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Impact Analysis of Covid-19

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

ECG Monitoring Systems  | Coherent Market Insights

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.

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ECG Monitoring Systems Market Report Coverage

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
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Equipment Type: ECG Monitoring Equipment, Holter Monitoring Systems, ECG Stress Testing Systems, Event Monitoring Systems.
  • By End User: Hospitals, Ambulatory Surgical Centers, Clinics.
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.

Growth Drivers:
  • High prevalence of cardiovascular diseases
  • Product launches
Restraints & Challenges:
  • Lengthy medical device approval period
  • High costs

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

ECG Monitoring Systems  | Coherent Market Insights

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:

  • This report provides in-depth analysis of the global ECG monitoring systems market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2019–2027), considering 2018, as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global ECG monitoring systems market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and the management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The global ECG monitoring systems market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the market.

Detailed Segmentation

  • Global ECG Monitoring Systems Market, By Equipment Type:
    • ECG Monitoring Equipment
    • Holter Monitoring Systems
    • ECG Stress Testing Systems
    • Event Monitoring Systems
  • Global ECG Monitoring Systems Market, By End User:
    • Hospitals
    • Ambulatory Surgical Centers
    • Clinics
  • Global ECG Monitoring Systems Market, By Geography:
    • North America
      • By Equipment Type
        • ECG Monitoring Equipment
        • Holter Monitoring Systems
        • ECG Stress Testing Systems
        • Event Monitoring Systems
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Equipment Type
        • ECG Monitoring Equipment
        • Holter Monitoring Systems
        • ECG Stress Testing Systems
        • Event Monitoring Systems
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country:
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Equipment Type
        • ECG Monitoring Equipment
        • Holter Monitoring Systems
        • ECG Stress Testing Systems
        • Event Monitoring Systems
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country:
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • By Equipment Type
        • ECG Monitoring Equipment
        • Holter Monitoring Systems
        • ECG Stress Testing Systems
        • Event Monitoring Systems
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East:
      • By Equipment Type
        • ECG Monitoring Equipment
        • Holter Monitoring Systems
        • ECG Stress Testing Systems
        • Event Monitoring Systems
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Equipment Type
        • ECG Monitoring Equipment
        • Holter Monitoring Systems
        • ECG Stress Testing Systems
        • Event Monitoring Systems
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country/Region:
        • Central Africa
        • South Africa
        • North Africa
  • Company Profiles
    • GE Healthcare*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
    • Philips Healthcare
    • Nihon Kohden
    • Schiller AG
    • Opto Circuits (India) Limited
    • Welch Allyn
    • Fukuda Denshi Co., Ltd.
    • Lidco Group plc
    • Biotricity Inc.
    • Bittium Corporation
    • VivaQuant

 “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Equipment Type
      • Market Snippet, By End User
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Developments
    • Regulatory Scenario
    • PEST Analysis
    • COVID-19 Impact Analysis
  4. Global ECG Monitoring Systems Market, By Equipment Type, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • ECG Monitoring Equipment
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • Holter Monitoring Systems
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • ECG Stress Testing Systems
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • Event Monitoring Systems
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
  5. Global ECG Monitoring Systems Market, By End User, 2019 – 2027 (US$ Mn)
    • Introduction
    • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • Hospitals
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Ambulatory Surgical Centers
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Clinics
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  6. Global ECG Monitoring Systems Market, By Regions, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • North America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • U.S.
        • Canada
    • Europe
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • North Africa
        • Central Africa
        • South Africa
  7. Competitive Landscape
    • Company Profiles
      • GE Healthcare
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Philips Healthcare
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Nihon Kohden
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Schiller AG
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Opto Circuits (India) Limited
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Welch Allyn
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Fukuda Denshi Co., Ltd.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Lidco Group plc
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Biotricity Inc.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Bittium Corporation
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • VivaQuant
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 34 market data tables and 25 figures on “ECG Monitoring Systems Market – Global forecast to 2027.

Frequently Asked Questions

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.
Major factor driving the growth of global ECG monitoring systems market during the forecast period include high prevalence of cardiovascular diseases, and product launches.
Major factors hampering the growth of the ECG monitoring systems market during the forecast period constitutes of lengthy medical device approval period, and high costs.
ECG Monitoring Equipment held dominant position in the global ECG monitoring systems market in 2019.
North America ECG Monitoring Systems market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are 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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