ECG Telemetry Devices Market

ECG Telemetry Devices Market Outlook (2023-2033)

Worldwide sales of ECG telemetry devices are valued at US$ 2.65 billion in 2023. The global electrocardiography (ECG) telemetry devices market is forecasted to expand rapidly at a CAGR of 8% and reach a market valuation of US$ 5.72 billion by 2033.

ECG telemetry devices are bifurcated into resting ECG devices, stress ECG devices, Holter monitors, event monitoring systems, and ECG management systems. Global demand for resting ECG devices is predicted to rise at 9% CAGR from 2023 to 2033. A non-invasive test called resting 12-lead electrocardiography (ECG) can find anomalies such as left ventricular hypertrophy, signs of coronary heart disease, arrhythmias, and bundle branch blockages.

A resting ECG device is utilized in the preoperative situation to evaluate cardiovascular disorders that are known to exist, to identify cardiovascular diseases that have not yet been diagnosed, and to give a baseline norm against which to compare developments in the postoperative phase. Thus, sales of resting ECG devices are expected to increase rapidly during the forecast period.

The only known complication of the resting ECG device, when performed by a qualified professional, is a slight allergy to the ECG electrodes that causes self-limiting skin reddening. A basic electrocardiogram is a non-invasive equipment commonly used to detect electrical signals from the heart to check and record heart-related disorders.

A cardiologist can identify cardiac problems as well as the size and placement of the heart chambers by using the ECG telemetry system, which captures the electrical impulses, generated by the polarization and depolarization of heart tissue and converts them into a waveform.

By being connected to a bedside cardiac monitor, the ECG telemetry equipment permits unlimited and continuous monitoring of cardiac activities. Telemetric devices can now easily and quickly monitor ECGs in patients with suspected cardiac problems due to recent advancements in telecommunication infrastructure, which is boosting the growth of the ECG telemetry devices market.

Report Attributes	Details
Market Size (2023E)	US$ 2.65 Billion
Forecasted Market Value (2033F)	US$ 5.72 Billion
Global Market Growth Rate (2023-2033)	8% CAGR
China Market Growth Rate (2023-2033)	12% CAGR
Japan Market Growth Rate (2023-2033)	5% CAGR
Germany Market Growth Rate (2023-2033)	5.5% CAGR
Key Companies Profiled	Aerotel Medical Systems (1998) Ltd. Cardiac Science Corporation GE Healthcare; Medtronic, Inc. Nihon Kohden Corporation Philips Healthcare Schaeffler AG (Schaeffler Group) Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Siemens Healthineers Welch Allyn, Inc.

Why is Demand for Telemetric ECG Devices Rising at a Fast Pace?

“Cardiovascular Disorders Prime Cause of Mortality Worldwide”

Cases of cardiovascular disorders (CVDs) are rapidly increasing across the globe due to the growing adoption of a sedentary lifestyle, high consumption of alcohol and cigarette, rising stress levels among individuals due to several reasons, and more.

Increasing frequency of cardiovascular diseases, such as congenital abnormalities, coronary heart disorder, rheumatic heart disease, and cerebrovascular disease, all are increasing the burden of illness globally.

• According to WHO, cardiovascular disease is the leading cause of mortality globally.
• More than 80% of deaths due to cardiovascular diseases are caused by cardiac arrest and stroke. These figures are predicted to rise in the coming years.
• A press statement issued in august 2021 by Boehringer Ingelheim GmbH claimed that heart failure, a chronic, incapacitating cardio-renal-metabolic disorder, affects at least 60 million people worldwide.

Thus, rising cases of CVDs are fuelling cardiovascular disease monitoring and diagnostic devices market growth.

“Rapid Technological Developments in ECG Devices”

A new generation of small and portable ECGs is supporting its wider usage on the front of diagnostic and monitoring, particularly in the home healthcare setting. The prevalence of cardiovascular diseases (CVDs), for which long-term ECG monitoring is required, is increasing. Furthermore, the introduction of wireless ECGs has allowed medical professionals to quickly monitor and diagnose patients from a remote distance with the help of artificial intelligence (AI).

