Electrocardiograph (ECG) Market Size

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.