Global Electrocardiographs Market

Focus on Product Type, End User, Region, COVID-19 Impact, Competitive Landscape, and 22 Countries Data - Analysis and Forecast, 2021-2031

Published Year:
SKU:BHR1076SA
Get Customization, Data Extraction and Value Added Services with All BIS Research Reports
Know More

$5250

Online Access for 1-3 Users. Permission to Print.


In case you require a hard copy, there will be an additional charge of $500. Please email us at [email protected] with your request.

A quick peek into the report

Market Report Coverage

Electrocardiographs Market Forecast Period: 2021-2031
CAGR During Forecast Period: 7.8%

Electrocardiographs Market

Base Year

2020

Market Size in 2020

$4,394.1 Million

Forecast Period

2021-2031

Value Projection and Estimation by 2031

$9,826.8 Million

CAGR During Forecast Period

7.8%

Number of Tables

26

Number of Pages

215

Number of Figures

133

Market Segmentation

•   Product Type – Conventional Devices (Resting ECG Devices, Stress ECG Devices), Emerging Devices (Implantable Loop Recorders, Mobile Cardiac Telemetry, Holter Monitors, Cardiac Event Monitors)

•   End Users – Hospitals and Clinics, Home Care Settings and Ambulatory Surgical Systems and Others

•   Region – North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa

Regional Segmentation

•    North America – U.S. and Canada

•    Europe – Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, Benelux Countries, and Rest-of-Europe

•    Asia-Pacific- China, Japan, South Korea, India, Australia and New Zealand, and Rest-of-Asia-Pacific

•    Latin America- Brazil, Mexico, Argentina, Colombia, Rest-of-Latin-America

•    Middle East and Africa- K.S.A, South Africa, U.A.E, Rest-of-Middle East-and-Africa

Market Growth Drivers

•    Increasing Prevalence of Cardiovascular Diseases (CVDs) and other Heart-Related Diseases

•    Growing Demand for Point-of-Care Diagnostic Systems

•    Rising End-User Preference for Non-Invasive Diagnostic Technologies over Invasive Technologies

Market Challenges

•    Longer Turnaround Time (TAT)

•    Incomplete and False Diagnosis

Market Opportunities

•    Growing Market Preference for Multimodal Diagnostic Imaging Systems

Key Companies Profiled

Abbott Laboratories, Biotricity, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, CardioComm Solutions, Inc., Cardioline SpA, Fukuda Denshi Co., Ltd., General Electric Company, Hill-Rom Holdings, Inc., iRhythm Technologies, Inc., Koninklijke Philips N.V., Medtronic plc, Nihon Kohden Corporation, OSI Systems, Inc., Zoll Medical Corporation (Asahi Kasei Corporation)

How This Report Can Add Value

What was the impact of the COVID-19 pandemic on the global electrocardiographs market?

Who should buy this report?

•    Electrocardiographs manufacturers (emerging and established) 
•    Established technology companies 
•    Cardiac instruments and Cath lab manufacturers 
•    Healthcare facilities

Insightful Questions Covered to Enable Companies take Strategic Decisions

•    What was the impact of the COVID-19 pandemic on the global electrocardiographs market?
•    What are the key technological trends that influence the global electrocardiographs market? What is their future potential?
•    Who are the emerging or regional players in the global electrocardiographs market?
•    What are the legal regulations for electrocardiograph devices across various economies?
•    How has the patent filing trend influenced the growth of the global electrocardiographs market?
•    Who are the key players in the global electrocardiographs market?
•    What are the key synergistic activities employed by the companies operating or entering the global electrocardiographs market?
•    What are the key drivers and restraints for the global electrocardiographs market? 
•    What are the growth opportunities in the global electrocardiographs market? 
•    Which product type is anticipated to grow with the highest CAGR during the forecast period 2021-2031? 
•    Which geographical region is anticipated to dominate the global electrocardiographs market during the forecast period 2021-2031?

Report Summary

The market was valued at $4,394.1 million in 2020 and is expected to reach $9,826.8 million by the end of 2031.

Global Electrocardiographs Overview

An electrocardiograph (ECG) machine records the electrical activity of your heart.  The ECG machine detects the electrical signals that make the heart pump blood around body. Conventional devices and emerging devices are two types of electrocardiographs based on product type. Conventional devices can be categorized into resting ECG machines and stress ECG machines.  Electrocardiographs are currently dominated by conventional devices. ECG monitoring systems have been created and widely used in the healthcare business for  past decades, and as smart supporting technologies have emerged, they have evolved substantially. ECG monitoring devices are now often employed in hospitals, home care settings, outpatient ambulatory settings, and remote settings. Under conventional devices segment, resting ECG machines and stress ECG machines are included, whereas, under the emerging devices segment, implantable loop recorders, mobile cardiac telemetry, Holter monitors, and cardiac event monitors are included in the report.

The global electrocardiographs market report highlights that the market was valued at $4,394.1 million in 2020 and is expected to reach $9,826.8 million by the end of 2031. The market is expected to grow at a CAGR of 7.8% during the forecast period 2021-2031.

Figure: Global Electrocardiographs Market, $Million, 2020-2031

Global Electrocardiographs Market

Source: Expert Interviews and BIS Research Analysis

Global Electrocardiographs Market Dynamics

In the global electrocardiographs market, advancements have already occurred and are currently conquering the industry. There is significant potential for these developing and new technologies to promote the total growth of the market with the advent of advanced technologies that can be easily used in ambulatory and home care settings.

Some of the ongoing diseases are cardiovascular diseases, ischemic heart disease, strokes, hypertensive heart disease, congenital heart disease, rheumatic heart disease, cardiomyopathy, myocarditis, and aortic aneurysms. Many ailments are largely avoidable, treatable, and manageable with early detection and treatment. In addition, chronic illnesses are the leading cause of disability and death in the world. The prevalence of cardiovascular and related diseases propels market growth. The point-of-care (POC) market is growing exponentially, as POC devices assist in promptly ruling out suspected cardiac, vascular, and other disorders. Also, rising end-user preference for non-invasive diagnostic technologies over invasive technologies drives the market.