• In September 2020, Cardiologs, a business that specialises in artificial intelligence (AI)-based cardiology diagnostics, signed a distribution deal with MicroPort CRM for the sole purpose of reselling its cloud-based Holter ECG analysis service in France.

Wearable smart gadgets with heart-monitoring capabilities, such as watches, bands, and rings, are among the new cardiac device technologies that have become common for many individuals globally.

• Fitbit gained approval from the US Food and Drug Administration in September 2020 for its electrocardiogram heart monitoring software for Fitbit's new Sense wearable device. The technology allows users to monitor cardiac rhythms and scan for indicators of atrial fibrillation, the most prevalent kind of irregular heartbeat.

As such, several technological advancements in medical diagnostic equipment are generating new opportunities in the electrocardiography telemetry devices market.

How Did COVID-19 Influence Demand for Home Care Monitoring Devices?

“COVID-19 Outbreak Opened New Doors in Telehealth & Virtual Solutions”

COVID-19 has had a big effect on the entire healthcare sector.

• According to a 2021 article titled “Use of Smartphone-operated ECG for Home ECG Surveillance in COVID-19 Patients”, patients with COVID-19 who were not hospitalized could use home ECG monitoring with smartphones to monitor and check changes in ECG and heart-related problems.

Thus, COVID-19 opened potential opportunities for telehealth and virtual solution providers across the world.

• For instance, remote patient monitoring utilizing implantable cardiac devices was proven to be a secure alternative to in-person visits during the pandemic, according to the article published in 2020 under the title "Home Monitoring of Cardiac Devices in the Era of COVID-19”. These remote monitoring devices were widely used since patient access to cardiac care centres was restricted during the pandemic.

As a result, COVID-19 has a big influence on the demand for wireless ECG devices. Also, during the forecast period, the demand for home care heart monitoring devices is expected to increase rapidly.

What Can Hamper Sales of ECG Telemetry Devices?

“High Prices of Advanced ECG Devices”

Rapid advancements in telemetry cardiac monitoring devices are increasing the cost of R&D activities. Thus, such developments are increasing the price of smart ECG devices.

In poor and developing economies, the sales of smart and portable ECG devices are expected to be hampered to some extent due to their high prices and lack of knowledge about their usage.

Which are the Key Strategies Adopted by Start-up Companies?

“New Market Players Focusing on Introducing Advanced ECG Solutions”

• In August 2021, Polish-based Cardiomatics, a start-up in AI-based health technologies, announced a US$ 3.2 million initial raise. The start-up used this money to further its study and creation of automated electrocardiogram (ECG) reading technology. With the aid of artificial intelligence, the company hopes to improve the effectiveness of ECG for cardiologists and hasten the production of reports.
• To gain permission from the American Food and Drug Administration, Agatsa, an
• Indian start-up that created the first portable touch-based ECG equipment, is now considering expanding its product line to the United States.

To strengthen their market presence and carve out a niche for themselves, new market entrants are concentrating on the introduction of novel, creative solutions. The introduction of reasonably priced disposable ECG wires could upend the market and aid emerging businesses in gaining a presence in the global economy.

Country-wise Analysis

Why is the U.S. Considered a Prime Market for ECG Telemetry Devices?

“Increasing Cases of Heart-related Disorders”

Cardiovascular disorders are the main cause of hospitalizations and doctor visits as well as the leading cause of fatalities in the United States.

• About 735,000 Americans experience a heart attack each year, according to the Centers for Disease Control and Prevention (CDC).

As a result, there is a greater need for diagnostic tools in the nation as the incidences of cardiovascular diseases (CVDs) and heart attacks are increasing.

Since ECG telemetry devices are the simplest and quickest tools for diagnosing CVDs, the cardiovascular diagnostic industry favours them. The United States offers patients with cardiovascular illnesses good reimbursement options. This element is supporting the growth of the ECG telemetry devices market.

