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Electrocardiogram (ECG) Devices Market Analysis
- Report ID: GMI5425
- Published Date: Feb 2023
- Report Format: PDF
Electrocardiogram Devices Market Analysis
In terms of revenue, the electrocardiogram devices market share from the 6-lead type segment is estimated to reach USD 1.2 billion by 2032. The 6-lead type of ECG device is widely used for the diagnosis of cardiac diseases. This type of ECG machine is anticipated to witness a surging demand driven by the increasing need for cost-effective bradycardia treatment and the emergence of novel remote monitoring devices. Moreover, 6-lead ECG devices offer comprehensive data regarding heart health and enable the detection of tachycardia and AFib. The growing concerns associated with cardiac arrhythmia will further propel the demand for 6 lead ECG devices.
ECG devices market valuation from diagnostic ECG machines reached USD 4 billion in 2022. The growing demand for diagnostic ECG machines, including stress ECG and resting ECG can be attributed to the increasing number of people suffering from chronic illnesses. In August 2022, the American College of Cardiology published estimates for the years, 2025 to 2060, projecting a 33.4% surge in the prevalence of heart failure among the general U.S. population. The growing burden of heart failures and coronary artery diseases is further propelling the need for technologically equipped healthcare facilities for better, faster, and more affordable medical care.
Based on portability, the electrocardiogram devices market size from non-portable ECG devices is projected to exhibit over 3.5% CAGR between 2023-2032. Non-portable ECG machines are extensively used in the hospital settings and healthcare facilities to cater to multiple cardiovascular conditions, such as atrial flutter and atrial fibrillation. The high prevalence of unhealthy lifestyle habits has contributed to a large pool of patients with hypertension and hyperthyroidism, driving the demand for non-portable devices across the healthcare sector. Moreover, the growing patient preference for minimally invasive procedures is expected to positively influence the market outlook.
ECG devices market valuation from ambulatory surgical centers is poised to reach USD 2.3 billion by 2032. Ambulatory surgical centers (ASCs) have emerged as the primary choice of healthcare facility among patients owing to the availability of high-quality affordable treatment, shorter stays as compared to hospitals, and the lowered risk of hospital-acquired infections (HAIs). Moreover, ASCs offer specialized healthcare services allowing insurance carriers and patients to cut down on costs. The increasing investments to build ASCs to address the unmet healthcare needs will complement the market growth.
Asia Pacific electrocardiogram devices market size is anticipated to expand at over 4% CAGR from 2023-2032. The region is expected to emerge as a hub for advanced medical technologies and next-generation devices owing to the fast-paced digitization of healthcare services and significant investments in healthcare infrastructure. Additionally, the growing patient pool of cardiovascular diseases and a broad spectrum of chronic illnesses will propel the need for ECG devices and cardiac care in the region. As per Accidental Deaths & Suicides in India (ADSI) data published by the National Crime Records Bureau (NCRB), the number of deaths associated with heart attacks continued to remain over 28,000 in the last three years.
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Electrocardiogram Devices Market Scope
