ECG Devices Market Trends

Growth Drivers

• An Increasing Number of Geriatric People Around the World - According to a recent World Bank report, there were 747,238,580 people above 60 years of age in the world at the end of 2021. This number is predicted to continue to grow in the coming years. There is a strong correlation between aging and the development of diseases such as heart disease, hypertension, and high blood cholesterol levels. This factor is expected to enlarge the global ECG devices market size during the forecast period. A growing elderly population propels the demand for ECG devices for diagnosing diseases and monitoring patients. 

• Surge in Exports of ECG Devices Owing to Rising Demand for Diagnosis - According to the statistics by the International Trade Center (Trademap), the global value of exports of ECG (Electro-cardiographs) in the year 2021 was recorded to be USD 1,181,962 thousand, which was an increase from USD 1,066,130 thousand in the preceding year.

• Increasing Incidence of Heart Diseases such as Rheumatic Heart Disease - As per the data by WHO, Rheumatic heart disease is the most common heart disease among people younger than 25. Over 288,348 people die each year from rheumatic heart disease. According to the Centers for Disease Control and Prevention, in 2020 about 697,000 Americans died from heart disease.

• Adoption Of Resting 12‑Lead ECG Tests by Patients at Home - For instance, 12 lead resting electrocardiogram (ECG) is one of the most commonly performed tests for the heart. It is estimated that more than 290 million such ECG tests are performed each year on a global scale.

• Rising Health Care Expenditure Worldwide with Increasing Health Issues - According to the Centers for Medicare & Medicaid Services, in Unites States healthcare expenditures increased by 9.7% to USD 4.1 trillion in 2020, representing 19.7% of the Gross Domestic Product (GDP). Also, U.S. healthcare spending is anticipated to increase by 5.4% annually for 2019-28 and rise to USD 6.2 trillion by 2028. 

Challenges

• Disruption in Sales of ECG Devices Due to C OVID-19 Pandemic
• Insufficient Skilled Personnel to Operate Such Devices 

Experienced medical professionals with a cardiology specialization are difficult to find which hampers the market growth in the forecast period. The increasing number of heart diseases increases the need for more skilled people which leads to a shortage of staff to handle equipment for heart diseases.

• Strict Regulatory Standards for ECG Device Approval