GLOBAL MOBILE ECG DEVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global mobile ECG devices market is expected to reach US$ 5,050.5 Mn by 2030, from US$ 2,354.4 Mn in 2023, exhibiting a CAGR of 11.5% during the forecast period.

Mobile ECG devices are portable electrocardiograph machines that can be easily carried and used anywhere to detect abnormalities in heartbeat. There are generally two main types of mobile ECG devices - patch based and smartwatch based. Patch based devices consist of a small patch that needs to be affixed on the chest. The patch contains electrodes that monitor the heart's electrical activity and transmits the ECG reading to a smartphone via Bluetooth. These devices are easy to use and does not require any leads or wires attached to the body. However, the battery life is limited.

Smart watch based mobile ECG devices have integrated ECG capabilities directly into a smart watch. The watch body contains multiple electrodes on its rear side which come in contact with the skin to take ECG readings. The readings are analyzed on the watch itself or sent to a paired smartphone for further examination. These devices are more convenient to use as patients do not need to affix or remove any additional patches. However, signal quality may not be as accurate as patch based devices. Both types of mobile ECG devices allow for convenient heart monitoring anywhere and anytime. But these cannot substitute a standard 12-lead ECG machine used in hospitals and clinics.

Global Mobile ECG Devices Market- Regional Insights

• North America is expected to be the largest market for mobile ECG devices during the forecast period, accounting for over 37.2% of the market share in 2023. North America dominates the global mobile ECG devices market due highly developed healthcare system and widespread medical insurance coverage. This ensures good adoption rates for innovative medical technologies. The presence of leading device manufacturers such as Medtronic, Philips and Becton Dickinson has further strengthened the regional industry presence. These companies contribute significantly to the regional exports and also cater to global demand through exports. The pricing of devices is on the higher side compared to other regions, however, the insurance coverage helps drive sales volumes.
• Asia Pacific is expected to be the second-largest market for mobile ECG devices, accounting for over 24.1% of the market share in 2023. Asia Pacific has emerged as the fastest growing regional market for mobile ECG devices in recent years. Countries such as China, India and Japan are experiencing rapid economic growth and development of their healthcare systems. Rising incidences of cardiovascular diseases due to lifestyle changes and aging population has also augmented the demand.
• Europe is expected to be the fastest-growing market for mobile ECG devices, with a share of 20.1% during the forecast period. The growth of the market in Europe is due to  growing prevalence of cardiovascular diseases, increasing adoption of wireless connectivity among healthcare providers, rising geriatric population and growing investments and funding for digital health

Analyst View: The global mobile ECG devices market is poised to witness promising growth in the coming years. Key drivers include rising geriatric population who are more prone to cardiac issues and the increasing preference for portable monitoring solutions. Growing awareness about benefits of early detection of cardiovascular diseases will drive more patients and healthcare providers to adopt mobile ECG devices. However, data privacy and security concerns may restrain the market to some extent. Since these devices store and transmit sensitive cardiac data wirelessly, ensuring privacy and safety of patient information is challenging. High device costs can also limit adoption in price sensitive regions.

Figure 1. Global Mobile ECG Devices Market Share (%), By Region, 2023

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Global Mobile ECG Devices Market- Drivers

• Increasing prevalence of cardiovascular diseases: The increasing prevalence of cardiovascular diseases around the world is a major factor driving the growth of the global mobile ECG devices market. Cardiovascular diseases, especially heart diseases, have become widespread health issues in both developing and developed countries. For instance, according to data published by World Health Federation in April 2023, more than half a billion people around the world continue to be affected by cardiovascular diseases, which accounted for 20.5 million deaths in 2021 – close to a third of all deaths globally and an overall increase on the estimated 121 million cardiovascular disease deaths in 2021. As the incidence of heart diseases continue to rise significantly, there is growing need for effective cardiovascular monitoring and diagnosis solutions. Mobile ECG devices offer the advantages of portability and easy access to ECG readings anytime and anywhere. These allow fast and convenient recording of ECG signals outside of hospitals and clinics. This boosts efficiency of diagnosis and monitoring of many heart conditions such as arrhythmias and ischemic heart disease. Mobile ECG devices empower patients to track their heart health independently and share vital cardiac data with doctors remotely. This can help in quicker detection of abnormalities and facilitate timely clinical interventions
• Technological advancements in ECG devices: Technological advancements have significantly improved the functionality and usability of mobile ECG devices in recent years. New devices are being developed with advanced features like Bluetooth connectivity, longer battery life, and enhanced accuracy of readings. This allows devices to seamlessly sync electrocardiogram results with smartphones and transmit the data to healthcare providers for remote monitoring and diagnosis. Physicians can track a patient's heart activity in real-time and over an extended period, improving continuity of care. Such advances have augmented the role of mobile ECG devices beyond just occasional spot checks to continuous cardiovascular monitoring. This paradigm shift will be a major growth factor, as remote cardiac monitoring sees wider adoption globally. For instance, in November 2023, researchers from Australia and India had created a compact, lightweight, gel-free hexagonal-shaped ECG patch that is ideally suited for point-of-care diagnostics. A new, more comfortable wearable electrocardiogram (ECG) device could be on its way.
• Rising demand for wireless and portable ECG devices: Rising demand for wireless and portable ECG devices is a major factor driving the growth of the global mobile ECG devices market. With increasing health awareness and focus on preventive healthcare, people are now more inclined towards regular health monitoring. Portable ECG devices allow continuous heart monitoring outside of hospitals and clinics, empowering individuals to track their heart health on a real-time basis. This ongoing digitization of healthcare and growing focus on remote patient monitoring is working in favor of mobile ECG devices.

