Global Mobile ECG Devices Market Size, Share & Industry Trends Analysis Report By Modality (Handheld, Band, Pen, and Others), By End-use (Hospitals & Diagnostic Centers, Ambulatory Care, and Homecare), By Regional Outlook and Forecast, 2023 - 2030

The Global Mobile ECG Devices Market size is expected to reach $5.1 billion by 2030, rising at a market growth of 12.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 8,492.6 thousand units, experiencing a growth of 17.5% (2019-2022).

The need for home healthcare products and services is growing in Asia Pacific due to a number of factors, including chronic diseases requiring long-term care, costly in-hospital healthcare facilities, and an underdeveloped healthcare infrastructure. Thus, the Asia Pacific region generated $437.9 million revenue in the market in 2022. Among the developing nations in this region are South Korea, Thailand, Australia, and New Zealand. The aging population, the increasing prevalence of lifestyle diseases, including diabetes and obesity, and technological advancements in patient monitoring devices are all envisioned to drive market growth.



The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In November, 2022, OMRON Healthcare, Co., Ltd. partnered with CardioSignal to create digital health solutions that would optimize workflow processes for lifestyle chronic diseases, mainly for cardiovascular disease detection at primary care, utilizing the company's motion sensor and ECG technologies. In addition, In August, 2022, Medtronic plc partnered with BioIntelliSense to allow the Medtronic Patient Monitoring business to provide access to a medical-grade device that would offer continuous vital sign measurements of general care patients in-hospital as well as post-discharge.

Cardinal Matrix

Market Competition Analysis

Based on the Analysis presented in the Cardinal Matrix; Medtronic PLC is the major forerunner in the Market. Companies such as GE HealthCare Technologies, Inc., AliveCor, Inc. and Koninklijke Philips N.V. are some of the key innovators in the Market. In March, 2022, GE HealthCare Technologies, Inc. entered into a partnership with AliveCor to provide medical-grade six-lead electrocardiograms (ECGs) taken by patients on an AliveCor KardiaMobile 6L ECG device outside of the hospital setting.

COVID-19 Impact

While many patients embraced remote monitoring, some individuals, especially older populations, faced challenges in adopting and using mobile ECG devices. Technological barriers and concerns about device accuracy or security led to hesitancy. This underscored the importance of user-friendly and accessible design in future mobile ECG devices. Moreover, the pandemic accelerated the adoption of telehealth and remote patient monitoring. Patients and healthcare providers increasingly turned to telemedicine solutions to reduce in-person contact, especially in areas with high infection rates. Mobile ECG devices played a pivotal role in this shift, allowing patients to monitor their cardiac health remotely. This surge in telehealth not only increased the demand for mobile ECG devices but also highlighted their importance in providing continuous care to patients, particularly those with heart conditions.

Market Growth Factors

Increasing prevalence of cardiovascular diseases

As the global population ages and lifestyle-related risk factors continue to rise, the prevalence of cardiovascular conditions is expected to increase. According to the World Health Organisation (WHO), cardiovascular diseases (CVDs) are the primary cause of death globally, affecting approximately 17.9 million lives annually. Heart attacks and strokes cause more than four out of five CVD-related fatalities, and one-third of these premature deaths occur in individuals under 70. These devices empower users to actively engage in their health management, fostering a proactive approach to their well-being. It has also encouraged a greater emphasis on preventive healthcare, shifting the focus from treatment to early detection and risk reduction. Therefore, the prevalence of cardiovascular diseases exerts a significant and positive impact on the market.

Provision of holistic health monitoring and wearable integration

Holistic health monitoring involves the tracking of various aspects of an individual's well-being beyond just heart health. This approach aligns with the broader shift in healthcare toward a more patient-centered and preventive model. The integration of mobile ECG devices with holistic health monitoring features, such as activity tracking, sleep analysis, and stress management, creates a holistic picture of an individual's overall health. Another significant benefit of wearable integration is that it enhances the visibility of ECG data for healthcare providers. Remote patient monitoring is made more effective when ECG data is transmitted directly to a patient's wearable device. As these trends continue to evolve, they are expected to further drive the growth of the market.

Market Restraining Factors

Data privacy and security concerns

One of the primary negative impacts of data privacy and security concerns is a lack of user trust. Patients and individuals who use mobile ECG devices are understandably apprehensive about the safety of their sensitive health data. The fear of unauthorized access, data breaches, or misuse of personal health information can deter individuals from adopting these devices despite their potential benefits. Concerns about data security may lead to healthcare professionals being cautious about using ECG data collected by patients, which can limit the value of remote patient monitoring and telehealth services. This reluctance can impede the seamless adoption of mobile ECG devices into healthcare workflows. Therefore, the significant data privacy and security issues associated with ECG devices may hamper the growth of the market.