Accuracy, precision, timeliness, and authenticity are the four foundations of good laboratory services. In order to improve the analytical difficulties of sample processing, clinical biochemists typically overlook the need for timeliness. Clinicians, on the other hand, usually use timeliness as a benchmark for laboratory performance, which is expressed as the turnaround time (TAT). Short TATs help clinicians diagnose and treat patients as quickly as feasible, as well as discharge patients from emergency departments or hospital in-patient services.

One of the most common concerns with diagnosis is false and incomplete diagnoses. False-negative readings are the most typical issue with ECG. Other symptoms of any underlying heart didorder, such as chest pain, must be considered, and extra testing may be required. Delayed TAT and incomplete/false diagnosis results can have a negative impact on the market.

Modern cardiac imaging, which may include many modalities, is essential to correctly characterize the anatomy and physiology of pediatric and congenital heart disease. Newer imaging modalities, such as cardiac magnetic resonance imaging (CMR) and cardiac computed tomography angiography (CCTA), are increasingly being employed. When it comes to deciding on intervention or surgery for congenital or acquired heart disease, echocardiography and electrocardiography (ECG) are still the gold standards for non-invasive diagnosis. Due to the fast proliferation of medical imaging workstations, companies are working on improving technology and enabling public access to the software.

Company growth at workstations for medical imaging will be driven by rising demand for digital platforms, as well as new medical facilities and advancements in the healthcare business. The global electrocardiographs market is predicted to increase as a result of these improvements in multimodal diagnostic imaging for cardiovascular disorders.

Impact of COVID-19 on Global Electrocardiographs Market

Due to the increased cardiac complications caused by the COVID-19 virus, the overall market for diagnostic electrocardiographs, particularly conventional electrocardiographs, has a positive impact during this phase; however, implantable loop recorders have a minor impact when compared to conventional cardiac monitors due to the high cost of the equipment. Due to the requisite infrastructure not being in place to deal with the overwhelming number of cases in most nations, the impact was greater, particularly in the first months of February and March.

The electrocardiographs (ECG) machine is one of the key instruments for measuring the extent of cardiac involvement in COVID-19 patients and the effect of medications in this scenario due to its wide accessibility, low cost, and ability to be studied remotely.

Market Segmentation

Electrocardiographs Market (by Product Type)

Different technologies that are studied and analyzed under the global electrocardiographs market report include conventional devices and emerging devices.

Conventional devices generate the highest revenue in the electrocardiographs market, and emerging devices are expected to rise at a faster pace during the forecast period 2021-2031. This is mostly due to a rise in technologically advanced options and features like portability, constant monitoring, and cloud data sharing.

Global Electrocardiographs Market (Conventional Devices)

Different product types that are studied and analyzed under conventional devices segment include resting ECG machines and stress ECG machines.

In the global electrocardiographs market, resting ECG machines generate the most revenue, while stress ECG machines are projected to expand at the fastest rate during the forecast period 2021-2031. Stress lelectrocardiography offers the advantages of being widely available, having a minimal initial investment, and adding value by allowing assessment of heart structure as well as myocardial response to a potentially ischemic stimulus. All of these elements are projected to propel the market for stress ECG devices ahead.

Global Electrocardiographs Market (Emerging Devices)

Different product types that are studied and analyzed under emerging devices segment  include implantable loop recorders, mobile cardiac telemetry, Holter monitors, and cardiac event monitors.

In the electrocardiographs market, implantable loop recorders generate the most revenue, while mobile cardiac telemetry is projected to expand at the fastest rate during the forecast period 2021-2031. Mobile cardiac telemetry provides the convenience of a compact and portable device as well as the ability to detect arrhythmia circumstances that other devices ignore due to its increased capacity to examine the morphology of the electrocardiographs. The key companies are benefited from these advantages over competing ECG devices.

Global Electrocardiographs Market (by Region)

The different regions covered under the electrocardiographs market report include North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America dominated the global electrocardiographs market in 2020 and is anticipated to uphold its dominance throughout the forecast period. The growth in the market is majorly driven by the increasing adoption of electrocardiographs after several cases of retained “foreign bodies” were reported across the globe. It is mandatory in several countries to implement electrocardiographs for patient’s safety during an operative procedure. Also, the ongoing trend for digital transformation is putting a significant impact on the market growth.

Key Market Players and Competition Synopsis

Some of the key players operating in the market include Abbott Laboratories, Biotricity, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, CardioComm Solutions, Inc., Cardioline SpA, Fukuda Denshi Co., Ltd., General Electric Company, Hill-Rom Holdings, Inc., iRhythm Technologies, Inc., Koninklijke Philips N.V., Medtronic plc, Nihon Kohden Corporation, OSI Systems, Inc., and Zoll Medical Corporation (Asahi Kasei Corporation).

The electrocardiographs market has witnessed several strategic and technological developments in the past few years, (January 2016- June 2021) undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are product offerings and upgradation, collaborative activities (partnerships, alliances, and business expansions), mergers and acquisitions, and regulatory and legal activities. The preferred strategy for companies has been collaborative activities.

Key Highlights

•    According to global electrocardiographs market report, conventional devices segmentis dominating the market in 2020 when compared to emerging devices segment under the segmentation – by product type. Emerging devices are forecasted to uphold this position in the market and dominate by the end of the forecast period 2021-2031.
•     In conventional devices segmentation, resting ECG machines are the market leader. During the forecast period 2021-2031, resting ECG is projected to lead the market. Stress ECG is projected to rise at a faster pace than resting ECG machines, with a CAGR of 6.1%.
•    In emerging devices segmentation, resting implantable loop recorders is the market leader. By the end of the forecast period 2021-2031, mobile cardiac telemetry is projected to lead the market. Mobile cardiac telemetry is projected to rise at a faster pace than implantable loop recorders, with a CAGR of 11.7%.
•    When the overall market contribution is considered, conventional devices segment accounts for 57.6% of the total market. 
•    The market holds the highest numbers in the North America region, followed by Asia-Pacific. The U.S. leads the table by contributing 33.2% of the total market in 2020. It is expected that by the end of the forecast period 2021-2031, the Asia-Pacific region will lead the market in the region-based segmentation.

