ECG Equipment Market (2024 - 2030) Size, Share & Trends Analysis Report By Product, By Lead (Single Lead ECG, 3 Lead ECG, 2 Lead ECG, 6 Lead ECG, 12-Lead ECG), By End Use (Hospitals), By Region, And Segment Forecasts

ECG Equipment Market Summary

In addition, technological advancements in ECG devices, such as the development of portable and handheld devices, are further propelling the market expansion. Increased spending on healthcare and a growing awareness of the importance of early detection of heart issues also contribute to this growth.

Emerging countries provide huge growth opportunities for cardiac diagnostics due to rising cases of cardiovascular diseases, rapid growth in the aging population, and ongoing investments in healthcare infrastructure. Moreover, growing awareness regarding preventive care and early diagnosis of CVD in emerging countries enhances the growth potential. Additionally, most of the emerging countries are one of the distinguishing destinations for medical tourism because of the low cost of treatment.

Governments worldwide have taken some initiatives to create awareness about the early treatment of cardiovascular diseases, improving healthcare sectors, which has led to a rise in partnerships & collaborations among manufacturers and private & public hospitals and cardiac centers. These are also essential factors in having significant market growth.

Product Insights

Resting ECG systems products dominated the market and accounted for a share of 40.7% in 2023. These devices are widely employed in managing cardiovascular disease due to their cost-effectiveness, space-efficient design, and user-friendly nature. As a result, these devices are consistently in demand and find application across various sectors, including private and public hospitals, dental clinics, and others. These are the driving forces behind the growing resting ECG systems market.

Mobile cardiac telemetry systems are expected to be the fastest-growing segment, with a CAGR of 12.6% from 2024 to 2030. The factors for this growth are its improved technology advancements, which makes it a better option to use for its features such as improved MCT systems, adhesive electrodes, portable recording units that transfer data to remote monitoring centers and healthcare facilities, wearable sensors, and its timely ability to recognize heart conditions time to time.s

Lead Insights

6-Lead ECG accounted for the largest market revenue share of 32.05% in 2023. This growth is driven by its advanced features, including the capability to interpret data on cardiac health issues and its effectiveness in managing and diagnosing heart rhythm abnormalities, particularly in detecting atrial fibrillation and tachycardia. The 6-Lead ECG is also suitable for use in remote areas or personal healthcare due to its ability to consistently and promptly detect cardiac issues.

The 12-lead ECG segment is projected to grow at a CAGR of 8.8% from 2024 to 2030. These devices are mainly employed by paramedics to diagnose Acute Myocardial infarction (AMI) and shorten treatment time. Several studies have examined the potential uses of these devices in diagnosing different arrhythmias and conduction disturbances through noninvasive techniques.

End Use Insights

The hospitals segment dominated the market in 2023. This dominance is largely due to the improved facilities available for patient care. The integration of advanced monitoring software and technological enhancements has significantly contributed to the treatment of patients requiring comprehensive cardiac care, positioning hospitals as the primary end-users of ECG equipment in this segment. The increased availability of ambulatory facilities, the adoption of Holter devices, and the accessibility of portable monitoring systems have also played key roles in propelling the growth of this segment.

On the other hand, Ambulatory Surgical Centers (ASCs) are anticipated to witness the fastest growth, with a CAGR of 7.9% from 2024 to 2030. The rapid growth of ASCs can be attributed to the increasing preference for outpatient surgeries due to their cost-effectiveness and convenience. The integration of ECG equipment in ASCs aids in efficient patient monitoring before and after surgical procedures, enhancing patient safety and care. The projected high growth rate indicates a shifting trend towards ASCs, making them a vital end use segment in the ECG equipment market.

Regional Insights

North America ECG equipment market dominated the market in 2023. Rising cases of cardiovascular diseases with enhanced healthcare infrastructure and technological advancement are factors behind the growth of the market in the region.

U.S. ECG Equipment Market Trends

The U.S. ECG equipment market dominated the North American market with a revenue share of 82.1% in 2023 due to increasing cardiac disorders caused by unhealthy lifestyles. With technological advancements and experienced doctors, the U.S. has a large number of patients from other countries coming there for the treatment of cardiac disorders.

Europe ECG Equipment Market Trends

Europe was identified as a highly lucrative region in 2023. The market has experienced significant growth, largely attributed to the continuous advancement of technology in the region. This technological advancement has played a crucial role in driving the market's expansion and development.

The UK ECG equipment market is poised for rapid growth in the near future. This can be attributed to the increasing adoption of advanced healthcare delivery tools and technologies aimed at improving patient care and diagnostics within the country's healthcare system.

The ECG equipment market in Germany is growing significantly due to improved insurance policies for citizens. The statutory health system has made it mandatory to cover treatment, and private insurance assists with other expenses. This situation has made it favorable for patients to opt for treatment, which makes the market grow in the region.

Asia Pacific ECG Equipment Market Trends

The Asia Pacific market is anticipated to grow significantly over the forecast period. The rise in the region's economic prosperity and citizens' incomes has led to improved healthcare facilities and advanced medical technologies. This, in turn, has bolstered patients' access to treatment, consequently driving the demand for ECG equipment, thereby playing a crucial role in the market's expansion.

The ECG equipment market in Japan is experiencing significant growth, driven by major technological companies forming partnerships to develop advanced healthcare solutions. These alliances leverage technological advancements to enhance the country's healthcare systems.

Key ECG Equipment Company Insights

Some of the key companies in the ECG equipment market include Medtronic, GE Healthcare, Schiller AG, and many others. Organizations are focusing on increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies. 

Recent Developments

• In February 2024, Thyracore acquires Think Health a key industry player in home ECG services. As a result, Thyrocare has now positioned itself as one of the leading providers of at-home healthcare services in India.

• In January 2024, Omron Healthcare launched a portable ECG AliveCor's KardiaMobile in Italy and France to advance fibrillation awareness and stroke prevention in alignment with its ‘Going for zero’ vision.

ECG Equipment Market Report Scope

Global ECG Equipment Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the ECG equipment market report based on product, lead, end use, and region:

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Resting ECG Systems

  • Holter Monitoring Systems

  • Stress ECG Monitors

  • Event Monitoring Systems

  • Mobile Cardiac Telemetry Systems

• Lead Outlook (Revenue, USD Billion, 2018 - 2030)

  • Single Lead ECG

  • 3 Lead ECG

  • 2 Lead ECG

  • 6 Lead ECG

  • 12-Lead ECG

• End Use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Hospital

  • Ambulatory Surgical Centers

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • Saudi Arabia

    • UAE

    • South Africa

    • Kuwait