Modality Outlook

Based on modality, the market is divided into pen, band, handheld, and others. The band segment procured a considerable growth rate in the market in 2022. Band-style mobile ECG Devices allow for continuous monitoring of the user's heart rhythm. The device is worn as a band or on the wrist, similar to a watch, and it records ECG data continuously for a long time - usually around the clock. These devices can be programmed to send immediate alerts or notifications if irregular heart rhythms are detected. This can be a lifesaving feature for individuals with conditions like atrial fibrillation or other arrhythmias, as it can prompt timely medical intervention. These benefits make band-style ECG devices a valuable tool for individuals who require continuous cardiac monitoring and proactive heart health management.

End-use Outlook

On the basis of end-use, the market is divided into hospitals & diagnostic centers, ambulatory care, and homecare. The homecare segment recorded a significant revenue share in the market in 2022. This expansion is ascribed to its affordability and ease of use for at-home medical care. The demand for home healthcare devices is driven by technological advancements as well as the miniaturization of healthcare products, which make them more accessible and user-friendly. Furthermore, the adoption of mobile ECG devices is anticipated to be significantly aided by factors like a growing target population, an increasing need to control healthcare costs, and a significant number of diseases targeted by these devices.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed the maximum revenue share in the market in 2022. This region's market is expected to grow significantly due to a number of factors, including a large geriatric population, sophisticated healthcare infrastructure, and comparatively high disposable incomes. Government programs to support home healthcare and lower healthcare costs are anticipated to be major factors in the market's expansion.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include New York Plastic Surgical Group, PC (Long Island Plastic Surgical Group), Nihon Kohden Corporation, GE HealthCare Technologies, Inc., Medtronic PLC, iRhythm Technologies, Inc., Koninklijke Philips N.V., OMRON Corporation, Nureca Limited (Dr Trust), EMAY, and AliveCor, Inc.

Strategies deployed in the Market

Partnerships, Collaborations & Agreements:

• Oct-2023: GE HealthCare Technologies, Inc. partnered with AliveCor, a medical device and AI company. Through this partnership electrocardiogram readings taken on the medical device company’s personal EKG device would be delivered directly into GE Healthcare’s MUSE Cardiac Management System.
• Aug-2023: AliveCor, Inc. collaborated with Clario, a healthcare research technology company. This collaboration aimed to allow trial participants to collect medical-grade six-lead ECG readings in the comfort of their own homes through KardiaRx, a clinical-trial-focused app.
• Jun-2023: AliveCor, Inc. came into partnership with Vieroots Wellness Solutions, a health-tech start-up dedicated to offering personalized solutions to improve health and longevity. This partnership aimed to bring together the power of two innovative companies, allowing them to provide digital health products and services to consumers.
• Jun-2023: AliveCor, Inc. came into collaboration with Luscii, Europe's market leader in remote patient monitoring and virtual ward providers. This collaboration aimed to launch the world's first 'virtual heart clinic in a box', revolutionizing cardiac care for millions of patients by making it easy for any hospital or GP to provide high-quality, remote patient monitoring to their patients.
• Nov-2022: OMRON Healthcare, Co., Ltd. partnered with CardioSignal, a health technology company. This partnership aimed to create digital health solutions that would optimize workflow processes for lifestyle chronic diseases, mainly for cardiovascular disease detection at primary care, utilizing the company's motion sensor and ECG technologies.
• Sep-2022: AliveCor, Inc. came into partnership with BIOTRONIK, a privately owned, global medical device company. This partnership aimed to combine the power of BIOTRONIK's BIOMONITOR Injectable Cardiac Monitor with AliveCor's AI-enabled, clinically validated, medical-grade KardiaMobile 6L and KardiaMobile Card ECG technology.
• Aug-2022: Medtronic plc partnered with BioIntelliSense, a continuous health monitoring and clinical intelligence company. This partnership aimed to allow the Medtronic Patient Monitoring business to provide access to a medical-grade device that would offer continuous vital sign measurements of general care patients in-hospital as well as post-discharge.
• Aug-2022: AliveCor, Inc. partnered with Dignio, a leading specialist in remote care. This partnership aimed to allow seamless transmission of electrocardiograms (ECG) recorded by patients in the community directly to clinicians.
• Apr-2022: GE HealthCare Technologies, Inc. collaborated with Medtronic plc, an American medical device company. Following this collaboration, customers could access extensive product offerings, financial solutions, and exceptional service.
• Mar-2022: GE HealthCare Technologies, Inc. entered into a partnership with AliveCor, a medical device and AI company that develops ECG hardware and software compatible with consumer mobile devices. This partnership aimed to provide medical-grade six-lead electrocardiograms (ECGs) taken by patients on an AliveCor KardiaMobile 6L ECG device outside of the hospital setting.
• Sep-2021: Medtronic plc came into partnership with Statis Health, a unit of Stasis Labs. This partnership aimed to promote the latter's bedside patient monitoring system in India.
• Apr-2020: AliveCor, Inc. partnered with Omron Healthcare, the world's leading medical device company. This partnership aimed to integrate AliveCor's mobile device ECG technology with blood pressure devices from Omron to better serve clients and widen access to remote patient care.

