The demand for electrocardiogram (ECG) devices for the evaluation and diagnosis of cardiovascular diseases has been gradually increasing around the world.
ECG monitoring devices are increasingly used in clinics, outpatient surgical centers and hospitals.
From 2022 to 2031, the global ECG devices market is expected to grow at a CAGR of 7.3%. In some countries, the pressing need to regulate and prevent cardiovascular diseases reinforces the development potential of ECG equipment.
Also, the ability of wireless ECG equipment to detect various medical conditions such as arrhythmias, coronary heart disease, heart attack, and cardiomyopathy will drive the market growth in the coming years.
A multitude of randomized clinical studies have helped several ECG device manufacturers capture new revenue streams in the market, according to a TMR study.
Wearable continuous monitoring products have opened a new path for cardiac monitoring.
An ECG, or electrocardiogram, is a test that uses sensors connected to the skin to detect heart rhythm and electrical activity.
Shortness of breath, dizziness, palpitations and chest pain are indications of suspected heart disease that can be monitored with this device in conjunction with another test.
The growing popularity of mobile cardiac telemetry services is due to a better understanding of the improved workflow benefits of ECG devices.
As a result, MedTech companies in the global ECG device market are eager to develop digital monitoring solutions, which are increasingly being used for self-monitoring.
When it comes to wireless ECG devices, according to a report by Global Market Insights, several elements of the test are automated, which helps patients save time and have more confidence in their diagnosis.
Due to the enormous benefits of using the product, the overall market is expected to grow exponentially over the next few years.
Additionally, the demand for wireless ECG monitors has increased due to the growing popularity of wearable devices due to the increase in remote patient monitoring during the COVID-19 outbreak.
Furthermore, as the prevalence of arrhythmia problems in SARS-CoV-2 patients has increased, remote wireless rhythm monitoring using ECG has become more common, implying a beneficial impact on the sector shortly.
Rising healthcare expenditure for the treatment of cardiovascular disease is a key factor driving the wireless ECG device market trends between 2022 and 2028.
According to a report by the American Heart Association, cardiovascular disorders account for more than $320 billion in annual health care and related expenses.
This feature, along with the increasing use of remote patient monitoring technologies for enhanced treatment, will provide the market with even greater development potential throughout the forecast period.
North America has been a highly profitable region in the ECG device industry, with the TMR study predicting a market share of around 40% in 2021.
During the forecast period of 2022 to 2031, profitable opportunities are expected to develop at a healthy CAGR.
During the forecast period, the Asia-Pacific ECG device market is expected to grow at an impressive CAGR of 8.2%.
Earnings potential has been driven by an increase in the number of elderly people, particularly due to the rapidly aging populations of Japan, China and India.
In terms of wireless ECG devices, by 2028, the Middle East and Africa is expected to account for a significant share of the market.
This is in light of the growing prevalence of cardiovascular disease as a cause of morbidity and mortality in countries like Saudi Arabia.