The mobile ECG devices market is projected to reach US$ 2,366.81 million by 2028 from US$ 1,704.91 million in 2021; it is expected to grow at a CAGR of 5.0% from 2022 to 2028.
Mobile ECG device is used for self-monitoring of heart function at home or on the move. The device is majorly used by people suffering from high blood pressure, high cholesterol, hereditary medical conditions, stress, lack of sleep, overweight, health risks caused due to the high consumption of tobacco. The mobile ECG devices come with sensors that attach to people’s skin. This allows them to record the electrical signals that the heart produces.
Factors such as the rising incidence of cardiovascular diseases and heart-related conditions and increasing geriatric population fuel the market growth. However, stringent regulatory requirements and technical issues hinder the market growth. Further, during the forecast period, the increasing potential in the developing nations is expected to offer significant growth opportunities to the market players to expand their customer base, especially in developing countries.
The global impacts of COVID-19 outbreak are being felt across several markets. Although the healthcare sector witnessed outbreaks of other viruses, such as SARS and H1N1, in the last few years, the severity of the COVID-19 made the situation complicated due to its mode of transmission. North America witnessed the growing number of COVID-19 cases since its outbreak. For instance, according to Worldometer, the number of cases reached to 50.14 million with 810,254 deaths in the US, as of December 07, 2021. Similar impact was noticed in Mexico and Canada. The mobile ECG devices market witnessed a shortfall at the beginning of the COVID-19 crisis due to disruption in the supply chain and slumped demand due to the lockdown announced by European countries that caused disruptions in manufacturing and operations. Moreover, market players also witnessed disruption in their business operations since March 2020, as US healthcare authorities framed policies about elective cardiac surgeries. Also, to free-up limited space for people being treated for the virus, hospitals have postponed or cancelled. However, demand for vital sign monitoring devices in the region had a substantial impact on the adoption of ECG devices. It also impacted the new product launches and ongoing clinical trials of medical devices, positive impact on sales and growth of the mobile ECG devices market.
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Mobile ECG Devices Market: Strategic Insights
Market Size Value in US$ 1,704.91 Million in 2021 Market Size Value by US$ 2,366.81 Million by 2028 Growth rate CAGR of 5.0% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Mobile ECG Devices Market: Strategic Insights
| Market Size Value in | US$ 1,704.91 Million in 2021 |
| Market Size Value by | US$ 2,366.81 Million by 2028 |
| Growth rate | CAGR of 5.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Market Insights
Increase in Geriatric Population Fuels Mobile ECG Devices Market Growth
The elderly population majorly suffers from heart diseases, such as cardiovascular diseases (CVD), due to the structural and functional changes in their cardiovascular systems associated with aging. Aging leads to the stiffening of the heart and blood vessels. Thus, arrhythmias are a common risk factor in people of age 75 and above. Also, coronary artery disease and heart failure are the other risk conditions among these people. ECG records are used to screen, diagnose, and monitor various heart conditions, ranging from minor risk to life-threatening risks conditions.
ECG monitoring acts as an essential part of healthcare delivery for older adults due to which the elderly population is a primary target of mobile ECG monitoring system providers. Additionally, the number of people aged 65 and above is estimated to reach 1.5 billion across the world by 2050. Therefore, the number of people having health issues, such as CVD, also would increase as outbreaks of diseases related to the aging population due to their weak immunity. Thus, the demand for technological innovations, such as mobile and wireless devices, would grow in the future as they improve older people's CVD prevention and control and other healthcare aspects.
Modality-Based Insights
The global mobile ECG devices market, based on modality, is segmented into handheld, band, pen, and others. In 2021, the handheld segment held the largest share of the market. Cardiovascular diseases (CVDs) are the major cause of mortality worldwide, accounting for 17.3 million deaths per year, a number that is expected to grow to more than 23.6 million by 2030. As the ECG devices records the electrical signal from heart to check for different heart conditions it helps in early recognition of cardiovascular manifestations, such as angina, dyspnea, palpitations, and syncope are emphasized, and patients with such symptom need to visit their doctors for evaluation.
Mobile ECG Devices Market, by Modality – 2021 and 2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Type-Based Insights
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.
