Holter ECG Market worth $558 million | MarketsandMarkets

CHICAGO, April 26, 2023 /PRNewswire/ -- The Holter ECG industry is expected to experience significant growth in the near future as the demand for non-invasive diagnostic technology increases. Advances in technology have allowed for the development of smaller and more portable ECG devices, making them increasingly attractive to medical professionals and patients alike. The Holter ECG market is expected to be further bolstered by clinical studies and international regulations that recognize the accuracy of ECG readings for diagnosing heart conditions. In addition, the increasing prevalence of cardiovascular diseases and rising demand for home healthcare services are expected to drive the growth of the industry. Lastly, the increasing number of collaborations between Holter ECG device manufacturers and healthcare providers is expected to further benefit the industry in the near future.

Holter ECG Market in terms of revenue was estimated to be worth $416 million in 2022 and is poised to reach $558 million by 2027, growing at a CAGR of 6.1% from 2022 to 2027 according to a new report by MarketsandMarkets™. The growing geriatric population, rising prevalence of cardiovascular diseases (CVD), awareness for early and continuous diagnosis, and technological advancements in wearable devices are also supporting this market growth.

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Holter ECG Market Scope:

Wired Holter ECG segment is expected to account for the largest share in 2021.

Based on product, the Holter ECG market is segmented into wired Holter ECG monitors, wireless Holter ECG monitors, and software. The large share of this segment is due to the wide range of applications in heart activity monitoring and the cost efficiency of these devices.

The 12-lead segment held the largest market share in the Holter ECG market.

Based on lead type, the Holter ECG market is segmented into patch type 1-lead, 3-lead, 6-lead, 12-lead, and other lead types (such as 4-, 5-, and 7-lead Holter ECG monitors, among others). 12-lead ECG devices offer good clarity and precision in interpreting cardiac electrical activity due to the presence of a large number of leads.

North America dominates the global Holter ECG market

Based on the region segmentation, the Holter ECG market is divided into North America, Europe, Asia Pacific, Latin America, and Middle-East Africa. North America holds the largest share and expects to dominate the Holter ECG market. The large share of the North American market can be attributed to the rising incidence of CVD, increasing healthcare spending, and the increasing presence of technologically advanced devices in the region. The Asia Pacific is estimated to be the fastest-growing regional market for Holter ECG products during the forecast period. The high growth in this market can be attributed to the rising prevalence of CVD, which is attributed to the increasing adoption of sedentary lifestyles, changing diets, increasing stress, and habitual smoking and drinking in several Asia Pacific countries.

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Holter ECG Market Dynamics:

Drivers:

1. Rising geriatric population
2. Increasing prevalence of cardiovascular disease
3. Technological advancements in wireless monitoring and wearable devices
4. Increasing investments, funds, and grants for research on cardiac monitoring

Restraints:

1. Frequent product recalls

Opportunities:

1. Untapped emerging markets

Challenges:

1. Stringent regulatory requirements delaying approval of cardiac devices
2. Dearth of skilled professionals with expertise in handling cardiac monitoring devices

Key Market Players:

Major players in the Holter ECG market include GE HealthCare (US), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), OSI Systems, Inc. (US), and Hill-Rom Holdings, Inc. (Baxter International Inc.) (US).

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Recent Developments:

• In 2022, Royal Philips (Netherlands) partnered with Prisma Health (US) to help the health system achieve enterprise interoperability, standardize patient monitoring, and drive innovation in enterprise imaging solutions to enhance patient care and improve clinical performance.
• In 2021, Royal Philips (Netherlands) acquired BioTelemetry, Inc. & Capsule Technologie (US) to strengthen Philips' cardiac care portfolio, cardiac diagnostics, and monitoring services, which are included in the Connected Care segment.

Holter ECG Market Advantages:

• Easy to Use: Holter ECG systems are easy to use and require minimal training to set up and operate. The recording of long-term ECG data is done without much effort, and the data can be retrieved in a few minutes.
• Non-Invasive: Unlike other ECG systems, Holter ECG systems are non-invasive and do not require any wires or tubes to be connected to the patient. This makes them ideal for long-term monitoring of cardiac activity.
• Cost-Effective: Holter ECG systems are cost-effective compared to other ECG systems. This makes them an ideal choice for monitoring cardiac activity in patients who cannot afford more expensive systems.
• Portable: Holter ECG systems are lightweight and compact, which makes them easy to transport and store. This makes it ideal for patients who need to be monitored in different locations.
• Accurate: Holter ECG systems provide accurate and reliable data. This makes them suitable for use in clinical settings where accuracy is essential.

Report Objectives:

• To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
• To define, describe, segment, and forecast the Holter ECG market by product, lead type, end user, and region
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
• To analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall Holter ECG market
• To forecast the size of the Holter ECG market in five main regions along with their respective key countries, namely, North America, Europe, the Asia Pacific, Latin America, and Middle East Africa.
• To profile key players in the Holter ECG market and comprehensively analyze their core competencies and market shares
• To track and analyze competitive developments, such as acquisitions; product launches; expansions; collaborations, agreements, & partnerships; and R&D activities of the leading players in the Holter ECG market
• To benchmark players within the Holter ECG market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy

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