Wireless ECG Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Wireless ECG Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The wireless ECG devices market is expected to record a CAGR of 5.6% over the forecast period (2022-2027).

COVID-19 had a significant impact on the overall healthcare industry. As per the article published in 2021 under the title “Use of Smartphone-operated ECG for home ECG surveillance in COVID-19 patients”, home ECG monitoring with the help of smartphones of non-hospitalized COVID-19 patients was able to identify disease-related cardiac complications, presence of ECG alterations. Moreover, the COVID-19 pandemic enforced a new era of telehealth and virtual solutions. For instance, as per the article published in 2020 under the title "Home Monitoring of Cardiac Devices in the Era of COVID-19", remote patient monitoring using implantable cardiac devices was found to be a secure alternative to in-person-only visits during the pandemic. Since there was limited patient access to cardiac care facilities during a pandemic, these remote monitoring systems were implemented widely. Hence, COVID-19 had a significant impact on the wireless ECG devices market.

The major factors driving the growth of the wireless ECG devices market include the growing geriatric population and increasing incidence of cardiovascular diseases, technological advancements in remote monitoring technologies, and policies favoring monitoring devices. For instance, as per the report from World Population and Ageing 2019 Highlights, the number of older persons is projected to double to 1.5 billion by 2050.

There is an increase in the incidence of cardiovascular diseases (CVD), wherein long-term ECG monitoring is necessary. As per the Centers for Disease Control and Prevention (CDC), in 2020, more than 670,000 deaths in the United States had hypertension as a primary or contributing cause. With the introduction of wireless ECG, doctors can monitor and diagnose the patient remotely and on time.

The development of cost-effective wireless ECG is implemented by digitizing the measured ECG signal and then transmitting it wirelessly, to display the results on the computer screen. The analog-to-digital converter was based on the sigma-delta modulator and offered a significant advantage of noise-shaping property. Furthermore, major players are adopting various strategies to grow their presence in the market, which may further fuel the market growth. For instance, in January 2022, Philips announced the introduction of the industry’s first full-service, at-home, 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials. Hence, owing to the factors mentioned above, the wireless ECG devices market is anticipated to witness growth over the forecast period.

Key Market TrendsThe Monitoring Systems Segment is Expected to be the Fastest Growing Segment During the Forecast Period

The continuous cardiovascular monitoring ECG systems segment is expected to grow over the forecast period, due to the increasing incidence of cardiovascular diseases and a growing geriatric population, which is likely to increase the need for continuous cardiovascular monitoring of patients’ hearts during their daily routines. For instance, as per the 2022 Heart Disease and Stroke Statistics Update Fact Sheet, cardiovascular disease (CVD) accounted for approximately 19.05 million global deaths in 2020.

Increasing awareness regarding early detection and management of cardiovascular diseases is augmenting the demand for continuous cardiovascular ECG monitoring devices. For instance, World Heart Federation (WHF) celebrates World Heart Day on September 29 every year. In September 2022, WHF is planning a campaign that is anticipated to provide awareness of heart health. Over 90 countries take part in this international observance every year. As a result, World Heart Day has proven to be an effective means for disseminating information about CVD.

The presence of competitors, merges, acquisitions, and product launches are further expected to boost the market growth over the forecast period. For instance, in April 2022, Biotricity, a medical diagnostic and consumer healthcare technology company, launched its United States Food and Drug Administration-cleared, wireless wearable cardiac monitoring device, Biotres. The product was available for pre-orders to physicians, medical offices, hospitals, and individual use from late-February 2022.

As per the information quoted above, the continuous cardiovascular monitoring ECG systems are anticipated to witness a growth over the forecast period.

North America is Expected to Witness a Growth in Wireless ECG Devices Market Over the Forecast Period

North America holds a major share in the wireless ECG devices market, and it is expected to show a similar trend over the forecast period, without significant fluctuations. Factors such as the growing geriatric population and increasing incidence of cardiovascular diseases fuel the market growth in the studied region. For instance, as per the 2022 Heart Disease and Stroke Statistics Update Fact Sheet, approximately every 40 seconds, a person in the United States is anticipated to have a myocardial infarction. As per the same source, Mortality attributable to subarachnoid hemorrhage was highest in Oceania, Andean Latin America, and Central Asia in 2020.

Furthermore, the growing research and development activities, government initiatives, and product launches will drive market growth in North America. For instance, Million Hearts is a national initiative co-led by the Centers for Disease Control and Prevention (CDC) and the Centers for Medicare & Medicaid Services. The initiative put forward its 2027 objectives to optimize the possibility of preventing one million preventable CVD events in the next five years. Million Hearts prioritized strategies for building healthy communities and optimizing care through a committed focus on specific populations experiencing inequities.

As per the factors mentioned above, North America is expected to register a high growth rate for the studied market over the forecast period.

Competitive Landscape

The wireless ECG devices market is a moderately consolidated market, owing to the presence of a few major players and small players in the market. The market players are focusing on R&D to develop technologically advanced products in the market. The major market players are Nihon Kohden Corporation, Medtronic, General Electric Company (GE Healthcare), Aerotel Medical Systems, and AliveCor Inc. among others.

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