Wireless Electrocardiography Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

Market Scenario 

Global Wireless Electrocardiography Market is estimated to reach US$ 2,295.7 Mn by 2027 from US$ 1,576 Mn in 2021. The market is registering a CAGR of 6.5% during the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 6.3% during the forecast period. A wireless electrocardiogram (ECG) is a medical device used for reading electrical signals in the heart, taken with electrodes that transmit signals wirelessly to a base unit like a computer. The electrodes detect the minutest electrical changes in the skin which is caused due to heart muscle depolarizing during each heartbeat.

The market is majorly driven by factors such as the rising need for continuous cardiovascular monitoring ECG systems and advanced technological aspects. The continuous cardiovascular monitoring ECG systems segment is expected to drive growth over the forecast period, due to the increasing incidence of cardiovascular diseases and a growing geriatric population, which is likely to increase the need for continuous cardiovascular monitoring of patients’ hearts during their daily routines. Continuous cardiovascular ECG monitoring systems are worn continuously by the patients. It continuously monitors and sends ECG readings to the user’s smartphone, using Bluetooth; from there, the data is sent over mobile networks to a server. Furthermore, major players in the market are focused on the approval and launch of portable ECG devices. For instance, in May 2019, AliveCor received the U.S. FDA clearance for its KardiaMobile 6L, a six-lead portable ECG device. Hence, the launching of new devices, as well as studies conducted by key players, will create opportunities for the wireless ECG market. However, high costs for buying and maintaining, and lack of technical skills are hindering the market growth.

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes the global wireless Electrocardiography (ECG) market for the study period of 2017-2027; where historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2027.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 23 chapters distributed across 396 pages with 125 lists of tables and 154 lists of figures.
• The market estimates are presented in terms of value (US$ Mn) and volume (‘000 Units).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• Detailed value chain analysis of the industry was conducted. It includes raw material providers, wireless ECG manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Monitoring ECG Systems has the fastest CAGR in the Global Wireless Electrocardiography (ECG) Market

Based on type, the market is segmented into Monitoring ECG Systems and Diagnostics ECG Systems. Diagnostics ECG Systems has the highest share in the Global Wireless Electrocardiography (ECG) Market in 2021. However, the Monitoring ECG Systems segment is projected to witness the fastest CAGR during the forecast period 2022-2027. Under monitoring ECG systems, the continuous cardiovascular monitoring ECG systems segment is expected to grow over the forecast period, due to the increasing incidence of cardiovascular diseases and a growing geriatric population. According to the WHO, cardiovascular diseases are the leading cause of death globally. An estimated 17.9 Mn people died due to cardiovascular diseases in 2019, representing 32% of the global deaths. Therefore, increasing awareness regarding early detection and management of cardiovascular diseases is augmenting the demand for continuous cardiovascular ECG monitoring devices.

The hand-held segment has the highest market share in terms of modality

In terms of modality, the global wireless electrocardiography (ECG) market is segmented into hand-held, pen, and band. The handheld segment held the highest market share of 63% in 2021. The growth is attributed to higher portability offered by handheld devices for ECG diagnosis and higher convenience of use which makes it easier to monitor and track the ECG levels at any place with interactive displays.

A home-based setting segment of end-users will dominate the Global Wireless Electrocardiography (ECG) Market during the forecast period

Based on end-users, the market is segmented into hospitals, clinics, & cardiac centers, home-based settings, ambulatory surgical centers, and other end users. A home-based setting is estimated to project the fastest CAGR over the forecast period. An increase in the rate of cardiovascular diseases combined with increasing awareness of the different solutions to track ECG levels for continuous monitoring and its benefits has helped the adoption of mobile ECG devices by personal users.

North America is leading the Global Wireless Electrocardiography (ECG) Market in 2021

North America dominates the Global Wireless Electrocardiography (ECG) Market in 2021 and is expected to continue its dominance over the forecast period 2022-2027. The adoption of a sedentary lifestyle including lower physical activity and an unhealthy diet has led to a rise in the rate of cardiac diseases in the region. Owing to more hospitals striving to meet the national guidelines for ECG devices, technology advancements, the prevalence of heart diseases, high healthcare expenditure, and reimbursement, the US wireless ECG market is expected to grow. 

Competitive Insight

The key players in the Global Wireless Electrocardiography (ECG) Market are BioTelemetry, Inc., Hill-Rom Holdings, Nihon Kohden Corporation, Koninklijke Philips, and ACS Diagnostics among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip in the stabilized global market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview of the Global Wireless Electrocardiography (ECG) Market

Following are the different segments of the Global Wireless Electrocardiography (ECG) Market:

By Type segment of the Global Wireless Electrocardiography (ECG) Market is sub-segmented into:

• Monitoring ECG Systems
  • Remote Data Monitoring
  • Event Monitoring
  • Continuous Cardiovascular Monitoring Systems
• Diagnostic ECG Systems
  • Rest ECG Systems
  • Stress ECG Systems
  • Holter ECG Systems

By Modality segment of the Global Wireless Electrocardiography (ECG) Market is sub-segmented into:

• Hand-held
• Pen
• Band

By Lead Type segment of the Global Wireless Electrocardiography (ECG) Market is sub-segmented into:

• 12-lead
• 5-lead
• 3-lead
• 6-lead
• Single lead
• Other Lead Types

By End User segment of the Global Wireless Electrocardiography (ECG) Market is sub-segmented into:

• Hospitals, Clinics, & Cardiac Centers
• Home-based setting
• Ambulatory Surgical Centers
• Other End Users

By Region segment of the Global Wireless Electrocardiography (ECG) Market is sub-segmented into:

• 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