ECG devices market size to grow by USD 4,102.12 million from 2022-27

The echocardiography (ECG) devices market size is set to grow by USD 4102.12 million from 2022 to 2027. However, the growth momentum will be progressing at a CAGR of 5.7% during the forecast period, according to Technavio. The echocardiography (ECG) devices market is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market.

Allengers Medical Systems Ltd., Bionet Co. Ltd., Cardinal Health Inc., DMS Service LLC, Fukuda Denshi Co. Ltd., General Electric Co., Halma Plc, Hill Rom Holdings Inc., iRhythm Technologies Inc., Johnson and Johnson, Koninklijke Philips NV, Medtronic Plc, Nasiff Associates Inc., NEXUS LIFECARE PVT. LTD., Nihon Kohden Corp., Norav Medical, OSI Systems Inc., SCHILLER AG, Wuhan Zoncare Biomedical Electronics Co. Ltd., and AliveCor Inc. are some of the major market participants.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The echocardiography (ECG) devices market report covers the following areas:

• Echocardiography (ECG) devices market size
• Echocardiography (ECG) devices market trends
• Echocardiography (ECG) devices market industry analysis
• Porter’s five forces analysis
• Customer landscape

Market driver

• Increased incidence of cardiac disorders
• Focus on preventive treatment
• New product launches

Market trend

• Integration of technologies to develop advanced ECG devices
• Paradigm shift toward portable devices
• Increased funding to companies

Market challenges

• High cost of ECG products and procedures
• Intense competition among vendors
• Stringent regulatory process

Echocardiography (ECG) devices market 2023-2027: Segment analysis

• End-user
  • Hospitals: The market share growth by the hospital segment will be significant during the forecast period. The hospitals segment was valued at USD 6,995.03 million in 2017 and continue to grow by 2021.
  • Diagnostic Centers
• Product
  • Resting
  • Ambulatory
  • Stress
• Geography
  • North America: North America is estimated to contribute 42% to the growth of the global market during the forecast period. The rapid growth of the ECG devices market in North America can be attributed to the high healthcare expenditure on CVD, a rise in the adoption of technologically advanced ECG devices, a high prevalence of CVD, the increasing geriatric population, and the high number of ECG procedures performed.
  • Europe
  • Asia
  • Rest Of World (ROW)

Technavio