The global ECG market size is estimated to reach USD 10.3 billion by 2024 from USD 7.5 billion in 2019, at a CAGR of 6.4% during the forecast period. The growth in this market can primarily be attributed to factors such as the increasing incidence of cardiovascular diseases and technological advancements in devices.
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The major players in the global diagnostic ECG market are Koninklijke Philips (Netherlands), GE Healthcare (US), and Nihon Kohden Corporation (Japan). These players have adopted various growth strategies such as service & product launches, partnerships & collaborations, and mergers & expansions to increase their presence in the global market.
Koninklijke Philips (Netherlands) was one of the major players operating in the diagnostic ECG market in 2018. The company’s major products include the Stress ECG testing system, ECG software management system, Holter monitors, and cardiographs. Philips Group operates in the Asia Pacific, Europe, North America, and Africa. In 2016, Philips Healthcare collaborated with the Rostock University Medical Center (Germany) to deliver networked cardiac care across Germany.GE Healthcare (US) is among the leading players in the diagnostic ECG market. The company provides a range of diagnostic ECG products, including resting, stress, and ambulatory ECGs, as well as ECG software. The company focuses on investing in product R&D and clinical studies. The company operates in more than 140 countries across the Americas, Europe, Asia, and the Middle East & Africa.
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North America accounted for the largest share of the diagnostic ECG market during the forecast period
In 2019, North America accounted for the largest share of the diagnostic ECG market. The large share of this regional segment can be attributed to the increasing prevalence of CVD, the presence of advanced healthcare infrastructure, high disposable income, high demand for medical devices, and technological advancements. The Asia Pacific is expected to register the highest growth from 2019 to 2024. Factors such as a growing geriatric population, the growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies, and less stringent regulations are fueling the demand for diagnostic ECG devices in the Asia Pacific.
Mr. Aashish Mehra
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