ECG Market

The article discusses the growth projections for the global electro-cardiograph market from 2022 to 2030. It highlights the rise in demand for ECG devices worldwide, with significant increases in both volume and value terms. Key insights include market performance forecasts, consumption trends, production figures, import and export data, as well as the top countries and key players in the market. Overall, the article provides a detailed analysis of the factors driving the growth of the ECG market and the key trends shaping its future.

Market Forecast

Driven by increasing demand for electro-cardiographs worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 1.2B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.6% for the period from 2022 to 2030, which is projected to bring the market value to $28.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electro-Cardiographs

In 2022, global consumption of electro-cardiographs soared to 985M units, rising by 53% compared with the year before. Overall, consumption showed a strong expansion. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The global ECG market size expanded markedly to $17.3B in 2022, increasing by 5.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption enjoyed a remarkable increase. Global consumption peaked in 2022 and is likely to see gradual growth in years to come.

Consumption By Country

The country with the largest volume of ECG consumption was Denmark (963M units), comprising approx. 98% of total volume.

From 2012 to 2022, the average annual growth rate of volume in Denmark totaled +14.1%.

In value terms, Denmark ($2.8M) led the market, alone.

In Denmark, the ECG market increased at an average annual rate of +15.2% over the period from 2012-2022.

In Denmark, ECG per capita consumption increased at an average annual rate of +13.6% over the period from 2012-2022.

Production

World Production of Electro-Cardiographs

In 2022, global production of electro-cardiographs surged to 980M units, jumping by 53% on 2021. Over the period under review, production recorded a remarkable increase. As a result, production reached the peak volume and is likely to continue growth in the immediate term.

In value terms, ECG production amounted to $15.2B in 2022 estimated in export price. In general, production saw a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 21% against the previous year. Over the period under review, global production reached the maximum level at $15.4B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of ECG production was Denmark (963M units), accounting for 98% of total volume.

In Denmark, ECG production expanded at an average annual rate of +14.1% over the period from 2012-2022.

Imports

World Imports of Electro-Cardiographs

In 2022, global imports of electro-cardiographs rose notably to 7.5M units, surging by 13% against the previous year's figure. In general, imports recorded prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 168%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, ECG imports rose rapidly to $1.5B in 2022. Overall, imports posted a resilient expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 31%. Global imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports By Country

In 2022, the United States (4.2M units) represented the key importer of electro-cardiographs, creating 56% of total imports. It was distantly followed by Qatar (1,519K units) and Germany (431K units), together committing a 26% share of total imports. Spain (228K units) and Singapore (119K units) followed a long way behind the leaders.

The United States was also the fastest-growing in terms of the electro-cardiographs imports, with a CAGR of +38.4% from 2012 to 2022. At the same time, Spain (+26.1%), Singapore (+21.6%), Germany (+5.9%) and Qatar (+5.9%) displayed positive paces of growth. The United States (+48 p.p.) and Spain (+2 p.p.) significantly strengthened its position in terms of the global imports, while Germany and Qatar saw its share reduced by -5.6% and -19.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($484M) constitutes the largest market for imported electro-cardiographs worldwide, comprising 33% of global imports. The second position in the ranking was taken by Singapore ($128M), with an 8.7% share of global imports. It was followed by Germany, with a 7.6% share.

In the United States, ECG imports expanded at an average annual rate of +11.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+23.0% per year) and Germany (+2.9% per year).

Import Prices By Country

The average ECG import price stood at $197 per unit in 2022, waning by -4.3% against the previous year. Over the period under review, the import price showed a abrupt decline. The growth pace was the most rapid in 2017 an increase of 100% against the previous year. Global import price peaked at $418 per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($1,078 per unit), while Qatar ($0.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+1.1%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Electro-Cardiographs

In 2022, shipments abroad of electro-cardiographs increased by 11% to 1.6M units, rising for the seventh year in a row after two years of decline. In general, total exports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +74.1% against 2015 indices. The growth pace was the most rapid in 2021 with an increase of 15% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, ECG exports stood at $1.2B in 2022. Over the period under review, total exports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +10.0% against 2020 indices. The pace of growth was the most pronounced in 2016 with an increase of 33%. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

In 2022, Germany (349K units), distantly followed by the United States (176K units), China (166K units), Singapore (130K units), the Netherlands (118K units), South Korea (114K units), Mexico (113K units) and Canada (96K units) were the main exporters of electro-cardiographs, together achieving 80% of total exports. The following exporters - Spain (63K units), India (37K units), Italy (36K units), Switzerland (31K units) and Denmark (29K units) - together made up 12% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Singapore (with a CAGR of +35.9%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest ECG supplying countries worldwide were the United States ($260M), the Netherlands ($157M) and Germany ($141M), with a combined 46% share of global exports. Singapore, Switzerland, Canada, China, India, Mexico, South Korea, Italy, Denmark and Spain lagged somewhat behind, together comprising a further 44%.

Among the main exporting countries, Singapore, with a CAGR of +36.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average ECG export price amounted to $774 per unit, reducing by -8.8% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 28% against the previous year. The global export price peaked at $1,090 per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Switzerland ($3,299 per unit), while Spain ($39 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+10.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform