U.S. ECG Equipment Market Size, Share & Trends Analysis Report By Type (Resting ECG, Holter Monitors, Stress ECG Monitors, Event Monitors), By End Use, By Region, And Segment Forecasts, 2019 - 2026

Industry Insights

The U.S. ECG equipment market size was valued at USD 1.8 billion in 2018 and is estimated to register a CAGR of 5.7% over the forecast period. The rise in the incidence of cardiovascular diseases, large geriatric population base, technological advancements, and new product launches for clear, quick, safe, and reliable results are factors likely to drive the market.

Furthermore, favorable regulatory policies, an increase in investments by market players for early detection of cardiovascular diseases, and mergers and acquisitions are likely to drive the market. For instance, in July 2017, BioTelemetry acquired LifeWatch AG, a leader in cardiac event monitoring services provider in the U.S., to strengthen its position in the field of wireless medicine (remote monitoring of cardiac care patients).

According to the American Heart Association, cardiovascular disease is a leading cause of death in the country, taking a toll of 17.3 million deaths per year. This is expected to grow to more than 23.6 million by 2030, which is further expected to propel the demand for electrocardiograph devices and machines.

An increasing number of partnerships can be witnessed among electrocardiograph equipment manufacturers and ECG management service providers in the U.S. market. Market players have been entering into partnerships to increase product offerings, expand businesses, and enable better exchange of information through cardiovascular information systems and electronic health records (EHRs).

Type Insights

The resting electrocardiograph system dominated the market in 2018 due to a better exchange of information through cardiovascular information systems (CVIS) and electronic health records, which simplifies ECG workflow and reduces the complexity associated with custom integration.

The segment is likely to continue leading the market during the forecast period thanks to product innovation. In August 2017, HeartSciences launched MyoVista ECG, which combines informatics with traditional 12 - lead resting ECG tracings and has ECG interpretive analysis.

The Holter monitors segment is expected to witness the fastest growth during the forecast period. This can be attributed to the commercialization of various products in recent years and increased demand by physicians and patients due to their portable nature.

End-use Insights

Hospitals, ambulatory care, and others are key end-users of electrocardiograph equipment. In 2018, hospitals accounted for the largest share in the U.S. ECG equipment market as the majority of patients rely more on hospitals than other healthcare facilities due to the availability of well-equipped devices and the latest monitoring software.

Hospitals provide optimal care for patients suffering from cardiovascular diseases (CVDs) and enable early detection and diagnosis, thus boosting market growth among hospitals. According to the American Heart Association, Inc., 209,000 patients suffered from in-hospital cardiac arrest in the U.S. in 2016 and this number is expected to rise to more than 23.6 million by 2030. 

Regional Insights

Geographically, the market has been segmented into the Northeast, Midwest, South, and West. The adoption of digital ECG software and services is increasing, which is expected to boost the overall market for various electrocardiograph devices and machines.

The south region accounted for the largest share in the market in 2018 due to the large target population, advanced healthcare facilities, and the presence of quality medical schools. Furthermore, an increase in the incidence of obesity, type 2 diabetes, and hypertension, which are major risk factors for various heart diseases, drives demand for ECGs in the region.

Texas has the largest number of hospitals and clinics in the region as well as across the U.S. According to the Texas Hospital Association, there were 630 hospitals with 83,000 licensed beds in Texas in 2014. Furthermore, it is the sixth least expensive state for personal health spending per capita; hence, the demand for various healthcare services is high.

U.S. ECG Equipment Market Share Insights

The entry of various players in the market is expected to increase competition. Some of the major players are Compumed Inc.; BioTelemetry, Inc.; GE Healthcare; Mindray Medical; Hill Rom; Philips Healthcare; Schiller AG; Spacelabs Healthcare; NIHON KOHDEN CORPORATION; and Welch Allyn.

To remain competitive, market players are involved in the development of innovative products, along with geographical expansion. For instance, in 2014, GE Healthcare launched a new MAC 2000 resting ECG system with the upgraded version of Marquette 12SL analysis. This product launch has helped the company strengthen its product portfolio.

Furthermore, in February 2019, Mindray launched the ePM series, fourth-generation mid-acuity monitors. The ePM series employs the CrozFusionTM technology, which reduces false arrhythmia alarms by 50.0% and enhances the accuracy of pulse and heart rate by 30.0%. The technology can combine and analyze electrocardiograph and SpO2 waveforms simultaneously.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at country level and provides an analysis on latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, Grand View Research has segmented the U.S. ECG equipment market report based on type, end-use, and region:

• Type Outlook (Revenue, USD Million, 2015 - 2026)

  • Resting ECG System

  • Holter Monitors

  • Stress ECG Monitors

  • Event Monitors

• End-use Outlook (Revenue, USD Million, 2015 - 2026)

  • Hospitals

  • Ambulatory Care

  • Others

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • Northeast

  • Midwest

  • South

  • West