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.
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.
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?
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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%.
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