Diagnostic Electrocardiograph (ECG) Market

Diagnostic Electrocardiograph (ECG) Market by Product (Resting ECG, Stress, Mobile Cardiac Telemetry Device, Implantable Loop Recorder) and Service, Lead Type (12-lead, 6-lead, 5- lead), End User, and Region - Global Forecast to 2028

Report Code: MD 2551 Aug, 2023, by marketsandmarkets.com

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The global diagnostic electrocardiograph 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. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Rising number of patients suffering from cardiovascular disease (CVD) and the growing demand for early diagnosis of cardiac diseases are driving the growth of this market. Moreover, the rapid rise in geriatric population diagnosed with heart diseases and technological advancements in the wearable ECG devices are anticipated to support the diagnostic ECG market growth. However, the shortage of skilled professionals to monitor diagnostic ECG reports with accuracy is likely to hamper the growth of the Diagnostic ECG market.

Attractive Opportunities in the Diagnostic ECG Market

Diagnostic Electrocardiograph (ECG) Market

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Diagnostic Electrocardiograph (ECG) Market

Diagnostic ECG Market Dynamics

DRIVER: Increasing prevalence of lifestyle and cardiovascular disease

Increasing adoption of Sedentary lifestyles has led to an increase in lifestyle diseases such as hypertension, obesity, dyslipidemia, diabetes which has increased the prevalence of cardiovascular disease (CVD) across globe. According to CDC, an estimated 12.1 million population in US are expected to have atrial fibrillation by 2030. According to the report published by World Heart Vision, with the rising the burden of CVD, it is estimated that CVD deaths is projected to from 18.9 million in 2020 to around 22.,2 million in 2030 globally. Diagnosis ECG devices enables early diagnose and provides real-time insights of heart conditions, such as arrhythmias, myocardial infarctions. The ability to monitor the CVD progression and timely diagnosis are likely to boost the adoption of diagnostic ECG devices.

RESTRAINT: Dearth of skilled professionals

In most countries, there is a shortage of physicians and healthcare professionals with the expertise and know-how to handle cardiac monitoring devices, such as diagnostic CG devices.

Globally, there is a shortage of 4.3 million physicians (Source: WHO). According to a survey on the latest business conditions conducted by the National Association for Business Economics (NABE), 35% of participants reported that there is a shortage of skilled professionals in the US. According to the Association of American Medical Colleges (AAMC), the US will face a shortage of approximately 122,000 physicians by 2032. This shortage of skilled professionals and physicians in healthcare will have an impact on the diagnostic ECG market.

OPPORTUNITY: Emerging markets to offer high-growth opportunities

Emerging countries offer significant growth opportunities for cardiac diagnostics owing to rising prevalence of cardiovascular diseases , rapid growth in aging population in the emerging countries and ongoing investments in healthcare infrastructure. Moreover, there is an increasing awareness in the emerging countries about preventive care and early diagnosis of CVD. Moreover, Countries like India, Thailand, Singapore have gained popularity as a distinguished destinations for medical tourism owing to lower treatment cost, thus increasing the influx of patients seeking advanced diagnosis and treatment. Moreover, increasing government initiative in improving the healthcare accessibility and rising partnerships & collaborations among manufactures and public & private hospitals and cardiac centers are anticipated to accelerate the demand for advanced diagnosis ECG devices

CHALLENGE: Stringent regulatory requirements delaying approval of cardiac devices

Regulatory barriers can significantly impact the approval procedure of ECG devices resulting in delayed market entry of these devices. The establishment of stringent regulatory framework, rigorous clinical trial, adherence to standard, and the need of additional scrutiny in ECG devices integrated with AI algorithms or wireless connectivity are some of the factors that may lead to delay in the approval of diagnostic ECG devices, further leading to limited timely patient care and early diagnosis of disease. . These delay can also become hinderance for manufactures to expand the diagnostic ECG devices in new market, limiting the market growth opportunity.

Diagnostic ECG Market Ecosystem

Prominent companies in this market include well-established, financially stable manufacturers of diagnostic ECG devices. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this 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).

Diagnostic Electrocardiograph (ECG) Market Ecosystem

By product type segment, the restring ECG devices to observe the highest market growth rate in the diagnostic electrocardiograph industry

Based on product type, the diagnostic electrocardiograph market is segmented into devices and software and services. The devices segment is categorized into resting ECG devices, stress ECG devices, Holter monitors, event monitors, implantable loop recorders, mobile cardiac telemetry devices, and smart ECG devices. The resting ECG devices segment captured the larger share of diagnostic ECG market in 2022. The large share of this segment is attributed to the wide applications of these devices in CVD management and the low cost of these devices. Moreover, these devices are simple, easy to use, and come with a space-efficient structure.

