Mobile ECG Devices Market Developments and Forecast by 2028

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 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.

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.

The regional trends and factors influencing the Mobile ECG Devices Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Mobile ECG Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Mobile ECG Devices Market Report Scope

Mobile ECG Devices Market Players Density: Understanding Its Impact on Business Dynamics

The Mobile ECG Devices Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

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