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Report Overview
2023
Base Year
2017-2023
Historical Year
2024-2032
Forecast Year
Global ECG Device Market Outlook
The global ECG device market attained a value of USD 7.63 billion in 2023. The market is expected to grow at a CAGR of 5.10% in the forecast period of 2024-2032 to reach USD 11.96 billion by 2032.
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The Asia Pacific Region to Witness the Fastest Growth in the ECG Device Industry, Owing to the Rising Population Suffering from Cardiovascular Diseases
Region-wise, the North America region is a significant market for ECG device. Within North America, the United States is expected to be a major market owing to the high adoption rate of new technology in the country. The ECG device industry in the Asia Pacific is expected to witness the highest rate of growth within the forecast period. This can be attributed to the large population within the region, which is suffering from cardiovascular diseases and the rise in the emerging manufacturers that are offering ECG devices at competitive prices. The market for ECG device is further boosted by the global prevalence of chronic diseases. The chronic diseases cause more diseases; as a result, the healthcare industry is forced to adopt new paradigm of medical care and advanced healthcare facilities to propel the market growth for new technologies, like ECG device.
ECG Device: Market Segmentation
ECG device, also known as an electrocardiogram, is an instrument that records the heart activities via electric signals and shows it in an amplified form on the ECG monitor. ECG device assists in identifying the appropriate therapy required for the patient as it diagnoses the types of heart diseases and arrhythmias present in a person's body.
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On the basis of products, the market is divided into:
- Resting Device
- Holter Monitoring System
- Stress Testing System
- Event Monitors
- Smart ECG Monitors
- Others
Based on technology, the industry can be segmented into:
- Portable
- Wireless
By lead type, the industry is categorised into:
- Single Lead
- 3-Lead
- 5-Lead
- 6-Lead
- 12-Lead
- Others
On the basis of end use, the industry is divided into:
- Hospital
- Diagnostic Centres
- Clinics
- Ambulatory Surgical Centres
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Incidences of Cardiovascular Diseases to Aid the Global Market Growth of ECG Device
The market for ECG device is being driven by the rising cases of cardiovascular diseases across the globe. It is one of the most common health problems and the leading cause of deaths across the globe. Since these diseases have become so common currently, the doctors recommend the ECG test to prevent the risk related to the heart disease in people who are subjected to the factors causing heart disease. All these factors are propelling the market growth of ECG device.
Key Industry Players in the Global ECG Device Market
The report gives a detailed analysis of the following key players in the global ECG device market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- General Electric Company
- Koninklijke Philips N.V.
- Schiller AG
- Fukuda Denshi Co., Ltd.
- Nihon Kohden Corporation
- EDAN Instruments, Inc.
- BPL Medical Technologies Private Limited
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Products |
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| Breakup by Technology |
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| Breakup by Lead Type |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global ECG device market attained a value of nearly USD 7.63 billion.
The market is projected to grow at a CAGR of 5.10% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 11.96 billion by 2032.
The growing prevalence of cardiovascular diseases, the rising adoption of new technologies in developed countries, and advancements in healthcare facilities in developed countries are the major market drivers.
The increasing use of ECG testing to prevent and manage cardiovascular issues and the introduction of favourable government initiatives aimed at enhancing the accessibility to healthcare are the key trends guiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading products of ECG device in the market are resting device, Holter monitoring system, stress testing system, event monitors, and smart ECG monitors, among others.
Portable and wireless are the various technologies considered in the ECG devices market report.
The significant lead types in the market are single lead, 3-lead, 5-lead, 6-lead, and 12-lead, among others.
Hospitals, diagnostic centres, clinics, and ambulatory surgical centres, among others, are the various end uses of ECG device.
The major players in the market are General Electric Company, Koninklijke Philips N.V., Schiller AG, Fukuda Denshi Co., Ltd., Nihon Kohden Corporation, EDAN Instruments, Inc., and BPL Medical Technologies Private Limited, among others.
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