An electrocardiogram — abbreviated as EKG or ECG — is a test that measures the electrical activity of the heartbeat. The ECG has grown to be one of the most commonly used medical tests in modern medicine.
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
Approval and launch of new devices is expected to propel growth of the global cardiovascular monitoring and diagnostic devices market over the forecast period. For instance, in November 2019, Shimmer, a U.S.-based developer of wearable technology, announced that ECGmd – its five-wire, four-lead Holter monitor ECG, received CE mark.
Global ECG Monitoring Systems Market: Opportunities
R&D in ECG monitoring is expected to offer lucrative growth opportunities for players in the global ECG monitoring systems market. For instance, in May 2019, researchers from Pukyong National University, South Korea, reported designing an ECG device that is powered by solar energy with an output voltage of 2.4 V and a power out of 0.25 W.
Global ECG Monitoring Systems Market: Restraints
Lengthy medical device approval period is expected to hinder growth of the market. The U.S. FDA has implemented rules for in-vitro testing of 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.
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.
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. Increasing prevalence of cardiovascular diseases (CVDs) is expected to boost growth of the global Electrocardiogram (ECG) Monitoring Systems market over the forecast period. For instance, according to American Heart Association’s Heart Disease and Stroke Statistics 2018, around 92.1 million adults in the U.S. are suffering from some form of CVD or the after-effects of stroke.
Major players in the market are focused on approval and launch of new devices to expand their product portfolio. For instance, in January 2020, Withings launched ScanWatch, which has a built-in ECG and a SpO2 sensor to measure oxygen saturation levels.
R&D in ECG monitoring is boosting growth of the market. For instance, in August 2019, Emory University (U.S.) assessed the efficacy of a wearable ECG patch developed by U.S.-based VivaLNK Company in improving patient care management for patients suffering from coronary artery disease.
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
May 2019: AliveCor received U.S. FDA clearance for its KardiaMobile 6L, a six-lead portable ECG device
April 2019: VivaQuant, a digital health company, received the U.S. FDA clearance for its RX-1 wearable device that can operate as a Holter monitor