Global Mobile ECG Devices Market- Opportunities

• Untapped emerging markets: Emerging markets in developing regions represent a major growth opportunity for mobile ECG device manufacturers in the global market. With rising income levels and improving access to healthcare in countries like India, Indonesia and various African nations, more patients in these untapped markets will be able to afford important diagnostic tools like mobile ECG devices.
• Rising healthcare expenditure: The significant factor influencing the growth rate of the global mobile ECG devices market is the growing healthcare expenditure, which helps in improving its infrastructure. For instance, according to the International Health Care System of the U.S., in June 2020, U.S. government organizations aim to improve the healthcare infrastructure by increasing funding, setting legislation, and national strategies, and cofounding and setting basic requirements and regulations for the Medicaid program. Similarly, in November 2022, according to reports provided by the Canadian Institute for Health Information, the total health expenditure in Canada was US$ 331 billion in 2022, or US$ 8,563 per Canadian, while health expenditure represented 12.2% of Canada's gross domestic product (GDP) in 2022, following a high of 13.8% in 2020.
• Increasing awareness about benefits of mobile ECG devices: Creating more awareness about the usefulness of mobile ECG devices has strong potential to drive the market growth. As healthcare consumers and providers become increasingly educated on how easy-to-use, clinically accurate mobile ECG tools, this can expand access to cardiovascular monitoring and care, demand is likely to surge. These devices allow for simple, convenient ECG recordings to detect abnormalities or discover changes that could signal developing cardiac issues. With mobile ECG results that can be electronically transmitted to doctors for remote evaluation and consultation, individuals have an efficient new option for maintaining heart health and addressing concerns without the need to physically visit medical facilities.

Global Mobile ECG Devices Market- Trends

• Integration with smartphones and tablets: The integration of smartphones and tablets with mobile ECG devices is having a profound impact on the global market for these products. By allowing users to wirelessly connect ECG monitors to their mobile devices, manufacturers are able to make the technology more portable and accessible than ever before. This has led to increased adoption of mobile ECG devices among both healthcare professionals and individual users. Individuals can now easily monitor their heart health from the convenience of their own home using a chest strap or fingertip monitor paired with a smartphone. This makes routine ECG checks far more practical for preventative care. Data captured on the mobile device can also be easily shared with physicians through wireless transmission or electronic health records. This enables remote monitoring of heart conditions and faster response times in emergencies. For example, the Apple Watch has U.S. FDA clearance to detect atrial fibrillation and can alert users to potentially serious heart issues.
• Use of cloud-based mobile ECG analysis: The use of cloud-based mobile ECG analysis is having a significant influence on the global mobile ECG devices market. With cloud-based analysis, ECG data collected through mobile devices can be seamlessly transmitted to cardiologists and researchers for remote monitoring and diagnostics. This enables early detection of aMnormalities and quick clinical intervention. It has become possible to continuously monitor high-risk cardiac patients and the elderly outside of healthcare facilities as well. The analysis is done by advanced AI and machine learning algorithms in the cloud which can recognize complex arrhythmias and heart conditions more accurately compared to manual analysis.
• Acquisition: The mobile ECG devices market has seen a significant rise in acquisitions by major players. As companies look to expand their product portfolios and global reach, consolidation has become a key strategy. For instance, in June 2021, AliveCor, the global leader in FDA-cleared personal electrocardiogram (ECG) technology and services, announced that it had acquired the independent diagnostic testing facility (IDTF) CardioLabs, a leading monitoring and cardiac diagnostic service provider. The acquisition is a cornerstone of AliveCor’s mission to extend its comprehensive cardiological services to patients who are prescribed monitoring devices by their healthcare providers.