In 2022, 12-lead segment to dominate the Diagnostic ECG industry, by lead type

Based on lead type, the diagnostic 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. 12-lead ECG devices are chiefly used by paramedics to diagnose acute myocardial infarction (AMI) and reduce treatment time. These devices have numerous potential clinical uses and serve as the standard for the noninvasive diagnosis of arrhythmias and conduction disturbances. Moreover, the rising usage of 12-lead ECG devices hospital & pre-hospital settings are likely to support the segment growth

In 2022, hospitals, Clinics, and Cardiac Centers segment to dominate the diagnostic ECG industry

Based on end user, the diagnostic ECG market is segmented into hospitals, cardiac centers, & clinics; ambulatory surgical centers; and other end users. This is attributed to the growing burden of cardiovascular diseases, which, in turn, is increasing the need for quality cardiology care, government initiatives to strengthen hospital infrastructure, establishment of new cardiac centers, and growing patient volume undergoing cardiac testing in hospital settings.

In 2022, North America to dominate in diagnostic electrocardiograph industry

The diagnostic electrocardiogram market is segmented into North America, Europe, Asia Pacific, Latin America and Middle-East Africa. North America is expected to dominate during the forecast period, primarily due increasing prevalence of cardiovascular disease, well establish healthcare infrastructe, growing aging population, and the raoid adoption of remote monitoring devices

Diagnostic Electrocardiograph (ECG) Market by Region

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The Diagnostic ECG market is dominated by players such as 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).

Scope of the Diagnostic Electrocardiograph Industry

Report Metric

Details

Market Revenue in 2023

$8.1 billion

Estimated Value by 2028

$11.3 billion

Revenue Rate

Poised to grow at a CAGR of 6.9%

Market Driver

Increasing prevalence of lifestyle and cardiovascular disease

Market Opportunity

Emerging markets to offer high-growth opportunities

This report has segmented the global diagnostic electrocardiogram market to forecast revenue and analyze trends in each of the following submarkets:

By Product Type

  • Devices
    • Resting ECG Devices
    • Stress ECG Devices
    • Holter Monitors
    • Event Monitors
    • Implantable Loop Recorders
    • Mobile Cardiac Telemetry Devices
    • Smart ECG Devices
  • Software and Services

By Lead Type

  • 12-lead
  • 5-lead
  • 3-lead
  • 6-lead
  • Sigle lead
  • other lead types

By End User

  • Hospitals, Clinics, and Cardiac Centers
  • Ambulatory Surgical Centers
  • Other End Users

By Region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle-East Africa

Recent Developments Diagnostic ECG Industry

  • In April 2022, GE Healthcare signed an agreement with Deep Cardio to develop AI based ECG diagnostic technology and ECG data analysis program.
  • In 2021, Royal Philips (Netherlands) acquired BioTelemetry, Inc. & Capsule Technologies (US) to strengthen Philips’ cardiac care portfolio, cardiac diagnostics, and monitoring services, which are included in the Connected Care segment.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 22)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS & EXCLUSIONS
    1.3 STUDY SCOPE 
          FIGURE 1 MARKETS COVERED
           1.3.1 GEOGRAPHIC SCOPE
           1.3.2 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
    1.5 KEY MARKET STAKEHOLDERS 
    1.6 SUMMARY OF CHANGES 
    1.7 RECESSION IMPACT ON DIAGNOSTIC ECG MARKET 
 
2 RESEARCH METHODOLOGY (Page No. - 27)
    2.1 RESEARCH DATA 
          FIGURE 2 RESEARCH DESIGN
           2.1.1 SECONDARY DATA
           2.1.2 PRIMARY RESEARCH
                    2.1.2.1 Key data from primary sources
                                FIGURE 3 BREAKDOWN OF PRIMARY INTERVIEWS: SUPPLY-SIDE AND DEMAND-SIDE PARTICIPANTS
                                FIGURE 4 DIAGNOSTIC ECG MARKET: BREAKDOWN OF PRIMARIES
    2.2 MARKET SIZE ESTIMATION METHODOLOGY 
          FIGURE 5 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
           2.2.1 PRODUCT-BASED MARKET ESTIMATION
           2.2.2 END USER-BASED MARKET ESTIMATION
                    FIGURE 6 MARKET SIZE ESTIMATION: DIAGNOSTIC ECG MARKET
           2.2.3 PRIMARY RESEARCH VALIDATION
    2.3 DATA TRIANGULATION 
          FIGURE 7 DATA TRIANGULATION METHODOLOGY
    2.4 RESEARCH ASSUMPTIONS AND LIMITATIONS 
           2.4.1 RESEARCH ASSUMPTIONS
           2.4.2 RESEARCH LIMITATIONS
    2.5 RECESSION IMPACT 
          TABLE 1 GLOBAL INFLATION RATE PROJECTIONS, 2021–2027 (% GROWTH)
 