Table of Contents

Download this TOC

Get Free Sample

1.1    Inclusion and Exclusion Criteria
1.2    Key Questions Answered in the Report

2.1    Data Collection and Analysis
2.2    Data Sources
         2.2.1    Primary Data Sources
         2.2.2    Secondary Data Sources
2.3    Data Sources and Categorization
2.4    Data Triangulation
2.5    Estimation and Forecasting Methodology
2.6    Forecast Period Selection Criteria

3.1    Regulatory Scenario
         3.1.1    North America
                     3.1.1.1    U.S.
                     3.1.1.2    Canada
         3.1.2    European Union
         3.1.3    Asia-Pacific
                     3.1.3.1    China
                     3.1.3.2    Japan
         3.1.4    Latin America
                     3.1.4.1    Brazil
                     3.1.4.2    Mexico
3.2    Impact of COVID-19 Pandemic on the Market
3.3    Awaited Technological Advancements
         3.3.1    Remote ECG Monitoring Systems
         3.3.2    Wearable ECG Technologies
         3.3.3    Artificial Intelligence-Enabled Electrocardiographs
3.4    Patent Landscape
3.5    Value Chain Analysis
3.6    Architecture of Electrocardiographs System
3.7    Epidemiology Assessment
         3.7.1    Cardiovascular Disorders
         3.7.2    Atrial Fibrillation

4.1    Market Share Analysis
         4.1.1    Global Electrocardiographs Market (by Company)
         4.1.2    Global Conventional Devices Market (by Company)
         4.1.3    Global Implantable Loop Recorders Market (by Company)
         4.1.4    Global Mobile Cardiac Telemetry Market (by Company)
         4.1.5    Global Holter Monitors Market (by Company)
4.2    Product Benchmarking
4.3    Market Attractiveness Analysis
         4.3.1    Product Type
         4.3.2    End User
         4.3.3    Region
4.4    Key Developments and Strategies (Deal Tracking)
         4.4.1    Collaborative Activities
         4.4.2    Regulatory Activities
         4.4.3    Merger and Acquisition Activities
         4.4.4    New Product Offerings

5.1    Impact Analysis
5.2    Market Drivers
         5.2.1    Increasing Prevalence of Cardiovascular Diseases (CVDs) and other Heart-Related Diseases
         5.2.2    Growing Demands for Point-of-Care Diagnostic Systems
         5.2.3    Rising End-User Preference for Non-Invasive Diagnostic Technologies over Invasive Technologies
5.3    Market Restraints
         5.3.1    Longer Turnaround Time (TAT)
         5.3.2    Incomplete and False Diagnosis
5.4    Market Trends
         5.4.1    Rise in Demand for Holter Monitors
         5.4.2    Development of Insertable Cardiac Monitors
5.5    Market Opportunities
         5.5.1    Growing Market Preference for Multimodal Diagnostic Imaging Systems
         5.5.2    Implementation of ECG in Hybrid Operating Rooms

6.1    Global Market Outlook
6.2    Key Findings
6.3    Assumptions and Limitations

7.1    Overview
7.2    Market Size and Forecast
         7.2.1    Conventional Devices
                      7.2.1.1    Resting ECG Devices
                      7.2.1.2    Stress ECG Devices
          7.2.2    Emerging Devices
                      7.2.2.1    Implantable Loop Recorders
                      7.2.2.2    Mobile Cardiac Telemetry
                                     7.2.2.2.1.1    Lead-Based Mobile Cardiac Telemetry
                                     7.2.2.2.2    Patch-Based Mobile Cardiac Telemetry
                      7.2.2.3    Holter Monitors
                      7.2.2.4    Cardiac Event Monitors

8.1    Overview
         8.1.1    Market Size and Forecast
                     8.1.1.1    Hospitals and Clinics
                     8.1.1.2    Home Care Settings and Ambulatory Surgical Centers
                     8.1.1.3    Others

9.1    Overview
9.2    North America
         9.2.1    Key Findings
         9.2.2    Market Size and Forecast
                     9.2.2.1    Product Type
                     9.2.2.2    End User
                     9.2.2.3    Country
                                    9.2.2.3.1    U.S.
                                    9.2.2.3.2    Canada
9.3    Europe
         9.3.1    Key Findings
         9.3.2    Market Size and Forecast
                     9.3.2.1    Product Type
                     9.3.2.2    End User
                     9.3.2.3    Country
                                    9.3.2.3.1    Germany
                                    9.3.2.3.2    U.K.
                                    9.3.2.3.3    France
                                    9.3.2.3.4    Italy
                                    9.3.2.3.5    Spain
                                    9.3.2.3.6    Russia
                                    9.3.2.3.7    Nordic Countries
                                    9.3.2.3.8    Benelux Countries
                                    9.3.2.3.9    Rest-of-Europe
9.4    Asia-Pacific
         9.4.1    Key Findings
         9.4.2    Market Size and Forecast
                     9.4.2.1    Product Type
                     9.4.2.2    End User
                     9.4.2.3    Country
                                    9.4.2.3.1    China
                                    9.4.2.3.2    Japan
                                    9.4.2.3.3    South Korea
                                    9.4.2.3.4    India
                                    9.4.2.3.5    Australia and New Zealand
                                    9.4.2.3.6    Rest-of-Asia-Pacific
9.5    Latin America
         9.5.1    Key Findings
         9.5.2    Market Size and Forecast
                     9.5.2.1    Product Type
                     9.5.2.2    End User
                     9.5.2.3    Country
                                    9.5.2.3.1    Brazil
                                    9.5.2.3.2    Mexico
                                    9.5.2.3.3    Argentina
                                    9.5.2.3.4    Colombia
                                    9.5.2.3.5    Rest-of-Latin America
9.6    Middle East and Africa
         9.6.1    Key Findings
         9.6.2    Market Size and Forecast
                     9.6.2.1    Product Type
                     9.6.2.2    End User
                     9.6.2.3    Country
                                    9.6.2.3.1    K.S.A
                                    9.6.2.3.2    South Africa
                                    9.6.2.3.3    U.A.E
                                    9.6.2.3.4    Rest-of-Middle East and Africa

