Wireless Electrocardiography (ECG) Market is Projected to reach US$ 2,295.7 Million by 2027 |CAGR: 6.5%: Astute Analytica

NEW DELHI, Feb. 10, 2022 /PRNewswire/ -- According to the study published by Astute Analytica, the Global wireless electrocardiography (ECG) market is estimated to reach US$ 2,295.7 Mn by 2027 from US$ 1,576 Mn in 2021. The market is registering a CAGR of 6.5% during the forecast period. In terms of volume, the market is registering a CAGR of 6.3% during the forecast period. A wireless electrocardiogram (ECG) is a medical device used for reading electrical signals in the heart, taken with electrodes that transmit signals wirelessly to a base unit like a computer. In a wireless ECG, a technician places electrodes covered in conductive gel onto the patient's chest and then wireless units on the backs of the electrodes will relay data to a base unit.

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Market Dynamics

Drivers:

The market is majorly driven by factors such as the rising need for continuous cardiovascular monitoring ECG systems and advanced technological aspects. The continuous cardiovascular monitoring ECG systems segment is expected to drive the growth over the forecast period, due to the increasing incidence of cardiovascular diseases and a growing geriatric population, which is likely to increase the need for continuous cardiovascular monitoring of patients' hearts during their daily routines. Continuous cardiovascular ECG monitoring systems are worn continuously by the patients. It continuously monitors and sends ECG readings to the user's smartphone, using Bluetooth; from there, the data is sent over mobile networks to a server. Moreover, technological advancements of ECG devices like portability, handheld, novel electrodes & sensors, and smart phone integration are likely to contribute to the market growth.

Restraints:

Although portable ECG devices have been developed, but have not been implemented to their complete use, since these instruments are expensive. In many countries, due to the cost-effective factor, physicians are being forced to use traditional ECG devices instead of the latest high-end devices. Hence, high cost for buying and maintaining, and lack of technical skills are hindering the market growth.

Opportunities:

Rising government investment, supporting R&D activities along with rising per capita healthcare expenditure globally will accelerate wireless ECG devices market growth. Furthermore, major players in the market are focused on approval and launch of portable ECG devices. For instance, in May 2019, AliveCor received U.S. FDA clearance for its KardiaMobile 6L, a six-lead portable ECG device. Hence, launching of new devices as well as studies conducted by key players will create opportunities for wireless ECG market.

Impact of COVID-19

The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. COVID-19 pandemic have accelerated the wireless ECG market with respective to the usage of the various clinical devices including ECG. During COVID-19 pandemic, rising patients of heart related problems, have resulted into the increasing demand for the wireless ECG devices. Hence, wireless ECG market have seen sudden growth during COVID-19 pandemic.

Segmental Analysis

Monitoring ECG Systems has the fastest CAGR in the Global Wireless Electrocardiography (ECG) Market

Diagnostics ECG Systems has the highest share in the global wireless electrocardiography (ECG) market in 2021. However, the monitoring ECG systems segment is projected to witness the fastest CAGR during the forecast period 2022-2027. Under monitoring ECG systems, the continuous cardiovascular monitoring ECG systems segment is expected to grow over the forecast period, due to the increasing incidence of cardiovascular diseases and a growing geriatric population. According to the WHO, cardiovascular diseases are the leading cause of death globally. An estimated 17.9 Mn people died due to cardiovascular diseases in 2019, representing 32% of the global deaths. Therefore, increasing awareness regarding early detection and management of cardiovascular diseases is augmenting the demand for continuous cardiovascular ECG monitoring devices.

Hand-held segment has the highest market share in terms of modality

The handheld segment held the highest market share of 63% in 2021. The growth is attributed to higher portability offered by handheld devices for ECG diagnosis and higher convenience of use which makes it easier to monitor and track the ECG levels at any place with interactive displays.

Home-based setting segment of end users will dominate the Global Wireless Electrocardiography (ECG) Market during the forecast period

Home-based setting is estimated to project the fastest CAGR over the forecast period. Increase in the rate of cardiovascular diseases combined with increasing awareness of the different solutions to track ECG levels for continuous monitoring and its benefits has helped the adoption of mobile ECG devices by personal users.

North America is leading the Global Wireless Electrocardiography (ECG) Market in 2021

North America dominates the Global Wireless Electrocardiography (ECG) Market in 2021 and is expected to continue its dominance over the forecast period 2022-2027. The adoption of sedentary lifestyle including lower physical activity and unhealthy diet has led to rise in the rate of cardiac diseases in the region. Owing to more hospitals striving to meet the national guidelines for ECG devices, technology advancements, the prevalence of heart diseases, high healthcare expenditure, and reimbursement, the US wireless ECG market is expected to grow.

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Competitive Insight

The key players in the Global Wireless Electrocardiography (ECG) Market are BioTelemetry, Inc., Hill-Rom Holdings, Nihon Kohden Corporation, Koninklijke Philips, and ACS Diagnostics among others. Through extensive research, it is found that big players have adopted various competitive strategies such as merger & acquisition in order to have a grip in the stabilized global market scenarios.

Segmentation Overview of the Global Wireless Electrocardiography (ECG) Market

Global Wireless Electrocardiography (ECG) Market is segmented based on type, modality, lead type, end user, and region. These segments are further sub-divided to get a holist picture of the market.  

Following are the different segments of the Global Wireless Electrocardiography (ECG) Market:

By Type segment of the Global Wireless Electrocardiography (ECG) Market is sub-segmented into:

• Monitoring ECG Systems
• Remote Data Monitoring
• Event Monitoring
• Continuous Cardiovascular Monitoring Systems
• Diagnostic ECG Systems
• Rest ECG Systems
• Stress ECG Systems
• Holter ECG Systems

By Modality segment of the Global Wireless Electrocardiography (ECG) Market is sub-segmented into:

• Hand-held
• Pen
• Band

By Lead Type segment of the Global Wireless Electrocardiography (ECG) Market is sub-segmented into:

• 12-lead
• 5-lead
• 3-lead
• 6-lead
• Single lead
• Other Lead Types

By End User segment of the Global Wireless Electrocardiography (ECG) Market is sub-segmented into:

• Hospitals, Clinics, & Cardiac Centers
• Home-based setting
• Ambulatory Surgical Centers
• Other End Users

By Region segment of the Global Wireless Electrocardiography (ECG) Market is sub-segmented into:

• North America
• The U.S.
• Europe
• The UK
• Germany
• France
• Italy
• Spain
• Poland
• Russia
• NORDICS
• Netherlands
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Rest of the World
• Middle East & Africa
• South America

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