The “Mobile ECG Devices Market” is projected to reach US$ 2,457.66 million by 2028 from US$ 1,770.35 million in 2021; it is estimated to grow at a CAGR of 5.0% from 2022 to 2028. Factors such as increase in geriatric population and rise in incidence of cardiovascular diseases and heart-related conditions are driving the market growth. However, stringent regulatory requirements and technical issues hamper the market growth. The mobile ECG devices market in APAC is growing at a significant pace.
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The List of Companies –
- MD Biomedical Inc.
- CardioComm Solutions Inc.
- Koninklijke Philips N.V.
- Bittium Biosignals LTD.
- AliveCor, Inc
- Nihon Kohden Corporation
- EB Neuro S.P.A
- Cardiocity Limited
- Preventice Solutions
Rise in Incidence of Cardiovascular Diseases and Heart-Related Conditions
Cardiovascular diseases (CVDs) continue to be the most significant cause of morbidity and mortality worldwide. CVDs affect heart and blood vessels, and include coronary heart disease, arrhythmias, and other conditions. Unhealthy diet is one of the most important lifestyle factors that lead to cardiovascular diseases. The increasing prevalence of cardiovascular diseases and the rising need to continuously monitor the ECG levels of patients’ hearts to provide accurate analysis help improve the effectiveness of the treatments.
The growing prevalence of arrhythmia and other CVDs create demand for improved diagnostic methods. ECG systems are the most effective instruments for detecting arrhythmias (abnormal heart rhythm), coronary artery disease, atrial fibrillation, previous heart attack, and other conditions. According to the World Health Organization (WHO), CVDs are the leading cause of death worldwide, with 17.9 million deaths caused in the world each year; moreover, 30 million people suffer from stroke every year. According to the American Heart Association, ~19.1 million people died due to CVDs globally in 2020 and 244.1 million people were living with ischemic heart disease in 2020.
As per the estimates of the center for disease control and prevention, in the US CVDs were the underlying cause of death and accounted for ~ 697,000 deaths that is 1 in every 5 deaths. Coronary Artery disease is one of the most common heart diseases killing 382,820 people in 2020 in the US, and about 20.1 million adults aged 20 and older have CAD (about 7.2%) in 2020. More than 130 million people, i.e., 45.1% of the US population, are projected to have a type of CVD by 2035. Furthermore, the European Society of Cardiology reported that atrial fibrillation is a commonly found condition in the region, and the patients suffering from atrial fibrillation are at a five-time greater risk of getting a stroke. According to the center for disease control and prevention, it is estimated that 12.1 million people in the United States will have atrial fibrillation in 2030. According to the Centers for Disease Control and Prevention (CDC), high cholesterol and smoking habits are the key risk factors for heart diseases, and ~47% of people in the US suffer from one of these risk factors.
Furthermore, the launch of the door-to-balloon (D2B) time initiative and “Mission: Lifeline” by the American College of Cardiology and AHA has propelled the demand from hospitals for Bluetooth-enabled, 12-lead ECG monitors and wireless solutions. Along with the increasing incidence of these problems and the need to reduce hospital stays of patients, which otherwise require a long-term care, there is a surge in demand for mobile ECG devices. Mobile ECG devices are inexpensive, disposable, and easy to use as compared to traditional ECG equipment. Therefore, the rise in the incidence of cardiovascular diseases and other heart-related conditions is driving mobile ECG device market growth.
Based on modality, the mobile ECG devices market is segmented into handheld, pen, band, others. The handheld segment accounted for the largest market share in 2021. However, the band segment is expected to register the highest CAGR in the market during 2022-2028. Based on type, the mobile ECG devices market is bifurcated into monitoring ECG systems and diagnostics ECG systems. The monitoring ECG systems segment led the market in 2021 and it is expected to retain its dominance during the forecast period. Based on end user, the mobile ECG devices market is segmented into personal users, hospitals and clinics, and ambulatory services. The personal users segment held the largest market share in 2021 and is expected to register the highest CAGR of 5.3% during the forecast period.
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The mobile ECG devices market, based on type, is bifurcated into monitoring ECG systems and diagnostics ECG systems. In 2021, the monitoring ECG systems segment held a larger share of the market. Moreover, the same segment is expected to register a higher CAGR of 5.4% during 2022 to 2028.
The mobile ECG devices market, based on end users, is segmented into personal users, hospitals and clinics, and ambulatory services. The personal users segment held the largest share of the market in 2021. Also, the personal users segment is anticipated to register the highest CAGR in the market during the forecast period.
North America accounted for largest market share during the 2022-2028 due to the factors such as increasing incidence of heart diseases including CVD, stroke and others, presence of well-developed healthcare infrastructure, government support. In addition, the growing incidences of heart disease and its risk have led to the growth of the market indirectly. According to the Centers for Disease Control and Prevention (CDC), in the United States, Heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups. As per the given facts, in every 36 seconds, one person dies from cardiovascular disease, and 1 in every 4 deaths is because of heart disease, i.e., approximately 655,000 Americans die from heart disease each year. Due to the growing risk of heart disease, various initiatives are taking place. For instance, to prevent, manage, and reduce the risk factors associated with heart disease and stroke, CDC’s Division for Heart Disease and Stroke Prevention (DHDSP) supports state, local, and tribal. Along with DHDSP, the Division of Diabetes Translation also supports all 50 states and the District of Columbia to address the serious national health problems of diabetes, heart disease, and stroke.
TABLE OF CONTENTS
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 By Modality
1.3.2 By Type
1.3.3 By End User
1.3.4 By Geography
- Key Takeaways
- Research Methodology
3.2 Secondary Research
3.3 Primary Research
- Market Landscape
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.2.2 Europe – PEST Analysis
4.2.3 Asia Pacific – PEST Analysis
4.2.4 South & Central America (SCAM) – PEST Analysis
4.2.5 Middle East And Africa PEST Analysis
4.3 Experts Opinion
- Key Market Dynamics
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