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Press Release: ECG Monitoring Systems Market to Reach US$ 1,847.2 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
An electrocardiogram (ECG or EKG) records the electrical signal from the heart to check for different heart conditions. It is the most important test for interpretation of the cardiac rhythm, detection of myocardial ischemia and infarction, conduction system abnormalities, preexcitation, long QT syndromes, atrial abnormalities, ventricular hypertrophy, pericarditis, and other conditions.
The global ECG monitoring systems market is estimated to account for US$ 1,102.5 Mn in terms of value in 2020 and is expected to reach US$ 1,847.2 Mn by the end of 2027.
Global ECG Monitoring Systems Market: Drivers
Increasing prevalence of cardiovascular diseases is expected to propel growth of the global cardiovascular monitoring and diagnostic devices market over the forecast period. For instance, according to the American Heart Association's Heart and Stroke Statistics 2019 Update, around 48% of all adults in the U.S. suffered from some type of cardiovascular disease in 2016.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
ECG Monitoring Equipment held dominant position in the global ECG monitoring systems market in 2019, accounting for 56.5% share in terms of value, followed by Holter Monitoring Systems and ECG Stress Testing Systems, respectively.
Figure 1. Global ECG Monitoring Systems Market Share (%), by Value, by Equipment Type, 2019
Global ECG Monitoring Systems Market: Restraints
Inaccuracy of wearable ECG devices is expected to hinder growth of the market. For instance, according to a research published in April 2019 by the Harvard Medical School, 30% of wearable devices yield inaccurate results.
Moreover, handheld ECG devices offer limited information compared to conventional lead ECGs, which is also expected to limit growth of the market.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 1,024.4 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 7.7% | 2027 Value Projection: | US$ 1,847.2 Mn |
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| Companies covered: |
GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits (India) Limited, Opto Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd., OSI Systems, Lidco Group plc, Biotricity Inc., Bittium Corporation, St. Jude Medical Inc., VivaQuant, and Johnson & Johnson. |
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Global ECG Monitoring Systems Market: Opportunities
R&D in ambulatory ECGs is expected to offer lucrative growth opportunities for players in the global ECG monitoring systems market. For instance, in February 2020, researchers at University of Electronic Science and Technology of China developed an adaptive cancellation algorithm based on multi-inertial sensors to suppress motion artifacts in ambulatory ECGs.
Moreover, increasing investment in development of new devices is also expected to aid in growth of the market. For instance, in December 2019, Biotricity Inc., a medical diagnostic and consumer healthcare technology company, raised US$ 6 million for FDA Filing for its patch solution within the first 6 months of 2020, which will be a novel product in the field of Holter monitoring.
The global ECG monitoring systems market was valued at US$ 1,024.4 Mn in 2019 and is forecast to reach a value of US$ 1,847.2 Mn by 2027 at a CAGR of 7.7% between 2020 and 2027.
Figure 2. Global ECG Monitoring Systems Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
The market is witnessing development of web-based remote cardiac monitoring solutions. For instance, in November 2019, Bittium Corporation, a Finland-based cardiology and neurology device company, presented Bittium HolterPlus, a web-based remote cardiac monitoring solution, consisting of a Bittium Faros ECG device and Bittium HolterPlus mobile application, at Medica 2019, a leading international trade fair for the medical sector that was held in Germany.
R&D in ECG-enabled smartwatch is aiding in growth of the market. For instance, in February 2020, Johnson & Johnson launched a new, virtual clinical study to determine the efficacy of Apple’s iPhone and ECG-enabled smartwatch in reducing the risk of stroke and detecting cases of atrial fibrillation.
Global ECG Monitoring Systems Market: Competitive Landscape
Major players operating in the global ECG monitoring systems market include, GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits (India) Limited, Opto Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd., OSI Systems, Lidco Group plc, Biotricity Inc., Bittium Corporation, St. Jude Medical Inc., VivaQuant, and Johnson & Johnson.
Global ECG Monitoring Systems Market: Key Developments
Major players in the market are focused on approval and launch of new devices to expand their product portfolio. For instance, in July 2020, AliveCor released KardiaCare, a digital subscription service that offers a suite of features that helps users interpret their heart data, monitor risk factors, identify symptom triggers and measure the impact of lifestyle changes.
Similarly, in January 2020, VivaLNK, a China-based provider of connected healthcare solutions for in-patient and remote patient monitoring, received the U.S. FDA clearance for its Continuous ECG platform comprising of reusable wearable ECG sensors and associated software development kit
Electrocardiogram (ECG) is a device that records electrical activity of the heart in waveforms with electrodes, which are placed in contact to the body (chest) and the signals are amplified on the ECG monitor. The interpretation of these waveforms help in identifying symptoms of arrhythmia and acute coronary syndromes.
Restraints of the Global ECG Monitoring Systems Market
Major factors hampering the growth of the ECG monitoring systems market during the forecast period constitutes of lengthy medical device approval period. The U.S. FDA has implemented rules for in-vitro testing of Electrocardiogram (ECG) Devices, which includes environmental testing, software testing, electrical safety, and electromagnetic compatibility of the devices. Moreover, the time needed to process and approve 510(K) increased from 90 days to 140 days due to the complexity and volume of medical devices marketing submissions.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 34 market data tables and 25 figures on “ECG Monitoring Systems Market – Global forecast to 2027.
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