Heart rate monitoring and therapeutic devices include real-time sensing capabilities reflecting the state of the heart. Current circuitry can be interpreted as a cardiac electrical signal compression algorithm representing the time signal information into a single event description of the cardiac activity. It is observed that some detection techniques developed for ECG signal detection like artificial neural network, genetic algorithm, Hilbert transform, hidden Markov model are some sophisticated algorithms which provide suitable results but their implementation on a silicon chip is very complicated. Due to less complexity and high performance, wavelet transform based approaches are widely used. In this paper, after a thorough analysis of various wavelet transforms, it is found that Biorthogonal wavelet transform is best suited to detect ECG signal's QRS complex. The main steps involved in ECG detection process consist of de-noising and locating different ECG peaks using adaptive slope prediction thresholding. Furthermore, the significant challenges involved in the wireless transmission of ECG data are data conversion and power consumption. As medical regulatory boards demand a lossless compression technique, lossless compression technique with a high bit compression ratio is highly required. Furthermore, in this work, LZMA based ECG data compression technique is proposed. The proposed methodology achieves the highest signal to noise ratio, and lowest root mean square error. Also, the proposed ECG detection technique is capable of distinguishing accurately between healthy, myocardial infarction, congestive heart failure and coronary artery disease patients with a detection accuracy, sensitivity, specificity, and error of 99.92%, 99.94%, 99.92% and 0.0013, respectively. The use of LZMA data compression of ECG data achieves a high compression ratio of 18.84. The advantages and effectiveness of the proposed algorithm are verified by comparing with the existing methods. © 2018 ISA