Wireless Electrocardiography (ECG) Global Market to Reach $2,295.7 million by 2027 – Astute Analytica
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Wireless electrocardiogram (ECG) systems are used in the medical sector in order to read electrical signals in the heart. The signal is recorded when the electrodes transmit signals to the computer or other devices.
Factors Influencing the Market
Drivers:
Factors like the significance of wireless electrocardiography (ECG) for the continuous monitoring of cardiovascular aspects and growing cases of cardiovascular diseases are paving the growth path for the global wireless electrocardiography (ECG) market during the analysis period. Further, the growing geriatric population will ultimately increase the need for effective devices for the constant monitoring of hearts rate as they need special and continuous care. Therefore, it raises high opportunities for the global wireless electrocardiography (ECG) market. Moreover, continuous cardiovascular monitoring systems are high in demand as the evolution of the technology allows users to grab data in smartphones and also monitors and sends real-time ECG readings to the connected devices using Bluetooth.
Restraints:
The expensive cost of ECG devices may limit the growth of the market as the high cost is forcing physicians to keep on using traditional ECG devices.
Opportunities:
Rising investments by government bodies for the improvement of healthcare spaces, along with supporting R&D infrastructure, are expected to bring ample growth opportunities for the market. New advancements are expected to pull the veil off myriad growth opportunities in the coming years. For instance, in January 2022, AliveCor made headlines for getting a recommendation from the National Institute for Health and Care Excellence (NICE) for its KardiaMobile as a significant option to detect atrial fibrillation (AF). KardiaMobile is the first-ever ECG recommended by NICE.
Impact of COVID-19
COVID-19 brought a significant acceleration in the growth graph of the wireless ECG market as the use of ECGs escalated. It is owing to the significant rise in the number of patients suffering from heart-related problems, which upsurged the need for more wireless ECG devices.
Segmental Analysis
Based on type, monitoring ECG systems are expected to grow at the highest CAGR
Based on type, diagnostics ECG systems have the highest share of 75.8% in the global wireless electrocardiography (ECG) market in 2021. However, the monitoring ECG systems segment is expected to register the highest growth rate of 7.9%, owing to the steeply growing rate of cardiovascular diseases, combined with the rising geriatric population that needs constant care and monitoring. According to the World Health Organization (WHO), Cardiovascular diseases (CVDs) are among the leading causes of death, resulting in nearly 17.9 million deaths each year. Therefore, it raises high scope for monitoring ECG systems.
Based on modality, the hand-held segment holds the highest market share
On the basis of modality, the handheld segment held a tremendous share of 63% in 2021, owing to the high portability and convenience offered by the devices. Moreover, handheld devices are easier to use and track ECG levels without the need for physical presence at a particular place with interactive displays. Therefore, the handheld segment is holding the lion's share in the global wireless electrocardiography (ECG) market.
Based on end-users, the home-based setting segment exhibits the highest CAGR in the global wireless electrocardiography (ECG) market.
On the basis of end-users, the home-based setting is expected to exhibit the highest CAGR of 8.5%, while the hospitals, clinics, & cardiac centers segment is having the leading market share of 56.5%. The growth of home-based settings is because of the reasons like the growing rate of cardiovascular diseases and rising awareness about the benefits of home-based settings.
North America is holding the lion's share in the global wireless electrocardiography (ECG) market in 2021
North America, with the highest share of 40.2%, is leading in the global wireless electrocardiography (ECG) market and is expected to maintain its growth by registering the highest growth rate of 6.7% during the study period. The growth of North America's wireless electrocardiography (ECG) market is attributed to the rising adoption of a sedentary lifestyle, such as lower involvement in physical activities and an unhealthy diet. However, the region holds one of the largest healthcare industries being known for its hi-tech infrastructure.
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Competitive Insight
Some of the key industry players thriving in the wireless electrocardiography (ECG) market include Hill-Rom Holdings, Nihon Kohden Corporation, Koninklijke Philips, BioTelemetry, Inc., and ACS Diagnostics among others. Through extensive research, the industry players are continuously taking a step forward to contribute to the market's growth. For instance, Medtronic plc, one of the industry giants dealing in the healthcare industry, announced that the firm inked a strategic partnership with BioIntelliSense. The partnership is aimed at offering efficient access to a medical-grade device that offers continuous vital sign measurements of general care patients in-hospital and post-discharge. Therefore, it will drive simplification in care delivery through automation.
Segmentation Overview of the Global Wireless Electrocardiography (ECG) Market
The global Wireless Electrocardiography (ECG) Market is segmented based on type, modality, lead type, end user, and region. These segments are further subdivided to get a holistic picture of the market.
Following are the different segments of the Global Wireless Electrocardiography (ECG) Market:
By Type:
Monitoring ECG Systems
o Remote Data Monitoring
o Event Monitoring
o Continuous Cardiovascular Monitoring Systems
Diagnostic ECG Systems
o Rest ECG Systems
o Stress ECG Systems
o Holter ECG Systems
By Modality segment:
Hand-held
Pen
Band
By Lead Type:
12-lead
5-lead
3-lead
6-lead
Single lead
Other Lead Types
By End User:
Hospitals, Clinics, & Cardiac Centers
Home-based setting
Ambulatory Surgical Centers
Other End Users
By Region:
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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Aamir Beg
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