Global Mobile ECG Devices Market - Restraints

• High price of technologically advanced mobile ECG devices: The high price of technologically advanced mobile electrocardiogram (ECG) devices is significantly restraining the growth of the global mobile ECG devices market. Mobile ECG devices are integrated with cutting edge technologies that allow for long term continuous heart monitoring and advanced heart condition detection capabilities. However, integrating these sophisticated technologies comes at a significant cost which makes these devices unaffordable for many individuals and healthcare organizations. For instance, Eko DUO ECG + Digital Stethoscope cost around US$ 399 which is quite costly. This ECG monitor works by placing the device against the chest and looking at the readings in the Eko app.
• Limited accuracy of mobile ECG devices: The accuracy of mobile ECG devices has been a major challenge restricting the widespread adoption and overall growth of the global mobile ECG devices market. Most mobile ECG devices currently available in the market only provide a single lead ECG recording which limits the accuracy of detecting all types of cardiac arrhythmias and aMnormalities. A single lead ECG may miss important diagnostic information compared to a standard 12-lead ECG conducted in hospitals or diagnostic centers. This reduced accuracy has resulted in under diagnosis of certain cardiac conditions in some cases when using mobile ECG devices.

Figure 2. Global Mobile ECG Devices Market Share (%), By Modality, 2023

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Global Mobile ECG Devices Market- Recent Developments

Product Approval and Launch

• In September 2022, Borsam Biomedical Instruments, a China-based biomedical company, launched its ‘Wireless ECG Monitor Event Recorder’ and ‘ECG Holter Recorder’ home echocardiograms (ECGs), enabling individuals to easily monitor their heart health in the home or remotely from hospital. The Event Recorder can be held to the wearer’s chest to record their ECG data, while the Holter is designed for longer-term wear, and is attached to the chest using stickers and three leads.
• In February 2022, AliveCor, the leading innovator in FDA-cleared personal electrocardiogram (ECG) technology, announced the launch of KardiaMobile Card, the slimmest, most convenient personal ECG device ever created. At the size of a standard credit card, KardiaMobile Card fits easily into any wallet and delivers a medical-grade, single-lead ECG in 30 seconds. KardiaMobile Card makes history as the world's first credit-card-sized ECG ever cleared by the FDA.

Research and Development Activities by the Market Players

• In October 2023, InfoBionic, a developer of cloud-based cardiac arrhythmia detection and monitoring device designed to monitor cardiac diseases, announced that it had received U.S FDA 510(k) clearance for its next-generation remote ECG monitoring device with a Bluetooth diagnostic six-lead sensor for patients who require cardiac monitoring. This next-generation device (MoMe ARC) features a decoupled two-channel, six-lead sensor and is capable of connecting to other Bluetooth-enabled health monitoring devices, according to a company press release.
• In September 2022, Huawei Consumer Business Group (CBG), a company that has a wide range of products, including mobile phones as well as home devices, announced that its latest smartwatch device, the HUAWEI WATCH GT 3 Pro and HUAWEI WATCH D, had been awarded CE certification for its all-new HUAWEI ECG App. Consumers in Europe using the ECG feature on the new HUAWEI WATCH GT 3 Pro series and HUAWEI WATCH D will be able to conduct a medical-grade electrocardiogram reading of their heart, allowing them to conveniently monitor their cardiac rhythm and proactively address potential heart health risks.

Top Companies in Global Mobile ECG Devices Market

• AliveCor
• Beurer UK Ltd.
• Borsam Biomedical Instrument
• GE Healthcare
• Medtronic
• iRhythm Technologies, Inc.,
• Koninklijke Philips N.V.
• Emay
• Dr Trust
• Omron
• Nihon Kohden Corporation
• InfoBionic
• BHA MEDICAL
• Lepu Medical Technology(Beijing)Co.,Ltd.
• Panasonic Industry

Definition: Mobile ECG (electrocardiogram) devices are compact, portable units that allow individuals to monitor their heart rhythm and detect irregularities. These devices are particularly useful as they enable both healthcare providers and patients to perform heart assessments outside traditional clinical settings. This technology has seen rapid adoption due to its convenience, affordability, and capability to provide real-time data.