3 EXECUTIVE SUMMARY (Page No. - 37)
    FIGURE 8 DIAGNOSTIC ECG MARKET, BY PRODUCT, 2023 VS. 2028 (USD MILLION)
    FIGURE 9 DIAGNOSTIC ECG MARKET, BY LEAD TYPE, 2023 VS. 2028 (USD MILLION)
    FIGURE 10 DIAGNOSTIC ECG MARKET, BY END USER, 2023 VS. 2028 (USD MILLION)
    FIGURE 11 GEOGRAPHICAL SNAPSHOT OF DIAGNOSTIC ECG MARKET
 
4 PREMIUM INSIGHTS (Page No. - 40)
    4.1 DIAGNOSTIC ECG MARKET OVERVIEW 
          FIGURE 12 INCREASING PREVALENCE OF CVD GLOBALLY TO DRIVE MARKET GROWTH
    4.2 NORTH AMERICA: DIAGNOSTIC ECG MARKET SHARE, BY PRODUCT & COUNTRY (2022) 
          FIGURE 13 DEVICES SEGMENT ACCOUNTED FOR LARGEST SHARE OF NORTH AMERICAN DIAGNOSTIC ECG MARKET IN 2022
    4.3 DIAGNOSTIC ECG DEVICES MARKET SHARE, BY TYPE,  2023 VS. 2028 
          FIGURE 14 RESTING ECG DEVICES TO CAPTURE LARGEST SHARE OF DIAGNOSTIC ECG DEVICES MARKET IN 2022
    4.4 DIAGNOSTIC ECG MARKET, BY LEAD TYPE,  2023 VS. 2028 (USD MILLION) 
          FIGURE 15 12-LEAD ECG DEVICES SEGMENT TO CONTINUE TO DOMINATE MARKET IN 2028
    4.5 DIAGNOSTIC ECG MARKET, BY END USER,  2023 VS. 2028 (USD MILLION) 
          FIGURE 16 HOSPITALS, CLINICS, AND CARDIAC CENTERS SEGMENT TO DOMINATE MARKET IN 2028
    4.6 DIAGNOSTIC ECG MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES 
          FIGURE 17 CHINA TO REGISTER HIGHEST GROWTH IN DIAGNOSTIC ECG MARKET FROM 2023 TO 2028
 
5 MARKET OVERVIEW (Page No. - 45)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
          FIGURE 18 DIAGNOSTIC ECG MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Increasing incidence of lifestyle and cardiovascular diseases
                    5.2.1.2 Rapidly expanding global geriatric population and subsequent surge in heart conditions
                    5.2.1.3 Development of wireless monitoring and wearable cardiac devices
                    5.2.1.4 Increasing investments, funds, and grants for research on cardiac diagnosis
           5.2.2 RESTRAINTS
                    5.2.2.1 Stringent regulatory requirements delaying approval of  cardiac devices
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Emerging markets to offer high-growth opportunities
           5.2.4 CHALLENGES
                    5.2.4.1 Dearth of skilled professionals
    5.3 PRICING ANALYSIS 
          TABLE 2 AVERAGE SELLING PRICE OF DIAGNOSTIC ECG MONITORING PRODUCTS (2022)
    5.4 PATENT ANALYSIS 
          FIGURE 19 PATENT ANALYSIS FOR DIAGNOSTIC ECG MARKET
    5.5 VALUE CHAIN ANALYSIS 
          FIGURE 20 VALUE CHAIN ANALYSIS OF DIAGNOSTIC ECG MARKET: MAJOR VALUE ADDED DURING MANUFACTURING AND ASSEMBLY PHASES
    5.6 SUPPLY CHAIN ANALYSIS 
          FIGURE 21 DIAGNOSTIC ECG MARKET: SUPPLY CHAIN ANALYSIS
    5.7 ECOSYSTEM ANALYSIS 
          FIGURE 22 DIAGNOSTIC ECG MARKET: ECOSYSTEM ANALYSIS
    5.8 PORTER’S FIVE FORCES ANALYSIS 
          TABLE 3 DIAGNOSTIC ECG MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.8.1 THREAT OF NEW ENTRANTS
           5.8.2 THREAT OF SUBSTITUTES
           5.8.3 BARGAINING POWER OF BUYERS
           5.8.4 BARGAINING POWER OF SUPPLIERS
           5.8.5 INTENSITY OF COMPETITIVE RIVALRY
    5.9 REIMBURSEMENT SCENARIO 
          TABLE 4 CPT CODES FOR ECG PROCEDURES
    5.10 REGULATORY ANALYSIS 
          TABLE 5 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
          TABLE 6 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
          TABLE 7 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
          TABLE 8 LATIN AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
          TABLE 9 REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
           5.10.1 NORTH AMERICA
                    5.10.1.1 US
                    5.10.1.2 Canada
           5.10.2 EUROPE
           5.10.3 ASIA PACIFIC
                    5.10.3.1 China
                    5.10.3.2 Japan
                    5.10.3.3 India
           5.10.4 LATIN AMERICA
                    5.10.4.1 Brazil
                    5.10.4.2 Mexico
           5.10.5 MIDDLE EAST
           5.10.6 AFRICA
    5.11 TRADE ANALYSIS 
           5.11.1 TRADE ANALYSIS FOR DIAGNOSTIC ECG PRODUCTS
                     TABLE 10 IMPORT DATA FOR DIAGNOSTIC ECG PRODUCTS, BY COUNTRY,  2018–2022 (USD MILLION)
                     TABLE 11 EXPORT DATA FOR DIAGNOSTIC ECG PRODUCTS, BY COUNTRY,  2018–2022 (USD MILLION)
    5.12 TECHNOLOGY ANALYSIS 
    5.13 KEY CONFERENCES & EVENTS, 2023–2024 
           TABLE 12 DIAGNOSTIC ECG MARKET: DETAILED LIST OF CONFERENCES & EVENTS
    5.14 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 
           5.14.1 REVENUE SHIFT AND REVENUE POCKETS FOR DIAGNOSTIC ECG MONITOR MANUFACTURERS
                     FIGURE 23 REVENUE SHIFT IN DIAGNOSTIC ECG MARKET
    5.15 KEY STAKEHOLDERS & BUYING CRITERIA 
           5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS
                     FIGURE 24 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR DIAGNOSTIC ECG PRODUCTS
                     TABLE 13 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR DIAGNOSTIC ECG PRODUCTS
           5.15.2 BUYING CRITERIA
                     FIGURE 25 KEY BUYING CRITERIA FOR DIAGNOSTIC ECG PRODUCTS
                     TABLE 14 KEY BUYING CRITERIA FOR DIAGNOSTIC ECG PRODUCTS
 
