Market Size of Wireless ECG Devices Industry
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 1.84 Billion |
| Market Size (2029) | USD 2.27 Billion |
| CAGR (2024 - 2029) | 4.35 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Wireless ECG Devices Market Analysis
The Wireless ECG Devices Market size is estimated at USD 1.84 billion in 2024, and is expected to reach USD 2.27 billion by 2029, growing at a CAGR of 4.35% during the forecast period (2024-2029).
Over the pandemic period, COVID-19 had a significant impact on the wireless ECG device industry. As per the article published by the European Heart Journal in January 2021, home ECG monitoring with the help of smartphones in non-hospitalized COVID-19 patients was able to identify disease-related cardiac complications and the presence of ECG alterations. Moreover, the COVID-19 pandemic increased the demand for telehealth and virtual solutions due to the strict lockdown regulations imposed at the initial stages of the pandemic. Since there was limited patient access to cardiac care facilities during the pandemic, these remote monitoring systems were immensely popular across the world. Hence, COVID-19 had a significant impact on the wireless ECG device market. In addition, the demand for wireless ECG devices is expected to remain intact during the post-pandemic period.
The major factors driving the growth of the wireless ECG devices market include the growing geriatric population, the increasing incidence of cardiovascular diseases, and technological advancements in remote monitoring technologies. For instance, the British Heart Foundation (BHF) data published in January 2022 reported that in 2021, the most common heart conditions affected globally were coronary (ischemic) heart disease (global prevalence estimated at 200 million), peripheral arterial (vascular) disease (110 million), stroke (100 million), and atrial fibrillation (60 million). The report also mentioned that the prevalence of heart and circulatory diseases in North America was 46 million, in Europe it was 99 million, in Africa it was 58 million, in South America it was 32 million, and in Asia and Australia it was 310 million. Thus, the high number of cardiovascular diseases in the world's population is likely to increase the demand for wireless ECG devices because they are more accurate and easier to use. This will help the market grow.
Additionally, the report published by the UN in 2022 mentioned that the share of the global population aged 65 years or older is projected to rise from 10% in 2022 to 16% in 2050. Over the next few years, the growth of the market is also expected to be helped by the growing number of older people who are more likely to get heart diseases.
Furthermore, major players are adopting various strategies to grow their presence in the market, which may further fuel market growth. For instance, in January 2022, Philips launched the 12-lead electrocardiogram solution for use in decentralized clinical trials. The clinical-grade solution is the most advanced patient-centered ECG in the company's line of cardiac monitoring products. Its data readings are similar to those of ECGs used in clinical settings. Thus, the growth of the market is likely to be helped by the growing number of older people, the high number of people with cardiovascular diseases, and the regular release of new products by key market players.
But the growth of the market is likely to be slowed by complicated reimbursement policies for cardiovascular diseases and errors in precision reporting.
