According to the report published by Allied Market Research, the global electrocardiograph (ECG) market generated $8.3 billion in 2020, and is estimated to reach $18.4 billion by 2030, witnessing a CAGR of 8.3% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Rise in R&D activities, new product development, and innovations in designing electrocardiographs drive the growth of the global electrocardiograph (ECG) market. However, unfavorable reimbursement policies and lack of skilled professionals restrain the market growth. On the other hand, advancements in technologies present new opportunities in the coming years.
Recent technological advancements in ECG devices with enhanced features such as mobile ECG devices with a wireless system that can transmit data to monitoring stations and improved detection rates boost the ECG market growth. In addition, increase in awareness regarding preventive healthcare among people increased the frequency of electrocardiography, thereby propelling the market growth.
ECG device is the most commonly used device as primary diagnosis of heart-related ailments. This is attributed to the fact that ECG interpretation is an efficient method to measure and diagnose arrhythmia as well as adverse health conditions that are associated with abnormal heart beat. In addition, according to CDC, arrhythmias affect more than 4 million patients along with approximately half a million deaths each year in the U.S. Thus, increase in need to perform early and accurate diagnosis of cardiovascular diseases propels the growth of the ECG market size. In addition, rise in prevalence of cardiovascular diseases along with soaring old age population propels the market growth.
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Moreover, the introduction of novel ECG devices such as handheld ECG devices and ECG devices integrated with artificial intelligence systems supplements the growth of the ECG market share. However, lack of awareness regarding early prevention of cardiovascular diseases in developing economies, unstable reimbursement strategies for ECG devices, and increase in market saturation hamper the market growth. On the contrary, untapped emerging markets and increase in number of mergers, acquisitions, and product launches by market players are expected to offer profitable opportunities for the expansion of ECG market analysis.
Covid-19 Scenario:
- The visits to healthcare facilities such as clinics and hospitals for consulting and treatment of conditions that require electrocardiographs reduced due to closure of many clinics with lockdown and measures taken to avoid cross-contamination during the Covid-19 pandemic.
- Many hospitals shifted their staff to take care of Covid-infected patients and postponed many non-elective surgeries. This led to reduced revenue for the electrocardiograph (ECG) market worldwide.
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The COVID-19 outbreak is anticipated to have a negative impact on the growth of the ECG industry, as most hospitals were not operating due to COVID-19 and the ongoing lockdowns in many countries. The spread of COVID-19 led to a major public health issue. COVID-19 affected the ECG market forecast, owing to lack of visits to healthcare facilities such as hospitals and clinics. Moreover, it affected workforce and staffing issues as well as procedural prioritization. Thus, the abovementioned issues affected the ECG Market growth due to cancellation of scheduled visits for primary care at hospitals and reflecting patients concern about infection.
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