End Users-Based Insights
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.
Companies operating in the mobile ECG devices market adopt the treatment innovations strategy to meet the evolving customer demands across the world, which also permits them to maintain their brand name in the global market.
- In February 2022, AliveCor announced the launch of the KardiaMobile Card, the slimmest, most convenient personal ECG device ever created. At the size of a standard credit card, KardiaMobile Card fits easily into any wallet and delivers a medical-grade, single-lead ECG in 30 seconds.
- In February 2022, Bittium Biosignals Ltd and British ECG service provider Technomed Limited have signed a distributor agreement concerning Bittium Faros ECG measuring devices and Bittium Respiro sleep apnea measuring devices and software. The agreement defines the distribution rights for both devices.
- In January 2022, Royal Philips announced the introduction of the industry’s first full-service, at-home, 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials.
- In November 2021, Philips to expand its cardiac diagnostics and monitoring portfolio with the acquisition of Cardiologs.
- In Septemer 2021, Bittium has signed an agreement with Technomed Limited to purchase a 25 percent stake in Technomed's capital stock and strengthen the partnership between the companies in the development of ECG technology.
Company Profiles
- MD Biomedical Inc.
- CardioComm Solutions Inc.
- THOR
- Koninklijke Philips N.V.
- Bittium Biosignals LTD.
- Medtronic
- AliveCor, Inc
- Nihon Kohden Corporation
- EB Neuro S.P.A
- Cardiocity Limited
- Preventice Solutions
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Modality, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Global mobile ECG devices market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. In North America, the U.S. is the largest market for mobile ECG devices. The growth of this market is primarily driven by driven by the factors such as increasing incidence of heart diseases including CVD, stroke and others, presence of well-developed healthcare infrastructure, government support is some of the prominent factors propelling the market growth. Asia Pacific registered as the fastest-growing region in the global mobile ECG devices market. The market is this region is expected to grow significantly in countries such as China, and Japan. The market is driven by high prevalence of heart diseases, rise in awareness about cardiac diseases, increase in the geriatric population and advancing healthcare infrastructure. Furthermore, growing number of new product launches and approvals are also anticipated to drive the growth of the market. Therefore, the region holds huge potential for the mobile ECG devices market players to grow during the forecast period.
The handheld segment held the largest share of the market in the global mobile ECG devices market and held the largest market share of 39.23% in 2021.
The monitoring ECG systems segment dominated the global mobile ECG devices market and accounted for the largest market share of 60.39% in 2021.
The personal users segment dominated the global mobile ECG devices market and held the largest market share of 50.20% in 2021.
The mobile ECG devices market majorly consists of the players such MD Biomedical Inc, CardioComm Solutions Inc, THOR, Koninklijke Philips NV, Bittium Biosignals LTD, Medtronic, AliveCor Inc, Nihon Kohden Corporation, EB Neuro SPA, Cardiocity Limited, and Preventice Solutions amongst others.
Koninklijke Philips N.V. and Nihon Kohden Corporation are the top two companies that hold huge market shares in the mobile ECG devices market.
A mobile ECG device is suitable for self-monitoring of heart function at home or on the move. This makes it well suited for people with increased health risks caused by high blood pressure, increased cholesterol, hereditary medical risks, stress, lack of sleep, being overweight, high consumption of tobacco, etc. The mobile ECG devices come with sensors that attach to people’s skin. This allows them to record the electrical signals that the heart produces.
Key factors that are driving the growth of this market are Increase in geriatric population and rise in incidence of cardiovascular diseases and heart-related conditions are expected to boost the market growth for the mobile ECG devices over the years.
The CAGR value of the mobile ECG devices market during the forecasted period of 2022-2028 is 5.0%.
The List of Companies - Mobile ECG Devices Market
- MD Biomedical Inc.
- CardioComm Solutions Inc.
- THOR
- Koninklijke Philips N.V.
- Bittium Biosignals LTD.
- Medtronic
- AliveCor, Inc
- Nihon Kohden Corporation
- EB Neuro S.P.A
- Cardiocity Limited
- Preventice Solutions
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- Data Collection and Secondary Research:
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
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- Data Triangulation and Final Review:
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