6 DIAGNOSTIC ECG MARKET, BY PRODUCT (Page No. - 65)
    6.1 INTRODUCTION 
          TABLE 15 DIAGNOSTIC ECG MARKET, BY PRODUCT, 2021–2028 (USD MILLION)
    6.2 DEVICES 
          TABLE 16 DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           6.2.1 RESTING ECG DEVICES
                    6.2.1.1 Wide availability of resting ECG devices to support market growth
                                 TABLE 17 RESTING ECG DEVICES MARKET, BY REGION, 2021–2028 (USD MILLION)
           6.2.2 STRESS ECG DEVICES
                    6.2.2.1 High cost of stress ECG devices to limit adoption
                                 TABLE 18 STRESS ECG DEVICES MARKET, BY REGION, 2021–2028 (USD MILLION)
           6.2.3 HOLTER MONITORS
                    6.2.3.1 Growing demand for continuous monitoring to fuel growth
                                 TABLE 19 HOLTER MONITORS MARKET, BY REGION, 2021–2028 (USD MILLION)
           6.2.4 EVENT MONITORS
                    6.2.4.1 Increasing outsourcing of monitoring devices to propel market growth
                                 TABLE 20 EVENT MONITORS MARKET, BY REGION, 2021–2028 (USD MILLION)
           6.2.5 IMPLANTABLE LOOP RECORDERS
                    6.2.5.1 Introduction of technologically advanced implantable loop recorders to support market growth
                                 TABLE 21 IMPLANTABLE LOOP RECORDERS MARKET, BY REGION, 2021–2028 (USD MILLION)
           6.2.6 MOBILE CARDIAC TELEMETRY DEVICES
                    6.2.6.1 Increasing demand for cardiac monitoring solutions in home care settings to propel market
                                 TABLE 22 MOBILE CARDIAC TELEMETRY DEVICES MARKET, BY REGION, 2021–2028 (USD MILLION)
           6.2.7 SMART ECG MONITORS
                    6.2.7.1 Rising need to reduce treatment costs to drive adoption of smart/wearable ECG monitors
                                 TABLE 23 SMART ECG MONITORS MARKET, BY REGION, 2021–2028 (USD MILLION)
    6.3 SOFTWARE & SERVICES 
           6.3.1 SHIFT TOWARDS AI-ENABLED ECG SOFTWARE TO SUPPORT GROWTH
                    TABLE 24 DIAGNOSTIC ECG SOFTWARE & SERVICES MARKET, BY REGION,  2021–2028 (USD MILLION)
 
