NEWARK, Del, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The ECG machine market size is poised to cross US$ 7,833.5 million in 2024 and is likely to attain a valuation of US$ 15,725.60 million by 2034. The ECG machine market share is projected to develop at a CAGR of 7.2% from 2024 to 2034. The increasing prevalence of cardiovascular diseases globally has led to a growing demand for diagnostic tools, with ECG machines at the lead. Additionally, advancements in technology, such as the development of portable and wireless ECG devices, have expanded the accessibility and convenience of monitoring heart health. The integration of artificial intelligence (AI) in ECG interpretation is another significant driver, enhancing accuracy and efficiency in diagnosing cardiac conditions. The rising awareness of preventive healthcare and regular health check-ups further contributes to the industry's growth.
The ECG machine industry encounters certain restraints. One major challenge is the high cost associated with advanced ECG equipment, limiting accessibility in certain regions or healthcare settings. Regulatory hurdles and stringent approval processes for new ECG technologies also pose obstacles for market entry. Moreover, concerns about data security and privacy in the digital era, especially with the increasing use of connected devices, raise questions that the industry must address to build and maintain trust among users.
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The ECG machine industry is presented with promising opportunities, especially as healthcare systems globally prioritize digital transformation. The rise of telemedicine and remote patient monitoring creates a conducive environment for the adoption of ECG devices outside traditional healthcare settings. The increasing focus on personalized medicine opens avenues for the development of ECG solutions tailored to individual patient needs. Collaborations between ECG manufacturers and software developers to create user-friendly interfaces and integrated health platforms offer a chance to enhance the overall patient experience and compliance with long-term monitoring.
Key Takeaways from the ECG Machine Market Report
- ECG holter monitoring systems are the leading product type, and hold around 45.3% market value share in 2024, owing to the property of assessing arrhythmic events that aids the clinicians in selecting a course of treatment.
- 7 to 12 channels segment leads in terms of the number of channels of ECG machine with a value share of around 41.2% in the year 2024. This is because it provides a three-dimensional view of the heart making it easy for healthcare practitioners to access the condition of the patient more accurately.
- By modality, wireless ECG machine are leading with a market share of 66.8% in the global market, and are expected to continue to do so with a projected CAGR rate of 7.0% during the forecasted years.
- The hospital segment holds a sizeable portion of the market of 48.5% in 2024 in the end user segment owing to the rise in medical procedures and surgeries that require ECG equipment globally.
- North America is the leading region with a value share of 36.9% in 2024, owing to the high prevalence of cardiovascular disorders, access to improved healthcare infrastructure, growing public awareness of the advantages of cardiac monitoring, and presence of key market participants in the region.
"Rising prevalence of cardiovascular disorders, awareness regarding regular cardiac monitoring and increasing ageing population are set to propel the sales of EKG machines across the globe," Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
Key players operating in the ECG machine market are launching novel products and introducing new strategies to expand their portfolio to gain a foothold in the market. Collaboration among industry giants are expected to rise, leading to the emergence of new and improved ECG machines in the coming years.
Key Players in the ECG Machine Market
- Nihon Kohden Corporation
- FUKUDA DENSHI
- Philips Healthcare (Koninklijke Philips N.V.)
- Schiller Ag
- GE Healthcare (General Electric Company)
- Johnson and Johnson
- Medtronic Plc
- Mindray Medical International Limited.
- CompuMed, Inc.
- Hill Rom
Recent Developments
- Xiaomi announced the First Blood Pressure Watch in October 2023. The Xiaomi First Blood Pressure Watch stands out by combining a high-end wristwatch design with smart functionalities that go beyond basic health tracking.
- iRhythm Technologies, Inc. will introduce its next-generation Zio® monitor and enhanced Zio® long-term continuous monitoring (LTCM) service in the United States in September 2023. The Zio monitor is iRhythm's smallest, lightest, and thinnest cardiac monitor, with substantial service features that improve patients' and healthcare professionals' cardiac monitoring experiences.
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Key Segments Covered in the ECG Machine Market
By Product:
- ECG Resting System
- ECG Holter Monitoring System
- ECG Stress Testing System
- Cardiopulmonary Stress Testing System
By Number of Channels:
- 1 to 6 channel
- 7 to 12-channel
- 12 to 18 Channel
By Technology:
- Digital
- Analog
By Modality:
- Wireless
- Wired
By End User:
- Hospital
- Ambulatory Surgical Centers
- Specialty Clinics
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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