12-Lead ECG Segment, by Lead Type to Account Largest Share in ECG Devices Market during 2024-2031

According to our new research study on "ECG Devices Market Forecast to 2031 - Global Analysis - by Product, Lead Type, Technology, End User, and Geography," the market was valued at US$ 3,310.87 million in 2024 and is projected to reach US$ 4,509.53 million by 2031; it is expected to register a CAGR of 4.5% from 2024 to 2031. The ECG devices market growth is attributed to the increasing prevalence of cardiovascular disorders and a surge in government initiatives and healthcare investment.

Government initiatives and investments in preventive healthcare infrastructures have promoted the progress of diagnostic facilities. For instance, the US Million Hearts initiative is a focused, coordinated, and enhanced cardiovascular disease prevention program spans across the public and private sectors and is co-led by the Centers for Disease Control and Prevention (CDC) and the Center for Medicare & Medicaid Services (CMS). The growth of diagnostics facilities across the country subsequently contributes to the growing need for ECG devices, as it is an integral part of the initial evaluation of patients suspected of having CVDs. Likewise, Europe has made substantial investments in the improvement of cardiovascular care by developing innovative digital medical devices. In 2024, EIT Health invested US$ 1.56 (1.5) million to fund heart health innovation projects between 2016 and 2022. inEurHeart and SAVE-COR are examples of EIT Health innovation projects that transform the conventional approach to treating ventricular tachycardia through catheter ablation. Governments in emerging markets are prioritizing improving cardiovascular health through key investments. For instance, the Government of India allocated US$10 billion in its healthcare budget for 2024-2025, leading to improved access to essential diagnostic components including ECG devices. Public health programs in India, such as the National Health Mission, offer ECG device manufacturers the opportunity to engage in partnership contracts with the government that support improved cardiac care. Therefore, government-driven initiatives along with increasing investments in healthcare promote the adoption of ECG devices.

Based on product, the ECG devices market is bifurcated into resting ECG and stress ECG. The oxygen mask segment held a larger ECG devices market share in 2024, and the segment is expected to register a higher CAGR during 2024-2031. Resting electrocardiogram (ECG) systems play an important role in the diagnosis of heart issues such as irregular heartbeats, heart attacks, and other heart problems. These devices record the heart's electrical signals while a person is at resting state providing vital data to check heart health. The growth of ECG devices market is mainly driven by the increasing global prevalence of cardiovascular disorders. As per World Health Organization (WHO) 2021 report, CVDs are the leading cause of deaths, killing over 17 million people globally every year. The growing need for ECG has led to the integration of new features such as wireless connections, use with mobile devices, and better accuracy in finding heart problems. For instance, in February 2024, SCHILLER launched CARDIOVIT FT-2, a resting ECG designed for the hospital environment. This system consists of a hygienic 15" multi-touch display, advanced cybersecurity, and extensive connectivity features, along with an optional thermal printer.

Based on lead type, the market is segmented into 12-lead ECG, 3.-6 lead ECG, and single lead ECG. The 12-lead ECG segment held the largest ECG devices market share in 2024, and the single lead ECG segment is estimated to register the higher CAGR during 2024-2031. The 12-lead ECG system is used to capture comprehensive electrical activity of the heart, making it an essential tool for diagnosing and monitoring various cardiac conditions. The system records electrical signals from 12 different angles, providing a complete and accurate representation of heart activity. This level of detail is crucial for identifying conditions such as myocardial infarctions, arrhythmia, heart blockages, and other coronary diseases. The versatility and diagnostic power of the 12-lead ECG make it essential in emergency rooms, cardiology clinics, and hospitals. The increasing adoption of 12-lead ECG systems is owing to the surging prevalence of cardiovascular diseases (CVDs) and the growing adoption of advanced diagnostic technologies. Moreover, manufacturers such as Philips, GE Healthcare, and Schiller are contributing to the demand for 12-lead ECG devices by focusing on wireless connectivity, cloud-based platforms, and mobile integration for real-time monitoring and improved diagnostic accuracy. For instance, in January 2022, Philips launched its first at-home, 12-lead ECG integrated solution for decentralized clinical trials to improve patient recruitment, compliance, and retention by reducing the need for site visits during clinical trials. These advancements have enabled healthcare providers to offer accurate and efficient diagnosis, improving patient outcomes.

Based on end user, the market is segmented into hospitals and clinics, ambulatory surgical centers, cardiac centers, and others. The hospital segment held the largest ECG devices market share in 2024, and the same segment is estimated to register the highest CAGR during 2024-2031. The increasing incidence of cardiovascular diseases (CVDs) has propelled hospitals and clinics to invest in advanced ECG technology to enhance diagnosis and improve patient outcomes. Hospitals and clinics utilize a range of ECG devices, from traditional 12-lead ECG machines to more advanced portable and wireless systems, to monitor patients in real time. These devices are used in various clinical applications, including emergency care, routine check-ups, and inpatient monitoring. For instance, Philips IntelliVue and GE Healthcare MAC 800 are widely used in hospitals for continuous monitoring and data collection, facilitating quick decision-making during emergencies. The Mindray BeneVision N22 is another popular device that integrates patient monitoring data and ECG results, making it easier for clinicians to detect potential heart issues. The growing trend toward integrated healthcare and telemedicine solutions in hospitals and clinics is fueling the adoption of wireless and cloud-connected ECG devices. For instance, Zio by iRhythm offers remote monitoring capabilities, allowing doctors to receive ECG data via a cloud platform, making it easier to track patients' heart health outside of clinical settings; this is especially crucial for managing chronic heart conditions and reducing hospital visits.

GE Healthcare; Spacelabs Healthcare (OSI Systems, Inc.); Nihon Kohden Corporation; SCHILLER AG; Hill-Rom Holdings, Inc.; BPL Medical Technologies; Koninklijke Philips N.V.; AliveCor Inc; Fukuda Denshi Co., Ltd; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; CompuMed, Inc.; Norav Medical; and custo med GmbH are among the leading companies operating in the global ECG devices market.

Companies operating in the ECG devices market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the ECG devices market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall ECG devices market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.

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