Mobile ECG devices market is anticipated to grow at a CAGR of 11.3% during the forecast period (2024-2031). The growth of this market is attributed to the increasing prevalence of arrhythmias and is expected to grow because of the aging population and the increase in risk factors for arrhythmias, the increasing cost of cardiac disease management, and the introduction of new and enhanced technological products. According to the Arrhythmia Alliance, AF Association, the incidence of ventricular arrhythmias varies widely. Ventricular arrhythmias occurred in 48 per 100,000 adults, approximately 1 in 2,100 people. In older adults, ventricular arrhythmias occur in 2-3 out of 100 people who do not have any known risk factors, and in 15-16 in 100 people who have coronary artery disease (CAD). In addition, in November 2022, the article “Senior Population Statistics: A Portrait of Aging Americans”, reported 54.1 million adults or 16.3% of the US population are seniors including aged 65 or older. The senior population is expected to rise to 22% by 2040 and 25% by 2060. 

Segmental Outlook 

The global Mobile ECG Devices market is segmented by type, modality, and end-use. Based on the type, the market is sub-segmented into pen and handheld. Based on the type, the market is sub-segmented into monitoring ECG systems and diagnostic ECG systems. Further, based on end-use, the market is sub-segmented into hospitals, clinics, ambulatory care, and homecare. Among the end-use, the hospitals sub-segment is anticipated to hold the largest market share during the forecast period. The large share of this segment is credited to the lower costs, higher efficiency, and availability. 

The Monitoring ECG systems Sub-Segment is Anticipated to Hold a Considerable Share of the Global Mobile ECG Devices Market

Among the type, monitoring ECG systems sub-segments expected to grow over the forecast period. The segment is driven by the owing to Increasing development of ECG monitoring systems leveraged with new technologies, such as deep learning, AI, Big Data and IoT to provide efficient, cost-efficient, fully connected, and powerful monitoring system and enabling technologies provide huge opportunities for the advancement of ECG monitoring systems. In addition, the rising prevalence of cardiovascular diseases is anticipated to boost growth of the global ECG monitoring systems market over the forecast period. According to the World Health Organization, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global mortalities. Nowadays, ECG monitoring systems are used in hospitals, homes, outpatient ambulatory settings, and in remote contexts. They also employ a wide range of technologies such as IoT, edge computing, and mobile computing. Furthermore, they implement various computational settings in terms of processing frequencies, as well as monitoring schemes. 

Regional Outlook

The global mobile ECG devices market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia-Pacific is anticipated to grow over the forecast period, owing to the growing demand for mobile ECG devices, increasing geriatric population, the rising healthcare expenditure, and increasing incidences of cardiovascular diseases and heart related conditions driving the mobile ECG devices market in the Asia-Pacific. 

Global Mobile ECG Devices Market Growth, by Region 2024-2031

The North America Region is Expected to Grow at a Significant CAGR in the Global Mobile ECG Devices Market

North America is expected to hold a prominent share in the mobile ECG devices market during the forecast period. The significant factors fueling the North America market including growing technological advancements in portable and handheld ECG devices, rising number of cardiovascular disorders, increasing geriatric population, and favorable government regulations regarding monitoring devices. According to the United States Census Bureau, the older population increased by 50.9 million, from 4.9 million (or 4.7% of the total US population) in 1920 to 55.8 million (16.8%) in 2020. In 2020, about 1 in 6 people in the US were age 65 and over. In 1920, this proportion was less than 1 in 20. In addition, the demand for mobile ECG devices, and other technological advancements to ensure improved CVD prevention and control is likely to rise in the future. According to the American Heart Association, CVDs remains as the leading cause of death in the US, accounted for 928,741 deaths in the year 2020. Additionally, the increasing number of heart-related disorders and technological advancements are further driving the market in the region. In 2020 in the US, coronary heart disease (CHD) was the leading cause (41.2%) of deaths attributable to CVD in the US, followed by stroke (17.3%), other CVD (16.8%), high blood pressure (12.9%), heart failure (9.2%), diseases of the arteries (2.6%).

Market Players Outlook

The major companies serving the mobile ECG devices market include GE HealthCare Technologies Inc, Koninklijke Philips N.V., Medtronic plc, Nihon Kohden Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, AliveCor, the pioneer in FDA-cleared personal electrocardiogram (ECG) technology, launched the KardiaMobile Card, the slimmest, most convenient personal ECG device ever created. 

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global mobile ECG devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.