Market Size of Wireless ECG Devices Industry
Study Period | 2021 - 2029 |
Market Size (2024) | USD 1.84 Billion |
Market Size (2029) | USD 2.27 Billion |
CAGR (2024 - 2029) | 4.35 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Wireless ECG Devices Market Analysis
The Wireless ECG Devices Market size is estimated at USD 1.84 billion in 2024, and is expected to reach USD 2.27 billion by 2029, growing at a CAGR of 4.35% during the forecast period (2024-2029).
Over the pandemic period, COVID-19 had a significant impact on the wireless ECG device industry. As per the article published by the European Heart Journal in January 2021, home ECG monitoring with the help of smartphones in non-hospitalized COVID-19 patients was able to identify disease-related cardiac complications and the presence of ECG alterations. Moreover, the COVID-19 pandemic increased the demand for telehealth and virtual solutions due to the strict lockdown regulations imposed at the initial stages of the pandemic. Since there was limited patient access to cardiac care facilities during the pandemic, these remote monitoring systems were immensely popular across the world. Hence, COVID-19 had a significant impact on the wireless ECG device market. In addition, the demand for wireless ECG devices is expected to remain intact during the post-pandemic period.
The major factors driving the growth of the wireless ECG devices market include the growing geriatric population, the increasing incidence of cardiovascular diseases, and technological advancements in remote monitoring technologies. For instance, the British Heart Foundation (BHF) data published in January 2022 reported that in 2021, the most common heart conditions affected globally were coronary (ischemic) heart disease (global prevalence estimated at 200 million), peripheral arterial (vascular) disease (110 million), stroke (100 million), and atrial fibrillation (60 million). The report also mentioned that the prevalence of heart and circulatory diseases in North America was 46 million, in Europe it was 99 million, in Africa it was 58 million, in South America it was 32 million, and in Asia and Australia it was 310 million. Thus, the high number of cardiovascular diseases in the world's population is likely to increase the demand for wireless ECG devices because they are more accurate and easier to use. This will help the market grow.
Additionally, the report published by the UN in 2022 mentioned that the share of the global population aged 65 years or older is projected to rise from 10% in 2022 to 16% in 2050. Over the next few years, the growth of the market is also expected to be helped by the growing number of older people who are more likely to get heart diseases.
Furthermore, major players are adopting various strategies to grow their presence in the market, which may further fuel market growth. For instance, in January 2022, Philips launched the 12-lead electrocardiogram solution for use in decentralized clinical trials. The clinical-grade solution is the most advanced patient-centered ECG in the company's line of cardiac monitoring products. Its data readings are similar to those of ECGs used in clinical settings. Thus, the growth of the market is likely to be helped by the growing number of older people, the high number of people with cardiovascular diseases, and the regular release of new products by key market players.
But the growth of the market is likely to be slowed by complicated reimbursement policies for cardiovascular diseases and errors in precision reporting.
Wireless ECG Devices Industry Segmentation
As per the scope of this report, wireless electrocardiography (ECG) is a type of ECG with recording devices. It uses wireless technologies, such as Bluetooth, smartphones, and other types of remote monitoring devices. The wireless ECG devices market is segmented by product type (monitoring ECG systems and diagnostic ECG systems), end user (hospitals, home-based users, other end users), and geography (North America, Europe, Asia-Pacific, the Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
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Wireless ECG Devices Market Size Summary
The wireless ECG devices market is poised for steady growth, driven by several key factors. The increasing prevalence of cardiovascular diseases and the expanding geriatric population are significant contributors to the market's expansion. Technological advancements in remote monitoring technologies have further bolstered the demand for these devices, as they offer accurate and user-friendly solutions for cardiac care. The COVID-19 pandemic played a pivotal role in accelerating the adoption of wireless ECG devices, as remote monitoring became essential due to limited access to healthcare facilities. This trend is expected to continue in the post-pandemic period, maintaining the demand for wireless ECG devices. Additionally, major players in the industry are actively launching innovative products, such as Philips' decentralized clinical trial ECG solution and Biotricity's wireless wearable cardiac monitoring device, which are expected to enhance market growth.
North America holds a significant share of the wireless ECG devices market, supported by a robust healthcare infrastructure and a high incidence of cardiovascular diseases. The region's market growth is further fueled by the presence of key industry players and frequent product approvals and launches. The market is moderately consolidated, with major companies like Nihon Kohden Corporation, Medtronic, and General Electric Company leading the way in research and development to create advanced ECG solutions. Despite the promising growth prospects, the market faces challenges such as complicated reimbursement policies and precision reporting errors. However, the continuous cardiovascular monitoring segment is anticipated to grow, driven by the need for ongoing heart health management among the aging population.
Wireless ECG Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Geriatric Population and Increasing Incidence of Cardiovascular Diseases
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1.2.2 Declining Cost of Wireless Technologies
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1.2.3 Technological Advancements in Remote Monitoring Technologies
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1.3 Market Restraints
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1.3.1 Complex Reimbursement Policies Regarding Cardiovascular Diseases (CVD)
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1.3.2 Inaccuracies in Precision Reporting
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Product Type
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2.1.1 Monitoring ECG Systems
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2.1.1.1 Remote Data Monitoring
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2.1.1.2 Event Monitoring
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2.1.1.3 Continuous Cardiovascular Monitoring Systems
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2.1.2 Diagnostic ECG Systems
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2.1.2.1 Rest ECG Systems
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2.1.2.2 Stress ECG Systems
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2.1.2.3 Holter ECG Systems
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2.2 By End User
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2.2.1 Hospital
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2.2.2 Home-based User
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2.2.3 Other End Users
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Wireless ECG Devices Market Size FAQs
How big is the Wireless ECG Devices Market?
The Wireless ECG Devices Market size is expected to reach USD 1.84 billion in 2024 and grow at a CAGR of 4.35% to reach USD 2.27 billion by 2029.
What is the current Wireless ECG Devices Market size?
In 2024, the Wireless ECG Devices Market size is expected to reach USD 1.84 billion.