ECG Devices Market to Observe Strong Development by 2026

Posted by Aman Jaiswar on September 24th, 2019

The global ECG Devices Market is driven by the high prevalence and rapid increase in incidence of cardiovascular diseases across the globe. The global market was valued at US$ 3.95 Bn in 2017 and is projected to reach US$ 6.79 Bn by 2026, expanding at a CAGR of 6.2% from 2018 to 2026. High growth rate of the market is attributed to the increase in adoption and availability of technologically advanced ECG devices, rise in the geriatric population, and surge in preference for minimal invasive diagnostics tools across the globe.

Cardiovascular diseases is the leading cause of death across the world. Cardiovascular diseases is a group of disorders of the blood vessels and the heart. They include congenital heart disease, rheumatic heart disease, coronary heart disease, and cerebrovascular disease. According to the World Health Organization (WHO), about 17.9 million people died of cardiovascular diseases in 2016, which represents 31% of all deaths worldwide. Of these, 85% of deaths were caused by stroke and heart attack.

About 47% people in the U.S. are at a risk of a heart attack due to diabetes, overweight, physical inactivity, smoking, and excessive consumption of alcohol. This drives the demand for diagnostic techniques in the region. Increase in geriatric population, unhealthy diet, and obesity among various age groups are anticipated to drive the global ECG devices market during the forecast period. According to an estimate by the United Nations University (UNU), the percentage of the global population aged 65 years or above is expected to increase to 16% by 2050, from 7% in 2000. Furthermore, the World Health Organization (WHO) has stated that cardiovascular diseases would be the leading cause of death worldwide by 2030.

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Thus, increase in population aged 65 years or above augments the demand for diagnostic and monitoring devices, including ECG devices. This is anticipated to boost the global ECG devices market during the forecast period. The global ECG devices market has been segmented based on technology, end-user, and region. In terms of technology, the market has been classified into resting ECG systems, Holter monitoring, stress ECG systems, event monitoring, and mobile cardiac telemetry. The resting ECG systems segment dominated the global ECG devices market. The segment’s dominance is attributed to the high usage of resting ECG systems across hospitals, clinics, and ambulatory surgical centers and advancements in technology of ECG devices, as recent ECG systems are designed to improve workflow and simplify operation.

For instance, in 2017, HeartSciences launched MyoVista ECG in Europe. The device combines informatics with traditional 12-lead resting ECG tracings and ECG interpretive analysis. The mobile cardiac telemetry segment is estimated to expand at a higher CAGR from 2018 to 2026, due to the rise in adoption of mobile cardiac telemetry devices owing to technological advancements in these devices and their effectiveness in cardiac monitoring services. Moreover, the diagnostic yield of mobile cardiac telemetry is considerably higher than event monitoring and Holter monitoring systems.