7 DIAGNOSTIC ECG MARKET, BY LEAD TYPE (Page No. - 75)
    7.1 INTRODUCTION 
          TABLE 25 DIAGNOSTIC ECG MARKET, BY LEAD TYPE, 2021–2028(USD MILLION)
    7.2 12-LEAD ECG DEVICES 
           7.2.1 GROWING USE IN PRE-HOSPITAL AND CLINIC SETTINGS TO DRIVE MARKET GROWTH
                    TABLE 26 12-LEAD ECG DEVICES MARKET, BY REGION, 2021–2028(USD MILLION)
    7.3 5-LEAD ECG DEVICES 
           7.3.1 GROWING IMPORTANCE OF PATIENT MONITORING TO BOOST ADOPTION
                    TABLE 27 5-LEAD ECG DEVICES MARKET, BY REGION, 2021–2028(USD MILLION)
    7.4 3-LEAD ECG DEVICES 
           7.4.1 ABILITY TO MEET NEEDS OF MULTIPLE DIAGNOSTIC TESTS SIMULTANEOUSLY TO SUPPORT MARKET
                    TABLE 28 3-LEAD ECG DEVICES MARKET, BY REGION, 2021–2028(USD MILLION)
    7.5 6-LEAD ECG DEVICES 
           7.5.1 GROWING USE OF 6-LEAD ECG DEVICES IN REMOTE PATIENT MONITORING TO FAVOR MARKET GROWTH
                    TABLE 29 6-LEAD ECG DEVICES MARKET, BY REGION, 2021–2028(USD MILLION)
    7.6 SINGLE-LEAD ECG DEVICES 
           7.6.1 EASE OF USE FOR DIAGNOSIS AND QUICK RESULTS TO INCREASE USE OF SINGLE-LEAD ECG DEVICES
                    TABLE 30 SINGLE-LEAD ECG DEVICES MARKET, BY REGION, 2021–2028(USD MILLION)
    7.7 OTHER ECG LEAD DEVICES 
          TABLE 31 OTHER ECG LEAD DEVICES MARKET, BY REGION, 2021–2028(USD MILLION)
 
8 DIAGNOSTIC ECG MARKET, BY END USER (Page No. - 81)
    8.1 INTRODUCTION 
          TABLE 32 DIAGNOSTIC ECG MARKET, BY END USER, 2021–2028 (USD MILLION)
    8.2 HOSPITALS, CLINICS, AND CARDIAC CENTERS 
           8.2.1 INCREASING UTILIZATION OF ECG DEVICES IN HOSPITALS & CARDIAC CENTERS TO ACCELERATE MARKET GROWTH
                    TABLE 33 DIAGNOSTIC ECG MARKET FOR HOSPITALS, CLINICS, AND CARDIAC CENTERS,  BY REGION, 2021–2028 (USD MILLION)
    8.3 AMBULATORY SURGERY CENTERS 
           8.3.1 GROWING ADOPTION OF OUTPATIENT SURGERIES TO SUPPORT GROWTH
                    TABLE 34 DIAGNOSTIC ECG MARKET FOR AMBULATORY SURGERY CENTERS, BY REGION,  2021–2028 (USD MILLION)
    8.4 OTHER END USERS 
          TABLE 35 DIAGNOSTIC ECG MARKET FOR OTHER END USERS, BY REGION,  2021–2028 (USD MILLION)
 