10.1    Overview
10.2    Abbott Laboratories
           10.2.1    Company Outlook
           10.2.2    Company Description
           10.2.3    Financials
           10.2.4    SWOT Analysis
10.3    Biotricity, Inc.
           10.3.1    Company Outlook
           10.3.2    Company Description
           10.3.3    Financials
           10.3.4    SWOT Analysis
10.4    BIOTRONIK SE & Co. KG
           10.4.1    Company Overview
           10.4.2    Company Description
           10.4.3    SWOT Analysis
10.5    Boston Scientific Corporation
           10.5.1    Company Outlook
           10.5.2    Company Description
           10.5.3    Financials
           10.5.4    SWOT Analysis
10.6    CardioComm Solutions, Inc.
           10.6.1    Company Outlook
           10.6.2    Company Description
           10.6.3    Financials
           10.6.4    SWOT Analysis
10.7    Cardioline SpA
           10.7.1    Company Overview
           10.7.2    Company Description
           10.7.3    SWOT Analysis
10.8    Fukuda Denshi Co., Ltd.
           10.8.1    Company Outlook
           10.8.2    Company Description
           10.8.3    Financials
           10.8.4    SWOT Analysis
10.9    General Electric Company
           10.9.1    Company Outlook
           10.9.2    Company Description
           10.9.3    Financials
           10.9.4    SWOT Analysis
10.10    Hill-Rom Holdings, Inc.
             10.10.1    Company Outlook
             10.10.2    Company Description
             10.10.3    Financials
             10.10.4    SWOT Analysis
10.11    iRhythm Technologies, Inc.
             10.11.1    Company Outlook
             10.11.2    Company Description
             10.11.3    Financials
             10.11.4    SWOT Analysis
10.12    Koninklijke Philips N.V.
             10.12.1    Company Outlook
             10.12.2    Company Description
             10.12.3    Financials
             10.12.4    SWOT Analysis
10.13    Medtronic plc
             10.13.1    Company Outlook
             10.13.2    Company Description
             10.13.3    Financials
             10.13.4    SWOT Analysis
10.14    Nihon Kohden Corporation
             10.14.1    Company Outlook
             10.14.2    Company Description
             10.14.3    Financials
             10.14.4    SWOT Analysis
10.15    OSI Systems, Inc.
             10.15.1    Company Outlook
             10.15.2    Company Description
             10.15.3    Financials
             10.15.4    SWOT Analysis
10.16    Zoll Medical Corporation (Asahi Kasei Corporation)
             10.16.1    Company Outlook
             10.16.2    Company Description
             10.16.3    Financials
             10.16.4    SWOT Analysis

Table 3.1:    Medical Device Classification and Pre-Marketing Procedures in Japan
Table 3.2:    Patent Landscape (by Country), January 2017-July 2021
Table 4.1:    Product Benchmarking Analysis of Key Players
Table 5.1:    Impact Analysis: Market Drivers
Table 5.2:    Impact Analysis: Market Restraints
Table 9.1:    Prevalence of CVDs in North America Region (2000, 2010, 2018, and 2019)
Table 9.2:    North America Electrocardiographs Market (by Product Type), $Million, 2020-2031
Table 9.3:    Prevalence of CVDs in Europe Region (2000, 2010, 2018, and 2019)
Table 9.4:    Europe Electrocardiographs Market (by Product Type), $Million, 2020-2031
Table 9.5:    Prevalence of CVDs in Asia-Pacific Region (2000, 2010, 2018, and 2019)
Table 9.6:    Asia-Pacific Electrocardiographs Market (by Product Type), $Million, 2020-2031
Table 9.7:    Prevalence of CVDs in Latin America Region (2000, 2010, 2018, and 2019)
Table 9.8:    Latin America Electrocardiographs Market (by Product Type), $Million, 2020-2031
Table 9.9:    Prevalence of CVDs in Middle East and Africa Region (2000, 2010, 2018, and 2019)
Table 9.10:    Middle East and Africa Electrocardiographs Market (by Product Type), $Million, 2020-2031
Table 10.1:    Abbott Laboratories: R&D Investments, $Million, 2018-2020
Table 10.2:    Biotricity, Inc.: R&D Investments, $Million, 2018-2020
Table 10.3:    Boston Scientific Corporation: R&D Investments, $Million, 2018-2020
Table 10.4:    CardioComm Solutions, Inc.: R&D Investments, $Million, 2018-2020
Table 10.5:    General Electric Company: R&D Investments, $Million, 2018-2020
Table 10.6:    Hill-Rom Holdings, Inc.: R&D Investments, $Million, 2018-2020
Table 10.7:    iRhythm Technologies, Inc.: R&D Investments, $Million, 2018-2020
Table 10.8:    Koninklijke Philips N.V.: R&D Investments, $Million, 2018-2020
Table 10.9:    Medtronic plc: R&D Investments, $Million, 2019-2021
Table 10.10:    Nihon Kohden Corporation: R&D Investments, $Million, 2019-2021
Table 10.11:    OSI Systems, Inc.: R&D Investments, $Million, 2018-2020

