The ECG Machine Market is experiencing a healthy growth spurt, driven by the growing importance of monitoring heart health. According to a new report, the market size is projected to surpass USD 7.8 Billion in 2024 and reach a staggering USD 15.7 Billion by 2034, reflecting a steady Compound Annual Growth Rate (CAGR) of 7.2%.
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 clinicians in selecting a course of treatment.
- 7 to 12 channels segment leads in terms of the number of channels of ECG machines 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 assess the condition of the patient more accurately.
- By modality, wireless ECG machines 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 the 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 a lead analyst at Future Market Insights.
ECG Machine Market 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.
ECG Machine Market 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.
ECG Machine Market Key Companies Profiled
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; Spacelabs Healthcare; McKesson Corporation; Drägerwerk AG & Co. KGaA; Meditech Equipment Co., Ltd.; CardioComm Solutions, Inc.; Device Technologies; ZOLL Medical Corporation; Medical ECONET GmbH
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)
About the 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.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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