9 DIAGNOSTIC ECG MARKET, BY REGION (Page No. - 86)
    9.1 INTRODUCTION 
          TABLE 36 DIAGNOSTIC ECG MARKET, BY REGION, 2021–2028 (USD MILLION)
    9.2 NORTH AMERICA 
          FIGURE 26 NORTH AMERICA: DIAGNOSTIC ECG MARKET SNAPSHOT
          TABLE 37 NORTH AMERICA: DIAGNOSTIC ECG MARKET, BY COUNTRY, 2021–2028 (USD MILLION)
          TABLE 38 NORTH AMERICA: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE,  2021–2028 (USD MILLION)
          TABLE 39 NORTH AMERICA: DIAGNOSTIC ECG MARKET, BY LEAD TYPE, 2021–2028 (USD MILLION)
          TABLE 40 NORTH AMERICA: DIAGNOSTIC ECG MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.2.1 NORTH AMERICA: RECESSION IMPACT
           9.2.2 US
                    9.2.2.1 Growing number of FDA approvals for ECG devices to support market growth
                                 TABLE 41 US: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.2.3 CANADA
                    9.2.3.1 Growing focus of government and private organizations on providing funding for research to drive market growth
                                 TABLE 42 CANADA: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
    9.3 EUROPE 
          TABLE 43 EUROPE: DIAGNOSTIC ECG MARKET, BY COUNTRY, 2021–2028 (USD MILLION)
          TABLE 44 EUROPE: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
          TABLE 45 EUROPE: DIAGNOSTIC ECG MARKET, BY LEAD TYPE, 2021–2028 (USD MILLION)
          TABLE 46 EUROPE: DIAGNOSTIC ECG MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.3.1 EUROPE: RECESSION IMPACT
           9.3.2 GERMANY
                    9.3.2.1 Germany to dominate diagnostic ECG market in Europe during forecast period
                                TABLE 47 GERMANY: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.3.3 FRANCE
                    9.3.3.1 Rising prevalence of heart failure to drive adoption of diagnostic ECG devices
                                TABLE 48 FRANCE: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.3.4 UK
                    9.3.4.1 Rising demand for home-based smart ECG devices to support market growth.
                                TABLE 49 UK: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.3.5 ITALY
                    9.3.5.1 Rising incidence of heart diseases to increase use of diagnostic ECG devices
                                TABLE 50 ITALY: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE,  2021–2028 (USD MILLION)
           9.3.6 SPAIN
                    9.3.6.1 Rising geriatric population to support market growth in Spain
                                TABLE 51 SPAIN: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.3.7 REST OF EUROPE
                    TABLE 52 REST OF EUROPE: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE,  2021–2028 (USD MILLION)
    9.4 ASIA PACIFIC 
          FIGURE 27 ASIA PACIFIC: DIAGNOSTIC ECG MARKET SNAPSHOT
          TABLE 53 ASIA PACIFIC: DIAGNOSTIC ECG MARKET, BY COUNTRY, 2021–2028 (USD MILLION)
          TABLE 54 ASIA PACIFIC: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
          TABLE 55 ASIA PACIFIC: DIAGNOSTIC ECG MARKET, BY LEAD TYPE,  2021–2028 (USD MILLION)
          TABLE 56 ASIA PACIFIC: DIAGNOSTIC ECG MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.4.1 ASIA PACIFIC: RECESSION IMPACT
           9.4.2 JAPAN
                    9.4.2.1 High healthcare expenditure and favorable reimbursement and insurance coverage to support market growth in Japan
                                TABLE 57 JAPAN: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.4.3 CHINA
                    9.4.3.1 Government support for infrastructural improvement to drive market growth
                                TABLE 58 CHINA: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.4.4 INDIA
                    9.4.4.1 Government initiatives to propel market growth
                                TABLE 59 INDIA: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.4.5 AUSTRALIA
                    9.4.5.1 Growing adoption of telemedicine and remote patient monitoring to boost market
                                TABLE 60 AUSTRALIA: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.4.6 SOUTH KOREA
                    9.4.6.1 Rising geriatric population to propel market growth
                                TABLE 61 SOUTH KOREA: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.4.7 REST OF ASIA PACIFIC
                    TABLE 62 REST OF ASIA PACIFIC: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE,  2021–2028 (USD MILLION)
    9.5 LATIN AMERICA 
          TABLE 63 LATIN AMERICA: DIAGNOSTIC ECG MARKET, BY COUNTRY, 2021–2028 (USD MILLION)
          TABLE 64 LATIN AMERICA: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE,  2021–2028 (USD MILLION)
          TABLE 65 LATIN AMERICA: DIAGNOSTIC ECG MARKET, BY LEAD TYPE, 2021–2028 (USD MILLION)
          TABLE 66 LATIN AMERICA: DIAGNOSTIC ECG MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.5.1 LATIN AMERICA: RECESSION IMPACT
           9.5.2 BRAZIL
                    9.5.2.1 Improving access to diagnostic services to drive growth
                                TABLE 67 BRAZIL: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.5.3 MEXICO
                    9.5.3.1 Government support for infrastructural improvement to drive market growth
                                TABLE 68 MEXICO: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE, 2021–2028 (USD MILLION)
           9.5.4 REST OF LATIN AMERICA
                    TABLE 69 REST OF LATIN AMERICA: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE,  2021–2028 (USD MILLION)
    9.6 MIDDLE EAST & AFRICA 
           9.6.1 GROWING MEDICAL COVERAGE IN REGION TO SUPPORT GROWTH
                    TABLE 70 MIDDLE EAST & AFRICA: DIAGNOSTIC ECG DEVICES MARKET, BY TYPE,  2021–2028 (USD MILLION)
                    TABLE 71 MIDDLE EAST & AFRICA: DIAGNOSTIC ECG MARKET, BY LEAD TYPE,  2021–2028 (USD MILLION)
                    TABLE 72 MIDDLE EAST & AFRICA: DIAGNOSTIC ECG MARKET, BY END USER,  2021–2028 (USD MILLION)
           9.6.2 MIDDLE EAST & AFRICA: RECESSION IMPACT
 
