ECG Market Forecast to $11.3 Billion by 2028

Healthcare News

Apr 11, 2024 • 2 min read

According to research report the global ECG Market totaled an estimated $8.1 billion in revenue in 2023, but market research points to strong growth in the coming years. By 2028, the diagnostic ECG market is expected to reach $11.3 billion, reflecting a healthy compound annual growth rate of 6.9%.

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Rising prevalence of cardiovascular disease (CVD) among global populations represents a primary catalyst propelling the need for advanced ECG devices aimed at early diagnosis and monitoring. Aging populations, expanding rates of lifestyle diseases like hypertension and diabetes, and growing case numbers of conditions like atrial fibrillation are all widening the CVD burden.

Emerging technologies that enable mobile and wireless heart monitoring as well as advanced ECG devices leveraging artificial intelligence algorithms are also facilitating market expansion. These innovations allow for more patient-friendly testing, remote monitoring, and rapid analysis of screening results via smart data analytics.

However, a global shortage of skilled professionals to correctly conduct and interpret ECG tests poses a restraint. Training additional specialists to bridge this 4 million physician deficit will be key to ensuring maximum patient access to life-saving heart diagnostics.

Among different products, resting ECG devices currently hold the majority share of the diagnostic ECG market due to affordability, ease of use, and utility as a first-line heart disease screening tool. Over the forecast period though, AI-powered smart ECG devices are predicted to see the fastest adoption. These next-gen diagnostic aids integrate seamlessly with electronic health records, enabling streamlined workflows.

By lead type, standard 12-lead ECG configurations dominate among emergency clinicians thanks to their ability to rapidly detect heart attack complications. But more compact 3 to 6 lead ambulatory and wearable monitors are rising in popularity for daily CVD checks.

Geographically, well-established healthcare systems and an advanced base of CVD patients position North America as the prime market. However, developing global economies offer the ripest opportunities as cardiovascular disease rates climb and investments expand healthcare access. Companies looking to capitalize on the high-growth diagnostic ECG industry would do well to focus expansion plans there.

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In summary, with strong momentum as global risk factors boost demand for CVD screening, the diagnostic ECG market looks positioned to chart impressive gains worldwide. An expected value approaching $11 billion within five years highlights the potential rewards for manufacturers with insights into the trends and competitors shaping success.

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