Figure 1:    Global Electrocardiographs Market, $Million, 2020, 2024, 2027, and 2031
Figure 2:    Dominating Segments of the Global Electrocardiographs Market, $Million, 2020 and 2031
Figure 3:    Global Electrocardiographs Market (by Product Type), $Million, 2020, 2027,  and 2031
Figure 4:    Global Electrocardiographs Market (by End User), 2020, 2027, and 2031
Figure 5:    Global Electrocardiographs Market (by Region), $Million, 2020 and 2031
Figure 6:    Growth Propelling and Inhibiting Factors
Figure 7:    Key Developments and Strategies (by Category), January 2017-July 2021
Figure 1.1:    Global Electrocardiographs Market Segmentation
Figure 1.2:    Global Electrocardiographs Market, Regional Segmentation
Figure 2.1:    Global Electrocardiographs Market: Research Methodology
Figure 2.2:    Primary Research
Figure 2.3:    Secondary Research
Figure 2.4:    Data Triangulation
Figure 3.1:    Regulatory Process for Medical Devices in the U.S.
Figure 3.2:    Regulatory Process for Medical Devices in Canada
Figure 3.3:    MDR Transitional Provisions (EU)
Figure 3.4:    Regulatory Pathway for Medical Devices in China
Figure 3.5:    Postulated Cardiovascular Involvement in COVID-19 Pandemic
Figure 3.6:    Value Chain Analysis: Key Entities
Figure 3.7:    Architecture Overview
Figure 3.8:    Global Prevalence (Cardiovascular Disorders), $Million, 1990-2019
Figure 3.9:    Global Prevalence (Atrial Fibrillation), $Million, 1990-2019
Figure 4.1:    Global Electrocardiographs Market Share Analysis (by Company), 2020
Figure 4.2:    Global Conventional Devices Market Share Analysis (by Company), 2020
Figure 4.3:    Global Implantable Loop Recorders Market Share Analysis (by Company), 2020
Figure 4.4:    Global Mobile Cardiac Telemetry Market Share Analysis (by Company), 2020
Figure 4.5:    Global Holter Monitors Market Share Analysis (by Company), 2020
Figure 4.6:    Market Attractiveness Analysis (Product Type), 2020-2031
Figure 4.7:    Market Attractiveness Analysis (End User), 2020-2031
Figure 4.8:    Market Attractiveness Analysis (Region), 2020-2031
Figure 4.9:    Key Developments and Strategies (by Category), January 2017-July 2021
Figure 4.10:    Key Developments and Strategies (Collaborative Activities), January 2017-July 2021
Figure 4.11:    Key Developments and Strategies (Regulatory Activities), January 2017- July 2021
Figure 4.12:    Key Developments and Strategies (Merger and Acquisition Activities), January 2017-July 2021
Figure 4.13:    Key Developments and Strategies (New Product Offerings), January 2017-July 2021
Figure 5.1:    Market Dynamics
Figure 5.2:    Risk Assessment of Non-Invasive Testing
Figure 6.1:    Global Electrocardiographs Market, $Million, 2020-2031
Figure 7.1:    Global Electrocardiographs Market Segmentation (by Product Type)
Figure 7.2:    Opportunity Assessment (by Product Type), $Million, 2020, 2026, and 2031
Figure 7.3:    Global Electrocardiographs Market (Resting ECG Devices), $Million, 2020-2031
Figure 7.4:    Modifications of Stress Electrocardiographs
Figure 7.5:    Global Electrocardiographs Market (Stress ECG Devices), $Million, 2020-2031
Figure 7.6:    Global Electrocardiographs Market (Implantable Loop Recorders), $Million, 2020-2031
Figure 7.7:    Mobile Cardiac Telemetry (MCT) Workflow
Figure 7.8:    Global Electrocardiographs Market (Mobile Cardiac Telemetry), $Million,  2020-2031
Figure 7.9:    Global Electrocardiographs Market (Lead-Based Mobile Cardiac Telemetry), $Million, 2020-2031
Figure 7.10:    Global Electrocardiographs Market (Patch-Based Mobile Cardiac Telemetry), $Million, 2020-2031
Figure 7.11:    Holter Monitors Workflow
Figure 7.12:    Global Electrocardiographs Market (Holter Monitors), $Million, 2020-2031
Figure 7.13:    Types of Cardiac Event Monitors
Figure 7.14:    Global Electrocardiographs Market (Cardiac Event Monitors), $Million,  2020-2031
Figure 8.1:    Opportunity Assessment (by End-User), $Million, 2020, 2026, and 2031
Figure 8.2:    Global Electrocardiographs Market (Hospitals and Clinics), $Million, 2020-2031
Figure 8.3:    Global Electrocardiographs Market (Home Care Settings and Ambulatory Surgical Centers), $Million, 2020-2031
Figure 8.4:    Global Electrocardiographs Market (Others), $Million, 2020-2031
Figure 9.1:    Global Electrocardiographs Market Scenario (by Region), 2020 and 2031
Figure 9.2:    Opportunity Assessment (by Region), $Million, 2020, 2026, and 2031
Figure 9.3:    North America Electrocardiographs Market, $Million, 2020-2031
Figure 9.4:    North America Electrocardiographs Market (by Product Type), $Million,  2020-2031
Figure 9.5:    North America Electrocardiographs Market (by End User), $Million, 2020-2031
Figure 9.6:    U.S. Electrocardiographs Market, $Million, 2020-2031
Figure 9.7:    Canada Electrocardiographs Market, $Million, 2020-2031
Figure 9.8:    Europe Electrocardiographs Market, $Million, 2020-2031
Figure 9.9:    Europe Electrocardiographs Market (by Product Type), $Million, 2020-2031
Figure 9.10:    Europe Electrocardiographs Market (by End User), $Million, 2020-2031
Figure 9.11:    Germany Electrocardiographs Market, $Million, 2020-2031
Figure 9.12:    U.K. Electrocardiographs Market, $Million, 2020-2031
Figure 9.13:    France Electrocardiographs Market, $Million, 2020-2031
Figure 9.14:    Italy Electrocardiographs Market, $Million, 2020-2031