Product Launches and Product Expansions:

• Aug-2023: GE HealthCare Technologies, Inc. rolled out CardioVisio for Atrial Fibrillation (AFib), a digital tool. The launched product would be created to assist clinicians in visualizing longitudinal data relevant to disease progression from multiple data sources.
• May-2022: AliveCor, Inc. released KardiaComplete, a comprehensive heart health enterprise solution. The launched product would be created to drive improved health outcomes and reduce the cost of cardiac care.
• Feb-2022: AliveCor, Inc. launched KardiaMobile Card, a new credit-card-size personal ECG. The launched product would be capable of taking a single-lead ECG in 30 seconds.
• Jan-2022: Royal Philips introduced a 12-lead electrocardiogram (ECG) solution, the industry’s first full-service, at-home. The launched product would be patient-centric ECG portfolios within the company’s cardiac monitoring offerings, pairing data readings comparable to clinical, site-based ECGs with Philips' leading cloud-based data collection and analysis services.
• Nov-2021: GE HealthCare Technologies, Inc. announced the launch of around 60 innovative technology solutions spanning the healthcare spectrum consisting of patient screening, diagnostics, therapy planning, guidance, and monitoring. The launched product would be utilized to Solve Healthcare’s Most Pressing Problems.
• Jul-2021: OMRON Corporation rolled out OMRON Complete, the first single-lead electrocardiogram (ECG) and blood pressure monitor for home use. The launched product would be created for the detection of atrial fibrillation (AFib), the most frequently encountered arrhythmia in clinical practice.
• Jan-2020: Nihon Kohden Corporation unveiled the Life Scope SVM-7200 Series vital signs monitor, a monitor designed for outpatient facilities and beds that traditionally are not continuously monitored. The launched product would enable healthcare practitioners to quickly and easily measure three vital signs which include blood oxygen, blood pressure, and temperature.

Acquisition and Mergers:

• Nov-2021: Royal Philips took over Cardiologs, a France-based medical technology company focused on transforming cardiac diagnostics using artificial intelligence (AI) and cloud technology. This acquisition aimed to empower Philips’ cardiac monitoring and diagnostics portfolios with innovative software technology, electrocardiogram (ECG) analysis, and reporting services.
• Feb-2021: Royal Philips acquired BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring. This acquisition aimed to strongly fit with Philips’ cardiac care offerings, and its strategy to transform the delivery of care along the health continuum with integrated solutions.

Approvals:

• Oct-2022: Medtronic plc got FDA approval for conduction system pacing, which would expand the flexibility of its pacemaker hardware. The approved product would connect the implant’s leads directly to the bundles of intertwined cells that would help govern the repeated contractions of the cardiac muscle.
• Jul-2022: iRhythm Technologies, Inc. got FDA approval for FDA 510(k) clearance for its ZEUS (Zio ECG Utilization Software) System. The approved product would work with a wearable to monitor patients with atrial fibrillation and irregular heart rhythm.

Scope of the Study

Market Segments Covered in the Report:

By Modality (Volume, Thousand Units, USD Billion, 2019-2030)

• Handheld
• Band
• Pen
• Others

By End-use (Volume, Thousand Units, USD Billion, 2019-2030)

• Hospitals & Diagnostic Centers
• Ambulatory Care
• Homecare

By Geography (Volume, Thousand Units, USD Billion, 2019-2030)

• North America
• US
• Canada
• Mexico
• Rest of North America- Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe- Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific- LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

• New York Plastic Surgical Group, PC (Long Island Plastic Surgical Group)
• Nihon Kohden Corporation
• GE HealthCare Technologies, Inc.
• Medtronic PLC
• iRhythm Technologies, Inc.
• Koninklijke Philips N.V.
• OMRON Corporation
• Nureca Limited (Dr Trust)
• EMAY
• AliveCor, Inc.

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