10 COMPETITIVE LANDSCAPE (Page No. - 117)
     10.1 OVERVIEW 
     10.2 STRATEGIES ADOPTED BY KEY PLAYERS 
             FIGURE 28 KEY DEVELOPMENTS IN DIAGNOSTIC ECG MARKET (2020–2023)
     10.3 REVENUE SHARE ANALYSIS 
             FIGURE 29 REVENUE SHARE ANALYSIS OF TOP FIVE PLAYERS (2019–2022)
     10.4 MARKET SHARE ANALYSIS 
             FIGURE 30 DIAGNOSTIC ECG MARKET SHARE ANALYSIS, BY KEY PLAYER, 2022
     10.5 COMPANY EVALUATION MATRIX FOR KEY PLAYERS 
             10.5.1 STARS
             10.5.2 PERVASIVE PLAYERS
             10.5.3 EMERGING LEADERS
             10.5.4 PARTICIPANTS
                        FIGURE 31 DIAGNOSTIC ECG MARKET: COMPANY EVALUATION MATRIX FOR KEY PLAYERS, 2022
     10.6 COMPANY EVALUATION MATRIX FOR START-UPS/SMES 
             10.6.1 PROGRESSIVE COMPANIES
             10.6.2 DYNAMIC COMPANIES
             10.6.3 RESPONSIVE COMPANIES
             10.6.4 STARTING BLOCKS
                        FIGURE 32 DIAGNOSTIC ECG MARKET: COMPANY EVALUATION MATRIX FOR START-UPS/SMES, 2022
     10.7 COMPETITIVE BENCHMARKING 
             10.7.1 OVERALL COMPANY FOOTPRINT
                        TABLE 73 OVERALL FOOTPRINT ANALYSIS: DIAGNOSTIC ECG MARKET
             10.7.2 COMPANY PRODUCT FOOTPRINT
                        TABLE 74 PRODUCT FOOTPRINT ANALYSIS: DIAGNOSTIC ECG MARKET
             10.7.3 COMPANY REGIONAL FOOTPRINT
                        TABLE 75 REGIONAL FOOTPRINT ANALYSIS: DIAGNOSTIC ECG MARKET
     10.8 COMPETITIVE SCENARIO (2020–2023) 
             10.8.1 PRODUCT LAUNCHES & APPROVALS
                        TABLE 76 DIAGNOSTIC ECG MARKET: KEY PRODUCT LAUNCHES & APPROVALS (JANUARY 2020–AUGUST 2023)
             10.8.2 DEALS
                        TABLE 77 DIAGNOSTIC ECG MARKET: KEY DEALS (JANUARY 2020–AUGUST 2023)
             10.8.3 OTHER DEVELOPMENTS
                        TABLE 78 DIAGNOSTIC ECG MARKET: OTHER DEVELOPMENTS (JANUARY 2020–AUGUST 2023)
 
11 COMPANY PROFILES (Page No. - 128)
     11.1 KEY PLAYERS 
(Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
             11.1.1 GE HEALTHCARE
                        TABLE 79 GE HEALTHCARE: COMPANY OVERVIEW
                        FIGURE 33 GE HEALTHCARE: COMPANY SNAPSHOT (2022)
             11.1.2 KONINKLIJKE PHILIPS N.V.
                        TABLE 80 KONINKLIJKE PHILIPS N.V.: COMPANY OVERVIEW
                        FIGURE 34 KONINKLIJKE PHILIPS N.V.: COMPANY SNAPSHOT (2022)
             11.1.3 HILL-ROM HOLDINGS, INC. (BAXTER INTERNATIONAL INC.)
                        TABLE 81 HILL-ROM HOLDINGS, INC.: COMPANY OVERVIEW
                        FIGURE 35 HILL-ROM HOLDINGS, INC.: COMPANY SNAPSHOT (2022)
             11.1.4 FUKUDA DENSHI
                        TABLE 82 FUKUDA DENSHI: BUSINESS OVERVIEW
                        FIGURE 36 FUKUDA DENSHI: COMPANY SNAPSHOT (2022)
             11.1.5 MINDRAY MEDICAL INTERNATIONAL LIMITED
                        TABLE 83 MINDRAY MEDICAL INTERNATIONAL LIMITED: BUSINESS OVERVIEW
                        FIGURE 37 MINDRAY MEDICAL INTERNATIONAL LIMITED: COMPANY SNAPSHOT (2021)
             11.1.6 NIHON KOHDEN CORPORATION
                        TABLE 84 NIHON KOHDEN CORPORATION: COMPANY OVERVIEW
                        FIGURE 38 NIHON KOHDEN CORPORATION: COMPANY SNAPSHOT (2022)
             11.1.7 OSI SYSTEMS, INC.
                        TABLE 85 OSI SYSTEMS, INC: BUSINESS OVERVIEW
                        FIGURE 39 OSI SYSTEMS, INC.: COMPANY SNAPSHOT (2022)
             11.1.8 BPL MEDICAL TECHNOLOGIES
                        TABLE 86 BPL MEDICAL TECHNOLOGIES: BUSINESS OVERVIEW
             11.1.9 SCHILLER AG
                        TABLE 87 SCHILLER AG: BUSINESS OVERVIEW
             11.1.10 BITTIUM
                        TABLE 88 BITTIUM: BUSINESS OVERVIEW
                        FIGURE 40 BITTIUM: COMPANY SNAPSHOT (2022)
             11.1.11 ACS DIAGNOSTICS
                        TABLE 89 ACS DIAGNOSTICS: BUSINESS OVERVIEW
             11.1.12 ALLENGERS MEDICAL SYSTEMS LTD.
                        TABLE 90 ALLENGERS MEDICAL SYSTEMS LTD: BUSINESS OVERVIEW
             11.1.13 BIONET
                        TABLE 91 BIONET: BUSINESS OVERVIEW
             11.1.14 CARDIAC INSIGHT, INC.
                        TABLE 92 CARDIAC INSIGHT, INC.: BUSINESS OVERVIEW
             11.1.15 BTL
                        TABLE 93 BTL: BUSINESS OVERVIEW
     11.2 OTHER PLAYERS 
             11.2.1 MEDITECH EQUIPMENT CO. LTD.
             11.2.2 MIDMARK CORPORATION
             11.2.3 ALIVECOR, INC.
             11.2.4 VITALCONNECT
             11.2.5 IRHYTHM TECHNOLOGIES, INC.
             11.2.6 BORSAM BIOMEDICAL INSTRUMENTS CO., LTD.
             11.2.7 NASIFF ASSOCIATES, INC.
             11.2.8 VECTRACOR
             11.2.9 BIOMEDICAL INSTRUMENTS CO. LTD.
             11.2.10 LIFESIGNALS, INC.
 