Government programmes such as “A Public Health Action Plan to Prevent Heart Disease and Stroke” are increasing the use of innovative technologies in the United States. Furthermore, the United States is making more investments in healthcare, which ultimately promotes the sales of ECG telemetry systems.

What is Supporting the Sales of ECG Telemetry Devices in the European Region?

“Development of Next Generation ECG Telemetry Systems”

France, the U.K., Germany and Italy are some of the top marketplaces in the European region. Several technological advancements in the healthcare sector of the U.K. support the sales of ECG devices. The development of the next generation of ECG telemetry systems is the prime priority of key players in the European market.

• According to a February 2020 article titled "Heart failure (HF) in France: Chronic Heart Failure Therapeutic Management and Risk of Cardiac Decompensation in Real-Life Setting," approximately one million people in France were estimated to be affected by HF. Despite well-defined treatment management, there are nearly 70,000 HF-related deaths and more than 150,000 hospitalizations.

Demand for ECG telemetry devices in Germany is expected to increase at a CAGR of 5.5% during the forecast period. Thus, all the above-mentioned factors are supporting the sales growth of electrocardiography telemetry devices in Europe.

How is Demand for ECG Telemetry Solutions Evolving across Asia Pacific?

“Rapidly Developing Healthcare Facilities in the Region”

The healthcare industry is growing rapidly in the Asia Pacific region. India, China, Japan, South Korea, and Australia are some of the top national markets in the Asia Pacific region.

• According to information made public by the Australian Institute of Health and Welfare in May 2022, for instance, out of 11.8 million admissions, 7% of hospitalizations entailed a stay in the intensive care unit and 3.8% of hospitalizations involved cardiovascular diseases (CVDs).

The need for cardiovascular disorder monitoring devices such as ECG devices is increasing due to the rising number of admissions into emergency and critical care units. Also, rising cases of diabetes and obesity, increasing health awareness among people, and rapid developments in healthcare facilities are boosting Asia Pacific electrocardiography telemetry devices market growth.

Category-wise Analysis

For Which Application are ECG Telemetry Devices Highly Demanded?

“Rapidly Rising Incidence of Arrhythmias Due to Increasing Senior Population”

An irregular cardiac beat is a condition known as arrhythmia. Too many or too few electrical impulses cause the heart's blood-pumping efficiency to decline. Several devices are used to diagnose arrhythmias. However, the most efficient tools for the detection of arrhythmias are ECG telemetry equipment.

• About 703 million people worldwide were 65 years of age or older in 2019, according to the World Ageing 2019 report. The ageing population is expected to increase to 1.5 billion people by 2050. In addition, 1 in 6 persons worldwide will be over 65 by 2050, up from 1 in 11 in 2019.

The rising rate of the older population is expected to increase the cases of more vulnerable cardiovascular conditions such as arrhythmias, this is likely to have a favourable influence on sales growth.

Competitive Landscape

Key players in the ECG telemetry devices market are Aerotel Medical Systems (1998) Ltd., Cardiac Science Corporation, GE Healthcare, Medtronic, Inc., Nihon Kohden Corporation, Philips Healthcare, Schaeffler AG (Schaeffler Group), Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthineers, and Welch Allyn, Inc.

More small- and mid-sized businesses are anticipated to enter the market in the coming years as a result of the growing emphasis on advanced product creation and the expanding use of technologies in healthcare.

• The most portable and slimline personal ECG device "KardiaMobile Card" in the United States was introduced by AliveCor in February 2022. It is the only personal ECG that is portable enough to fit in a wallet and provides real-time heart health information whenever and wherever you need it.

Key Segments of ECG Telemetry Devices Industry Research

• By Product :

  • Resting ECG Devices
  • Stress ECG Devices
  • Holter Monitors
  • Event Monitoring Systems
  • ECG Management Systems

• By Application :

  • Arrhythmias
  • Myocardial Ischemia and Infarction
  • Pacemaker Monitoring

• End User :

  • Home Healthcare
  • Hospitals
  • Clinics

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA