices and rapid technology advancements. For instance, in September 2020, the United States Food and Drug Administration (FDA) approved Samsung's electrocardiogram (ECG) monitoring app, when connected to a compatible Galaxy watch, the ECG monitor in the watch monitors a user's heart rhythm and scan for signs of irregularities or indications of atrial fibrillation (AFib). Furthermore, in a study titled 'A Study on Arrhythmia via ECG Signal Classification Using the Convolutional Neural Network', published in January 2021, machine learning and deep learning network have also been commonly used in the assisted diagnosis of heart disease based on ECG signals. These advanced methods in the ECG are expected to complement the growth of the market over the forecast period.

However, the expensive instrumentation and maintenance, along with complex reimbursement policies act as the factors restraining the growth of the ECG market.

Electrocardiograph (ECG) Market Trends

This section covers the major market trends shaping the Electrocardiograph (ECG) Market according to our research experts:

Holter ECG Systems will Continue to Demonstrate Strong Growth in the Market During the Forecast Period

On the diagnostic and monitoring front, a new generation of portable and compact Holter ECGs is driving its greater adoption, especially in the home healthcare segment. The Holter ECG system is a type of portable electrocardiogram (ECG). It records the electrical activity of the heart continuously over 24 hours or longer. The advantages of the Holter ECG and its accessibility of it make the segment dominant. For instance, the report titled 'A low-cost Holter monitor design equipped with external memory and Bluetooth connection' published in May 2020, stated that the newly developed ECG Holter is portable in dimension and low cost to be fabricated for mass production to help people with heart disease. The design was also equipped with a Bluetooth transmitter to transmit the data to the computer. These new advancements and easy accessibility make the Holter ECG system more dominant in the forecast period.

Additionally, the collaborations between the companies that manufacture the Holter ECG devices will augment the growth of this segment. For instance, in September 2021, Astellas Pharma, Nitto Denko Corporation, and M. Heart Co., Ltd concluded a memorandum of understanding concerning an ECG testing service. Based on this memorandum of understanding, Astellas, Nitto, and M. Heart will continue to look into Nitto developing and manufacturing the 'EG Holter' a novel disposable Holter ECG device.

With the rapid pace of technological advancements in Holter ECG and companies' collaboration, the future of the Holter ECG segment looks promising, which ultimately help in the growth of the electrocardiograph (ECG) market in the forecast period.

Electrocardiograph (ECG) Market: Incidence and Prevalence of all Stroke Types Combined (All Ages And Both Sexes) (million), Global, 2021

North America to Dominate the Growth of the Electrocardiograph (ECG) Market During the Forecast Period

North America holds the leading position in the electrocardiograph (ECG) market. The rising focus on patient care and needs, supported by the well-developed infrastructure, technologically advanced healthcare system, and the increasing burden of cardiovascular diseases in the United States are expected to drive the growth of the electrocardiograph (ECG) market in the United States. According to the report titled "The number of older people will hit the US economy 'like a' brick '- US trade secretary", published in April 2021, about 16.5% of the United States population, or 54 million, were over the age of 65 by 2020. As the number of old age population increases, the incidence of cardiovascular diseases is high and there is a continuous need for the proper detection and diagnosis of cardiac diseases, hence is expected to show growth of ECG over the forecast period. Additionally, as per the 2022 American College of Cardiology Foundation, the prevalence of valvular heart diseases (VHD) is rising in the United States, with more than 5 million Americans diagnosed each year, while up to 1.5 million people suffer from aortic stenosis (AS) in the United States. Thus, an increase in the prevalence of cardiac diseases will augment the growth of the ECG market in North America.

Additionally, a few of the key market players in the country are developing novel products and technologies to compete with the existing products, while others are acquiring and partnering with other companies trending in the market. For instance, in June 2022, the United States Food and Drug Administration registered Qpatch, an ECG wearable unit developed by experts from Medicalgorithmics. As per the company, Qpatch is a wearable device for measuring individual ECG signals to obtain an accurate cardiac arrhythmia diagnosis. Also, in December 2021, Implicity received FDA clearance for a novel medical algorithm that analyses ECG data from Implantable Loop Recorders (ILRs).

Therefore, due to the above-mentioned factors, the electrocardiograph (ECG) market is expected to grow in the United States over the forecast period of the study.

Electrocardiograph (ECG) Market - Growth Rate By Region

Electrocardiograph (ECG) Industry Overview

The electrocardiograph (ECG) market is fragmented in nature due to the presence of several companies operating globally. The major players include General Electric Company, Koninklijke Philips N.V., NIHON KOHDEN CORPORATION, Schiller AG, Spacelabs Healthcare, AliveCor, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Hill-Rom Services, Inc., BPL Medical Technologies, ACS Diagnostics, and Allengers.

Electrocardiograph (ECG) Market Leaders

  1. GE Healthcare

  2. Philips Healthcare

  3. NIHON KOHDEN CORPORATION

  4. Schiller AG

  5. Shenzhen Mindray Bio-Medical Electronics Co., Ltd

*Disclaimer: Major Players sorted in no particular order

Electrocardiograph (ECG) Market Concentration
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Electrocardiograph (ECG) Market News

  • In February 2022, AliveCor launched the KardiaMobile Card, the slimmest, most convenient personal ECG device in the United States. It is the only personal ECG slim enough to fit in a wallet for instant feedback on heart health anytime, anywhere.
  • In January 2022, Philips introduced the industry's first full-service, at-home, 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials.

Electrocardiograph (ECG) Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Cases of Cardiovascular Diseases

      2. 4.2.2 Rising Aging Population Has High Risk of Cardiac Disease

      3. 4.2.3 Increasing Usage of Remote Monitoring Device

      4. 4.2.4 Rapid Technological Advancements

    3. 4.3 Market Restraints

      1. 4.3.1 Expensive Instrument and Maintenance

      2. 4.3.2 Complex Reimbursement Policies

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 5.1 By Product

      1. 5.1.1 Rest ECG Systems

      2. 5.1.2 Stress ECG Systems

      3. 5.1.3 Holter ECG Systems

      4. 5.1.4 Event Recorders

      5. 5.1.5 Others

    2. 5.2 By Technology

      1. 5.2.1 Portable ECG Systems

      2. 5.2.2 Wireless ECG Systems

    3. 5.3 By Lead Type

      1. 5.3.1 Single Lead ECG

      2. 5.3.2 3-6 Lead ECG

      3. 5.3.3 12 Lead ECG

    4. 5.4 By End Users

      1. 5.4.1 Home-Based Users

      2. 5.4.2 Hospitals

      3. 5.4.3 Other End Users

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Mexico

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Italy

        5. 5.5.2.5 Spain

        6. 5.5.2.6 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Australia

        5. 5.5.3.5 South Korea

        6. 5.5.3.6 Rest of Asia-Pacific

      4. 5.5.4 Middle East and Africa

        1. 5.5.4.1 GCC

        2. 5.5.4.2 South Africa

        3. 5.5.4.3 Rest of Middle East and Africa

      5. 5.5.5 South America

        1. 5.5.5.1 Brazil

        2. 5.5.5.2 Argentina

        3. 5.5.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 General Electric Company

      2. 6.1.2 Koninklijke Philips N.V.

      3. 6.1.3 NIHON KOHDEN CORPORATION

      4. 6.1.4 Schiller AG

      5. 6.1.5 Spacelabs Healthcare

      6. 6.1.6 AliveCor, Inc.

      7. 6.1.7 Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

      8. 6.1.8 Hill-Rom Services, Inc.

      9. 6.1.9 BPL Medical Technologies

      10. 6.1.10 ACS Diagnostics

      11. 6.1.11 Allengers

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments
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Electrocardiograph (ECG) Industry Segmentation

As per the scope of the report, an electrocardiograph (ECG) is one of the simplest and fastest tests used to evaluate the heart. Electrodes (small, plastic patches that stick to the skin) are placed at certain spots on the chest, arms, and legs. These electrodes are connected to an ECG machine by lead wires. The electrical activity of the heart is then measured, interpreted, and printed out. The Electrocardiograph (ECG) Market is segmented by Product (Rest ECG Systems, Stress ECG Systems, Holter ECG Systems, Event Recorders, and Others), Technology (Portable ECG Systems and Wireless ECG Systems), Lead Type (Single Lead ECG, 3-6 Lead ECG, and 12 Lead), End User (Home-Based Users, Hospitals, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Product
Rest ECG Systems
Stress ECG Systems
Holter ECG Systems
Event Recorders
Others
By Technology
Portable ECG Systems
Wireless ECG Systems
By Lead Type
Single Lead ECG
3-6 Lead ECG
12 Lead ECG
By End Users
Home-Based Users
Hospitals
Other End Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Electrocardiograph (ECG) Market Research FAQs

The Electrocardiograph (ECG) Market size is expected to reach USD 6.24 billion in 2024 and grow at a CAGR of 3.72% to reach USD 7.50 billion by 2029.

In 2024, the Electrocardiograph (ECG) Market size is expected to reach USD 6.24 billion.

GE Healthcare, Philips Healthcare, NIHON KOHDEN CORPORATION, Schiller AG and Shenzhen Mindray Bio-Medical Electronics Co., Ltd are the major companies operating in the Electrocardiograph (ECG) Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Electrocardiograph (ECG) Market.

In 2023, the Electrocardiograph (ECG) Market size was estimated at USD 6.02 billion. The report covers the Electrocardiograph (ECG) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electrocardiograph (ECG) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

ECG Industry Report

Statistics for the 2024 ECG market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ECG analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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ECG Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)