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The global diagnostic electrocardiograph market is poised for significant growth, projecting a robust Compound Annual Growth Rate (CAGR) of 5.59%. In 2021, the market was valued at $5.40 billion, and it is anticipated to reach $8.80 billion by 2030, according to Research Layer. North America leads the market with a substantial revenue share of 38.77%. Diagnostic electrocardiographs play a pivotal role in non-invasive and painless diagnosis of common heart problems, with electrocardiography being the most frequently performed diagnostic procedure.
The primary driving force behind the market's growth is the prevalence of cardiac illnesses globally. Cardiovascular diseases contribute significantly to global mortality, with approximately 18 million deaths annually, accounting for 31% of global fatalities, as reported by the World Health Organization (WHO). The high accuracy of electrocardiographs, at 88%, in measuring cardiac rhythm, as highlighted by the American Heart Association, further fuels the demand for these diagnostic devices.
The high costs associated with diagnostic electrocardiographs pose a challenge, particularly in emerging nations. Clinicians in these regions often resort to using older ECG machines due to financial constraints and a lack of technical skills, hindering the expansion of the market.
Advancements in technology and increased access to innovative treatment procedures present opportunities for growth in the electrocardiograph industry. The introduction of technologies like Exercise Testing systems and cardio data management can enhance the diagnosis and treatment of arrhythmia, coronary artery disease, and cardiomyopathy. Furthermore, the advent of mobile ECG devices, home ECG, and improved ECG equipment stands to benefit from these advancements.
Resting ECG Devices, Stress ECG Devices, Holter Monitors, Implantable Loop Recorders, Event Monitors, MCT Devices, Smart ECG Monitors, Software, and Service.
12-lead, 5-lead, 3-lead, 6-lead, Single-lead, Other Lead Types.
Hospitals & Clinics, Home, Ambulatory Care.
North America (United States of America, Canada)
Europe (United Kingdom, France, Spain, Italy, Russia, Germany, Rest of Europe)
Asia-Pacific (China, India, South Korea, Japan, Australia, Rest of Asia Pacific)
LAMEA (Mexico, Brazil, South Africa, Argentina, Saudi Arabia, Rest of LAMEA)
The Resting ECG Devices segment holds the highest market share at 64.1%, experiencing rapid growth at a CAGR of 5.41%.
Holter Monitors are expected to witness the fastest growth, attributed to their extensive use in detecting cardiovascular diseases.
The 3-6 Lead segment dominates the market due to its frequent use in cardiac diagnostic examinations.
Hospitals and Clinics represent the largest market share, driven by the increasing number of individuals seeking cardiovascular disease diagnosis and treatment in these facilities.
North America currently dominates the market, holding a 38.77% share, driven by the region's high frequency of cardiovascular disorders.
The Asia-Pacific region is expected to exhibit the fastest CAGR of 6.81%, fueled by an expanding population and an increase in chronic illnesses.
The market is expected to reach $8.80 billion by 2030, with a CAGR of approximately 5.59%.
The market is highly fragmented, with key competitors engaging in partnerships, mergers, and acquisitions. Major players include GE Healthcare, Nihon Kohden Corporation, Koninklijke Philips NV, Medtronic, Hill-Rom Holdings, SCHILLER, BPL Medical Technologies, ACS Diagnostics, BTL, Ambu A/S, and others.
GE Healthcare partnered with AliveCor to enhance patient data quality and integration.
Koninklijke Philips introduced a 12-lead ECG integrated solution for decentralized clinical trials.
Baxter International acquired Hillrom for $12.5 billion.
Medtronic received FDA clearance for AccuRhythm™ AI Algorithms with LINQ II™ insertable cardiac monitor.
Philips NV acquired BioTelemetry, Inc.
The diagnostic electrocardiograph market is on a trajectory of substantial growth, driven by the increasing prevalence of cardiovascular diseases globally. Technological advancements and strategic collaborations are key factors influencing the industry's expansion. While North America currently dominates the market, the Asia-Pacific region is anticipated to exhibit the highest growth rate. The market's competitive landscape is characterized by key players focusing on innovation and strategic alliances to strengthen their market presence.
the market was valued at $5.40 billion, and it is anticipated to reach $8.80 billion by 2030
The global market is projected to grow at a CAGR of 5.59% during the forecast period, 2023-2032.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65508
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