Holter ECG Market

Updated on : May 18, 2023

The global 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. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The market is expanding due to factors including the rising prevalence of cardiovascular disease (CVD) patients and the requirement for early detection. The growing aging population and technological developments in wireless monitoring and wearable technology also support market growth. However, the lack of qualified professionals to accurately monitor Holter ECG results is projected to restrain the market.

Attractive Opportunities in the Holter ECG Market

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Holter ECG Market Dynamics

DRIVER: Increasing prevalence of cardiovascular disease

The demand for Holter ECG devices is increasing as these devices help save patients at high risk of cardiac arrest with early diagnosis and detection. Most types of CVD can be prevented through pre-monitoring and pre-diagnosis and thereby abnormalities in the functioning of the heart can be averted with early diagnosis.

Also, the rising prevalence of CVD is creating a requirement for cardiac care centers that are well-equipped with affordable and advanced Holter ECG devices to enable early and effective detection and treatment along with regular checkups; the demand is gradually rising in lower and middle-income countries in Latin America, the Asia Pacific, and the Middle East & Africa. These factors are expected to increase the demand for Holter ECG devices and, in turn, drive the market for Holter ECG in the coming years.

RESTRAINT: Frequent Product Recalls

The market witnesses a number of product recalls mainly due to reasons related to electrical failure, connector compatibility issues, and issues pertaining to specific defribillators. For example, Philips (Netherlands), recalled their Philips HeartStrart MRx Monitor due to therapy switch failure issue.

OPPORTUNITY: Untapped emerging markets

Developing countries across the world, including BRIC, are potential high-growth markets for Holter ECG monitors. China and India are home to more than one-third of the global population. Rapid urbanization, changing diets, sedentary lifestyles, and the rising use of tobacco and alcohol have increased the prevalence of CVD in these countries. Moreover, these countries have a high prevalence of hypertension, dyslipidemia, diabetes, and obesity, which are major risk factors for CVD.

Considering these factors, the demand for diagnostic Holter ECG devices is expected to increase in emerging markets in the coming years. Additionally, increasing awareness of cardiac disorders and personal care, increased per capita spending, and growing investments in emerging markets (considering the saturation in developed markets) are expected to offer potential growth opportunities to the manufacturers of Holter ECG monitors.

CHALLENGE: Stringent regulatory requirements delaying approval of cardiac devices

The presence of stringent regulatory policies has delayed the launch of various innovative products, which has hampered the growth of the market to a certain extent. Despite the growing demand for cardiac monitoring devices, including Holter ECG devices, manufacturers face several regulatory barriers due to regulations laid down by the FDA and other regulatory authorities around the world. Various regulatory authorities are increasingly enforcing complex laws governing the development and approval, manufacturing, labeling, market launch, commercialization, and sales of these devices. FDA guidelines require a mandatory post-marketing survey to further validate the efficacy and safety profile of cardiac monitoring and management devices, including Class II (pacemakers) and III (defibrillators) devices, after granting 510(k) clearance The FDA review of an application for PMA is supposed to take six months—twice as long as 510(k)—but may, and usually does, take longer.

Holter ECG Ecosystem

Prominent companies in this market include well-established, financially stable manufacturers of Holter ECG devices. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this 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).

By product segment, the wireless Holter ECG monitors to observe the highest market growth rate in holter ECG market

Based on the products, the global market is broadly segmented into wired Holter ECG monitors, wireless Holter ECG monitors, and software. Wireless Holter ECG monitors segment to observe the highest growth rate during the forecast period. The high growth rate is because they are comfortable to wear, are generally user-friendly, and do not need medical expertise.

12-lead Holter monitors segment to dominate the Holter ECG market, by lead type

Based on lead type, the 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 Holter monitor dominates the market due to the higher clarity obtained by using a larger number of leads; 12-lead ECG devices provide a highly detailed outlook, making it easier to interpret cardiac electrical activity.

Hospitals and specialty clinics segment to dominate the holter ECG market

Based on end user, the market is segmented into hospitals and specialty clinics, ambulatory surgical centers, and other end users (homecare settings, pharmaceutical companies, long-term care facilities, and academic and research institutes). Hospitals and specialty clinics dominate the market due to the growing number of patient visits to hospitals for the diagnosis of CVD and the increasing number of cardiac implant procedures and their early diagnosis.

North America to dominate in Holter ECG market

The global market is segmented into North America, Europe, Asia Pacific, Latin America and Middle-East Africa. North America is expected to dominate during the forecast period, primarily due increasing prevalence of cardiovascular disease, the growing aging population, and the rising demand for remote monitoring coupled with growing availability of various monitoring and therapeutics devices.

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The Holter ECG market is dominated by players such as 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).

Holter ECG Market Report Scope:

This research report categorizes the Holter ECG market to forecast revenue and analyze trends in each of the following submarkets:

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle-East Africa

By Product

• Wired Holter ECG Monitors
• Wireless Holter ECG Monitors
• Software

By Lead Type

• 12-lead Holter Monitors
• 3-lead Holter Monitors
• Patch Type 1-lead Holter Monitors
• 6-lead Holter Monitors
• Other Lead Types

By End User

• Hospitals and Specialty Clinics
• Ambulatory Surgical Centers
• Other End Users

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.

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