Figure 9.15:    Spain Electrocardiographs Market, $Million, 2020-2031
Figure 9.16:    Russia Electrocardiographs Market, $Million, 2020-2031
Figure 9.17:    Nordic Countries Electrocardiographs Market, $Million, 2020-2031
Figure 9.18:    Benelux Countries Electrocardiographs Market, $Million, 2020-2031
Figure 9.19:    Rest-of-Europe Electrocardiographs Market, $Million, 2020-2031
Figure 9.20:    Asia-Pacific Electrocardiographs Market, $Million, 2020-2031
Figure 9.21:    Asia-Pacific Electrocardiographs Market (by Product Type), $Million, 2020-2031
Figure 9.22:    Asia-Pacific Electrocardiographs Market (by End User), $Million, 2020-2031
Figure 9.23:    China Electrocardiographs Market, $Million, 2020-2031
Figure 9.24:    Japan Electrocardiographs Market, $Million, 2020-2031
Figure 9.25:    South Korea Electrocardiographs Market, $Million, 2020-2031
Figure 9.26:    India Electrocardiographs Market, $Million, 2020-2031
Figure 9.27:    Australia and New Zealand Electrocardiographs Market, $Million, 2020-2031
Figure 9.28:    Rest-of-Asia-Pacific Electrocardiographs Market, $Million, 2020-2031
Figure 9.29:    Latin America Electrocardiographs Market, $Million, 2020-2031
Figure 9.30:    Latin America Electrocardiographs Market (by Product Type), $Million, 2020-2031
Figure 9.31:    Latin America Electrocardiographs Market (by End User), $Million, 2020-2031
Figure 9.32:    Brazil Electrocardiographs Market, $Million, 2020-2031
Figure 9.33:    Mexico Electrocardiographs Market, $Million, 2020-2031
Figure 9.34:    Argentina Electrocardiographs Market, $Million, 2020-2031
Figure 9.35:    Colombia Electrocardiographs Market, $Million, 2020-2031
Figure 9.36:    Rest-of-Latin America Electrocardiographs Market, $Million, 2020-2031
Figure 9.37:    Middle East and Africa Electrocardiographs Market, $Million, 2020-2031
Figure 9.38:    Middle East and Africa Electrocardiographs Market (by Product Type), $Million, 2020-2031
Figure 9.39:    Middle East and Africa Electrocardiographs Market (by End User), $Million, 2020-2031
Figure 9.40:    K.S.A Electrocardiographs Market, $Million, 2020-2031
Figure 9.41:    South Africa Electrocardiographs Market, $Million, 2020-2031
Figure 9.42:    U.A.E Electrocardiographs Market, $Million, 2020-2031
Figure 9.43:    Rest-of-Middle East and Africa Electrocardiographs Market, $Million, 2020-2031
Figure 10.1:    Abbott Laboratories: Overall Financials, $Million, 2018-2020
Figure 10.2:    Abbott Laboratories: Net Revenue (by Segment) (Medical Devices), $Million, 2018-2020
Figure 10.3:    Abbott Laboratories: Net Revenue (by Region) (Medical Devices), $Million, 2018-2020
Figure 10.4:    Biotricity, Inc.: Overall Financials, $Million, 2018-2020
Figure 10.5:    Boston Scientific Corporation: Overall Financials, $Million, 2018-2020
Figure 10.6:    Boston Scientific Corporation: Net Revenue (by Segment), $Million, 2018-2020
Figure 10.7:    Boston Scientific Corporation: Net Revenue (by Region), $Million, 2018-2020
Figure 10.8:    CardioComm Solutions, Inc.: Overall Financials, $Million, 2018-2020
Figure 10.9:    CardioComm Solutions, Inc.: Net Revenue (by Segment), $Million, 2020
Figure 10.10:    CardioComm Solutions, Inc.: Net Revenue (by Region), $Million, 2018-2020
Figure 10.11:    Fukuda Denshi Co., Ltd.: Overall Financials, $Million, 2019-2021
Figure 10.12:    Fukuda Denshi Co., Ltd.: Net Revenue (by Segment), $Million, 2019-2021
Figure 10.13:    General Electric Company: Overall Financials, $Million, 2018-2020
Figure 10.14:    General Electric Company: Net Revenue (by Segment) (Healthcare), $Million, 2018-2020
Figure 10.15:    General Electric Company: Net Revenue (by Region), $Million, 2018-2020
Figure 10.16:    Hill-Rom Holdings, Inc.: Overall Financials, $Million, 2018-2020
Figure 10.17:    Hill-Rom Holdings, Inc.: Net Revenue (by Segment), $Million, 2018-2020
Figure 10.18:    Hill-Rom Holdings, Inc.: Net Revenue (by Region), $Million, 2018-2020
Figure 10.19:    iRhythm Technologies, Inc.: Overall Financials, $Million, 2018-2020
Figure 10.20:    Koninklijke Philips N.V.: Overall Financials, $Million, 2018-2020
Figure 10.21:    Koninklijke Philips N.V.: Net Revenue (by Segment), $Million, 2018-2020
Figure 10.22:    Koninklijke Philips N.V.: Net Revenue (by Region), $Million, 2018-2020
Figure 10.23:    Medtronic plc: Overall Financials, $Million, 2019-2021
Figure 10.24:    Medtronic plc: Net Revenue (by Segment) (Cardiovascular), $Million,  2019-2021
Figure 10.25:    Medtronic plc: Net Revenue (by Region), $Million, 2019-2021
Figure 10.26:    Nihon Kohden Corporation: Overall Financials, $Million, 2019-2021
Figure 10.27:    Nihon Kohden Corporation: Net Revenue (by Segment), $Million, 2019-2021
Figure 10.28:    Nihon Kohden Corporation: Net Revenue (by Region), $Million, 2019-2021
Figure 10.29:    OSI Systems, Inc.: Overall Financials, $Million, 2018-2020
Figure 10.30:    OSI Systems, Inc.: Net Revenue (by Segment), $Million, 2018-2020
Figure 10.31:    OSI Systems, Inc.: Net Revenue (by Region), $Million, 2018-2020
Figure 10.32:    Asahi Kasei Corporation: Overall Financials, $Million, 2019-2021
Figure 10.33:    Asahi Kasei Corporation: Net Revenue (by Segment), $Million, 2019-2021
Figure 10.34:    Asahi Kasei Corporation: Net Revenue (by Region), $Million, 2019-2021

