Diagnostic Electrocardiograph (ECG) Market in terms of revenue was estimated to be worth $8.1 billion in 2023 and is poised to reach $11.3 billion by 2028, growing at a CAGR of 6.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. Increasing incidence of cardiovascular and lifestyle diseases, growing demand for the early and continuous diagnosis, rising aging population with heart conditions and technological advancements in wearable ECG devices are expected to support the diagnostic ECG market growth.
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Diagnostic ECG devices segment is expected to account for the largest share in 2022.
Based on product type, the diagnostic ECG market is segmented into devices and software and services. The devices segment accounted for the largest share of diagnostic ECG market in 2022 owing to the increasing application of diagnostic ECG devices in the management of cardiovascular disease and growing presence of wide range of cost-effective ECG devices in the market
The 12-lead segment held the largest market share in the Diagnostic Electrocardiogram (ECG) market.
Based on lead type, the diagnostic electrocardiogram (ECG) market is segmented into patch type 12-lead, 5-lead, 3-lead, 6-lead, single lead, and other lead types (such as 13 lead, 18- lead). In 2022, the 12-lead segment accounted for the largest share of the diagnostic ECG attributed to clarity obtained by using 12 lead providing detailed outlook, making the interpretation of cardiac activity easier.
The hospitals, clinics, and Cardiac Centers segment dominated the Diagnostic Electrocardiogram (ECG) market in 2022.
Based on end user, the diagnostic electrocardiogram (ECG) market is segmented into hospitals, clinics, and Cardiac Centers, ambulatory surgical centers, and other end users. The hospitals, clinics, and Cardiac Centers segment accounted for the largest share of the global market in 2022 attributed to the growing incidence of cardiovascular diseases, rising number of hospitals & cardiac centers, and increase in the patient visits to physician offices for the diagnosis of CVDs.
North America dominates the global Diagnostic Electrocardiogram (ECG) market
Based on the region segmentation, the Diagnostic Electrocardiogram (ECG) market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America holds the largest share and expects to dominate the Diagnostic Electrocardiogram (ECG) market. The large share of the North American market can be attributed to the increasing healthcare spending, rising incidence of CVD, and rapid adoption of technologically advanced ECG devices in the region.
The Asia Pacific is estimated to be the fastest-growing regional market for Diagnostic Electrocardiogram (ECG) products during the forecast period. The high growth in this market can be attributed to the rising proportion of population with cardiovascular diseases, rapid adoption of sedentary lifestyle, growth in aging population, and rising healthcare infrastructure.
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Diagnostic Electrocardiograph (ECG) Market Dynamics:
Drivers:
- Increasing prevalence of lifestyle and cardiovascular disease
Restraints:
- Dearth of skilled professionals
Opportunities:
- Emerging markets to offer high-growth opportunities
Challenges:
- Stringent regulatory requirements delaying approval of cardiac devices
Key Market Players:
Major players in the Diagnostic Electrocardiogram (ECG) market include GE HealthCare (US), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), OSI Systems, Inc. (US), and Hill-Rom Holdings, Inc. (Baxter International Inc.) (US), among others
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