*Details on Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
 
12 APPENDIX (Page No. - 171)
     12.1 DISCUSSION GUIDE 
     12.2 KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL 
     12.3 CUSTOMIZATION OPTIONS 
     12.4 RELATED REPORTS 
     12.5 AUTHOR DETAILS 

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.

Secondary Research

The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the diagnostic electrocardiogram (ECG) market. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the diagnostic electrocardiogram (ECG) market. The primary sources from the demand side include medical OEMs,  CDMOs, and service providers, among others. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends & key market dynamics.

A breakdown of the primary respondents is provided below:

Diagnostic Electrocardiograph (ECG) Market Size, and Share

*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.

Note: Companies are classified into tiers based on their total revenue. As of 2022, Tier 1 = >USD 10.00 billion, Tier 2 = USD 1.00 billion to USD 10.00 billion, and Tier 3 = <USD 1.00 billion.

To know about the assumptions considered for the study, download the pdf brochure

Market Estimation Methodology

In this report, the global diagnostic electrocardiogram (ECG) market size was arrived at by using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the diagnostic electrocardiogram (ECG) business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and key marketing executives.

To calculate the global market value, segmental revenues were calculated based on the revenue mapping of major solution/service providers. This process involved the following steps:

  • Generating a list of major global players operating in the diagnostic electrocardiogram (ECG) market
  • Mapping annual revenues generated by major global players from the diagnostic electrocardiogram (ECG) segment (or nearest reported business unit/product category)
  • Revenue mapping of key players to cover a major share of the global market as of 2022
  • Extrapolating the global value of the diagnostic electrocardiogram (ECG) industry

Diagnostic Electrocardiograph (ECG) Market Size, and Share

Data Triangulation

After arriving at the overall market size from the market size estimation process explained above, the global diagnostic electrocardiogram (ECG) market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the diagnostic electrocardiogram (ECG) market was validated using both top-down and bottom-up approaches.

Market Definition

Diagnostic Electrocardiographs (ECG) are used for the detection of electrical signals that are associated with cardiac activities to produce a graphic record of the time versus voltage. These  ECG devices are equipped with software that analyze the ECG graph to determine the heart rhythm. Different typed of ECG devices namely, Holter monitors, resting ECG systems, stress ECG systems, implantable loop recorders (ILRs), event monitors, mobile cardiac telemetry (MCT) devices, smart ECG monitors  are  used by healthcare professional to monitor & diagnosis cardiac conditions, further guiding medical decisions

Key Market Stakeholders

  • Diagnostic ECG devices and software manufacturers  
  • Distributors, suppliers, and commercial service providers
  • Healthcare service providers
  • Clinical research organizations (CROs)
  • Ambulatory Surgical Centers
  • Medical research laboratories
  • Cardiac  centers
  • Academic medical centers and universities
  • Market research and consulting firms
  • Finance/Procurement Department
  • Senior Management

Objectives of the Study

  • To define, describe, and forecast the diagnostic electrocardiogram (ECG) market on the basis of product type, lead type, , end user, and region
  • To provide detailed information regarding the major factors influencing the growth potential of the global diagnostic electrocardiogram (ECG) market (drivers, restraints, opportunities, challenges, and trends).
  • To analyze the micro markets with respect to individual growth trends, future prospects, and contributions to the global diagnostic electrocardiogram (ECG) market.
  • To analyze key growth opportunities in the global diagnostic electrocardiogram (ECG) market for key stakeholders and provide details of the competitive landscape for market leaders.
  • To forecast the size of market segments and/or subsegments with respect to four major regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Italy, Spain, and the RoE), Asia Pacific (Japan, China, India, Australia, South Korea, ASEAN region and the RoAPAC), and Rest of the world.
  • To profile the key players in the global diagnostic electrocardiogram (ECG) market and comprehensively analyze their market shares and core competencies.
  • To track and analyze the competitive developments undertaken in the global diagnostic electrocardiogram (ECG) market, such as product launches, agreements, expansions, and & acquisitions.

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the present global diagnostic electrocardiogram (ECG) market report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolios of the top fifteen companies

Company Information

  • Detailed analysis and profiling of additional market players (up to 15)

Geographic Analysis

  • Further breakdown of the Rest of Europe's diagnostic electrocardiogram (ECG) market into Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal, among other
  • Further breakdown of the Rest of Asia Pacific diagnostic electrocardiogram (ECG) market into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries.
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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