Market Report Coverage

Electrocardiographs Market

Base Year

2020

Market Size in 2020

$4,394.1 Million

Forecast Period

2021-2031

Value Projection and Estimation by 2031

$9,826.8 Million

CAGR During Forecast Period

7.8%

Number of Tables

26

Number of Pages

215

Number of Figures

133

Market Segmentation

•   Product Type – Conventional Devices (Resting ECG Devices, Stress ECG Devices), Emerging Devices (Implantable Loop Recorders, Mobile Cardiac Telemetry, Holter Monitors, Cardiac Event Monitors)

•   End Users – Hospitals and Clinics, Home Care Settings and Ambulatory Surgical Systems and Others

•   Region – North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa

Regional Segmentation

•    North America – U.S. and Canada

•    Europe – Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, Benelux Countries, and Rest-of-Europe

•    Asia-Pacific- China, Japan, South Korea, India, Australia and New Zealand, and Rest-of-Asia-Pacific

•    Latin America- Brazil, Mexico, Argentina, Colombia, Rest-of-Latin-America

•    Middle East and Africa- K.S.A, South Africa, U.A.E, Rest-of-Middle East-and-Africa

Market Growth Drivers

•    Increasing Prevalence of Cardiovascular Diseases (CVDs) and other Heart-Related Diseases

•    Growing Demand for Point-of-Care Diagnostic Systems

•    Rising End-User Preference for Non-Invasive Diagnostic Technologies over Invasive Technologies

Market Challenges

•    Longer Turnaround Time (TAT)

•    Incomplete and False Diagnosis

Market Opportunities

•    Growing Market Preference for Multimodal Diagnostic Imaging Systems

Key Companies Profiled

Abbott Laboratories, Biotricity, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, CardioComm Solutions, Inc., Cardioline SpA, Fukuda Denshi Co., Ltd., General Electric Company, Hill-Rom Holdings, Inc., iRhythm Technologies, Inc., Koninklijke Philips N.V., Medtronic plc, Nihon Kohden Corporation, OSI Systems, Inc., Zoll Medical Corporation (Asahi Kasei Corporation)

How This Report Can Add Value

Who should buy this report?

•    Electrocardiographs manufacturers (emerging and established) 
•    Established technology companies 
•    Cardiac instruments and Cath lab manufacturers 
•    Healthcare facilities

Insightful Questions Covered to Enable Companies take Strategic Decisions

•    What was the impact of the COVID-19 pandemic on the global electrocardiographs market?
•    What are the key technological trends that influence the global electrocardiographs market? What is their future potential?
•    Who are the emerging or regional players in the global electrocardiographs market?
•    What are the legal regulations for electrocardiograph devices across various economies?
•    How has the patent filing trend influenced the growth of the global electrocardiographs market?
•    Who are the key players in the global electrocardiographs market?
•    What are the key synergistic activities employed by the companies operating or entering the global electrocardiographs market?
•    What are the key drivers and restraints for the global electrocardiographs market? 
•    What are the growth opportunities in the global electrocardiographs market? 
•    Which product type is anticipated to grow with the highest CAGR during the forecast period 2021-2031? 
•    Which geographical region is anticipated to dominate the global electrocardiographs market during the forecast period 2021-2031?

Report Summary

Global Electrocardiographs Overview

An electrocardiograph (ECG) machine records the electrical activity of your heart.  The ECG machine detects the electrical signals that make the heart pump blood around body. Conventional devices and emerging devices are two types of electrocardiographs based on product type. Conventional devices can be categorized into resting ECG machines and stress ECG machines.  Electrocardiographs are currently dominated by conventional devices. ECG monitoring systems have been created and widely used in the healthcare business for  past decades, and as smart supporting technologies have emerged, they have evolved substantially. ECG monitoring devices are now often employed in hospitals, home care settings, outpatient ambulatory settings, and remote settings. Under conventional devices segment, resting ECG machines and stress ECG machines are included, whereas, under the emerging devices segment, implantable loop recorders, mobile cardiac telemetry, Holter monitors, and cardiac event monitors are included in the report.

The global electrocardiographs market report highlights that the market was valued at $4,394.1 million in 2020 and is expected to reach $9,826.8 million by the end of 2031. The market is expected to grow at a CAGR of 7.8% during the forecast period 2021-2031.

Figure: Global Electrocardiographs Market, $Million, 2020-2031

Global Electrocardiographs Market

Source: Expert Interviews and BIS Research Analysis

Global Electrocardiographs Market Dynamics

In the global electrocardiographs market, advancements have already occurred and are currently conquering the industry. There is significant potential for these developing and new technologies to promote the total growth of the market with the advent of advanced technologies that can be easily used in ambulatory and home care settings.

Some of the ongoing diseases are cardiovascular diseases, ischemic heart disease, strokes, hypertensive heart disease, congenital heart disease, rheumatic heart disease, cardiomyopathy, myocarditis, and aortic aneurysms. Many ailments are largely avoidable, treatable, and manageable with early detection and treatment. In addition, chronic illnesses are the leading cause of disability and death in the world. The prevalence of cardiovascular and related diseases propels market growth. The point-of-care (POC) market is growing exponentially, as POC devices assist in promptly ruling out suspected cardiac, vascular, and other disorders. Also, rising end-user preference for non-invasive diagnostic technologies over invasive technologies drives the market.

Accuracy, precision, timeliness, and authenticity are the four foundations of good laboratory services. In order to improve the analytical difficulties of sample processing, clinical biochemists typically overlook the need for timeliness. Clinicians, on the other hand, usually use timeliness as a benchmark for laboratory performance, which is expressed as the turnaround time (TAT). Short TATs help clinicians diagnose and treat patients as quickly as feasible, as well as discharge patients from emergency departments or hospital in-patient services.

One of the most common concerns with diagnosis is false and incomplete diagnoses. False-negative readings are the most typical issue with ECG. Other symptoms of any underlying heart didorder, such as chest pain, must be considered, and extra testing may be required. Delayed TAT and incomplete/false diagnosis results can have a negative impact on the market.

Modern cardiac imaging, which may include many modalities, is essential to correctly characterize the anatomy and physiology of pediatric and congenital heart disease. Newer imaging modalities, such as cardiac magnetic resonance imaging (CMR) and cardiac computed tomography angiography (CCTA), are increasingly being employed. When it comes to deciding on intervention or surgery for congenital or acquired heart disease, echocardiography and electrocardiography (ECG) are still the gold standards for non-invasive diagnosis. Due to the fast proliferation of medical imaging workstations, companies are working on improving technology and enabling public access to the software.

Company growth at workstations for medical imaging will be driven by rising demand for digital platforms, as well as new medical facilities and advancements in the healthcare business. The global electrocardiographs market is predicted to increase as a result of these improvements in multimodal diagnostic imaging for cardiovascular disorders.

Impact of COVID-19 on Global Electrocardiographs Market

Due to the increased cardiac complications caused by the COVID-19 virus, the overall market for diagnostic electrocardiographs, particularly conventional electrocardiographs, has a positive impact during this phase; however, implantable loop recorders have a minor impact when compared to conventional cardiac monitors due to the high cost of the equipment. Due to the requisite infrastructure not being in place to deal with the overwhelming number of cases in most nations, the impact was greater, particularly in the first months of February and March.

The electrocardiographs (ECG) machine is one of the key instruments for measuring the extent of cardiac involvement in COVID-19 patients and the effect of medications in this scenario due to its wide accessibility, low cost, and ability to be studied remotely.

Market Segmentation

Electrocardiographs Market (by Product Type)

Different technologies that are studied and analyzed under the global electrocardiographs market report include conventional devices and emerging devices.

Conventional devices generate the highest revenue in the electrocardiographs market, and emerging devices are expected to rise at a faster pace during the forecast period 2021-2031. This is mostly due to a rise in technologically advanced options and features like portability, constant monitoring, and cloud data sharing.

Global Electrocardiographs Market (Conventional Devices)

Different product types that are studied and analyzed under conventional devices segment include resting ECG machines and stress ECG machines.

In the global electrocardiographs market, resting ECG machines generate the most revenue, while stress ECG machines are projected to expand at the fastest rate during the forecast period 2021-2031. Stress lelectrocardiography offers the advantages of being widely available, having a minimal initial investment, and adding value by allowing assessment of heart structure as well as myocardial response to a potentially ischemic stimulus. All of these elements are projected to propel the market for stress ECG devices ahead.

Global Electrocardiographs Market (Emerging Devices)

Different product types that are studied and analyzed under emerging devices segment  include implantable loop recorders, mobile cardiac telemetry, Holter monitors, and cardiac event monitors.

In the electrocardiographs market, implantable loop recorders generate the most revenue, while mobile cardiac telemetry is projected to expand at the fastest rate during the forecast period 2021-2031. Mobile cardiac telemetry provides the convenience of a compact and portable device as well as the ability to detect arrhythmia circumstances that other devices ignore due to its increased capacity to examine the morphology of the electrocardiographs. The key companies are benefited from these advantages over competing ECG devices.

Global Electrocardiographs Market (by Region)

The different regions covered under the electrocardiographs market report include North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America dominated the global electrocardiographs market in 2020 and is anticipated to uphold its dominance throughout the forecast period. The growth in the market is majorly driven by the increasing adoption of electrocardiographs after several cases of retained “foreign bodies” were reported across the globe. It is mandatory in several countries to implement electrocardiographs for patient’s safety during an operative procedure. Also, the ongoing trend for digital transformation is putting a significant impact on the market growth.

Key Market Players and Competition Synopsis

Some of the key players operating in the market include Abbott Laboratories, Biotricity, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, CardioComm Solutions, Inc., Cardioline SpA, Fukuda Denshi Co., Ltd., General Electric Company, Hill-Rom Holdings, Inc., iRhythm Technologies, Inc., Koninklijke Philips N.V., Medtronic plc, Nihon Kohden Corporation, OSI Systems, Inc., and Zoll Medical Corporation (Asahi Kasei Corporation).

The electrocardiographs market has witnessed several strategic and technological developments in the past few years, (January 2016- June 2021) undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are product offerings and upgradation, collaborative activities (partnerships, alliances, and business expansions), mergers and acquisitions, and regulatory and legal activities. The preferred strategy for companies has been collaborative activities.

Key Highlights

•    According to global electrocardiographs market report, conventional devices segmentis dominating the market in 2020 when compared to emerging devices segment under the segmentation – by product type. Emerging devices are forecasted to uphold this position in the market and dominate by the end of the forecast period 2021-2031.
•     In conventional devices segmentation, resting ECG machines are the market leader. During the forecast period 2021-2031, resting ECG is projected to lead the market. Stress ECG is projected to rise at a faster pace than resting ECG machines, with a CAGR of 6.1%.
•    In emerging devices segmentation, resting implantable loop recorders is the market leader. By the end of the forecast period 2021-2031, mobile cardiac telemetry is projected to lead the market. Mobile cardiac telemetry is projected to rise at a faster pace than implantable loop recorders, with a CAGR of 11.7%.
•    When the overall market contribution is considered, conventional devices segment accounts for 57.6% of the total market. 
•    The market holds the highest numbers in the North America region, followed by Asia-Pacific. The U.S. leads the table by contributing 33.2% of the total market in 2020. It is expected that by the end of the forecast period 2021-2031, the Asia-Pacific region will lead the market in the region-based segmentation.

FAQ's

Q. What is the estimated growth rate of global electrocardiographs market in the coming years?

The electrocardiographs is expected to grow witnessing a CAGR of 7.8% during the forecast period from 2021 to 2031.

Q. What are the possible market trends that can influence the growth of the global electrocardiographs market?

Trends that can influence the growth of the market include rise in demand for Holter monitors and development of insertable cardiac monitors.

Q. What are factors driving the growth of global electrocardiographs market?

The factors driving the growth of the market include growing demands for point-of-care diagnostic systems and rising end-user preference for non-invasive diagnostic technologies over invasive technologies

Q. What are end-users of the global electrocardiographs market?

Hospitals and clinics, home care settings and ambulatory surgical systems and others are end-users of the electrocardiographs.

Q. Which are the top market players operating in the global electrocardiographs market?

Abbott Laboratories, Biotricity, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, CardioComm Solutions, Inc., Cardioline SpA, and Fukuda Denshi Co., Ltd., among others.

You may also like

Published Year:2021

Global Radiation Therapy in the Oncology Market: Focus on Radiation Therapy Systems, Product Regulat

The radiation therapy in oncology report highlights that the market was valued at $5,481.8...

Published Year:2021

Global Next Generation Ultrasound Systems Market: Focus on Product Type, Technology, and Application

The global next-generation ultrasound systems market was valued at $8,246.8 million in 2020...

Published Year:2020

Global Point-of-Care Imaging Devices Market: Focus on Product Type, Technology Type, Clinical Utilit

The Global Point-of-Care Imaging Devices Market was valued to be $8.66 billion in 2019 and is...

Published Year:2020

Global Tissue Imaging Market: Focus on Technology, Product, Application, End User, 14 Countries’ D

The global tissue imaging market was valued to be $14.42 billion in 2019 and is anticipated to...

Global Electrocardiographs Market

Focus on Product Type, End User, Region, COVID-19 Impact, Competitive Landscape, and 22 Countries Data - Analysis and Forecast, 2021-2031