Holter ECG Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The Holter ECG market size is projected to reach US$ 1.55 billion by 2031 from US$ 0.82 billion in 2023. The market is expected to register a CAGR of 8.37% in 2023–2031. Major factors that are driving growth of the market are rising prevalence of CVDs (Cardiovascular diseases) and the rising elderly population are driving the market's growth. However, the lack of skilled professionals leads to inaccurate Holter ECG analysis, which is hampering market growth.

Holter ECG Market Analysis

It is a type of portable electrocardiogram (ECG) called a Holter monitor. Rising incidence of atrial fibrillation (AF) and undiagnosed or silent AF are the contributing factors responsible for accelerating demand for Holter ECG. Additionally, high geriatric population base suffering from structural heart disease (SHD) accelerates demand for Holter ECG thereby fuelling the overall market growth

Holter ECG Market Overview

Many economies around the world, including the US, UK, Canada, Japan, China, India, and South Korea, are seeing significant advancements in healthcare services and facility modernization. As a result, people's life expectancy has increased in many nations, increasing the number of elderly people living there. The WHO reported in February 2018 that the proportion of the aging population would increase from 12% in 2015 to 22% in 2050. In addition, a research from the US Census Bureau projects that by 2060, there will be over 98 million individuals in the US who are 65 years of age or older, up from 46 million in 2016. During this time, their population share would rise from about 15% to about 24%. According to a different report released by the United Nations World Population Ageing, in 2017 Europe had the greatest percentage of individuals over 60 in the world (i.e., 25%). Furthermore, by 2050, at least 25% of people in every continent—aside from Africa—will be 60 years of age or older. Furthermore, less than 80% of this increase would come from developing and impoverished nations.

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Holter ECG Market: Strategic Insights

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Holter ECG Market Drivers and Opportunities

Increasing Cases of Cardiovascular Diseases (CVDs) Boosting Demand for Holter ECG

The global market witnessed notable developments in Holter ECG monitors, helping physicians and patients with new approaches to manage diseases such, ventricular arrhythmias, as atrial arrhythmias, and ventricular atrial fibrillation. Holter monitoring is noninvasive, safer and effective for patient monitoring. According to the World Health Organization (WHO), ~30 million people experience a stroke each year. According to the American Heart Association, almost half of all adults in the US have a type of CVD. Furthermore, more than 130 million people, i.e., 45.1% of the US population are projected to have a type of CVD by 2035.

The European Society of Cardiology reported that patients suffering from atrial fibrillation are at a five-times greater risk of getting a stroke, and 20–30% of total stroke cases in Europe are caused by atrial fibrillation. Approximately 7.6 million adults in the EU who were 65 years of age or older had atrial fibrillation, according to a 2016 study by the European Society of Cardiology. By 2060, the number is predicted to rise by 89% to approximately 14.4 million. Approximately 16 million people in Asia Pacific suffer from atrial fibrillation, and that figure is predicted to rise to around 72 million by 2050, according to the 2019 Biosense Webster research "Beyond The Burden: The Impact of Atrial Fibrillation in the Asia Pacific". Additionally, the data indicates that older and middle-aged people have a higher chance of having this illness. Premonitoring and prediagnosis can help prevent the majority of CVDs. Arrhythmias, or irregularities in the way the heart beats, can also be prevented with prompt detection. Since arrhythmia monitoring devices can save patients who are at a risk of cardiac arrest, there is a growing need for these devices. As a result, the healthcare sector invests in better healthcare facilities and adopts cutting-edge technology to provide better medical services. This increases demand for monitoring devices like Holter ECG monitors. Holter ECG is widely utilized by the population that is likely to be exposed to variables that cause CVD in order to reduce the risks associated with CVDs. One of the major factors driving demand for the Holter ECG monitor is its continuous 24-48-hour recording of the heart's electrical activity (ECG), which is necessary for safe diagnosis and therapy control.

Untapped Potential in Developing Economics – An Opportunity in Holter ECG Market

It is anticipated that Holter ECG sales will rise in response to the growing need for CVD diagnosis. Prominent industry participants enhance their market share in developing economies by broadening their supply chains and improving their production capacities. For important Holter ECG manufacturers, emerging markets in South Korea, Mexico, Brazil, and India are anticipated to present development prospects in the years to come. The high frequency of CVDs, the sizeable patient population, the advancement of healthcare infrastructure, the rise in medical tourism, and rising disposable income are all contributing factors.

Asia Pacific has become a business-friendly and adaptable region owing to relatively less stringent regulations and data compliance requirements. As the US and European markets mature, prominent players are shifting their focus to emerging countries markets. High investments in life science sector and health research in emerging countries is a significant factor for upgrading the latest technologies in these countries. This factor, in turn, supports the inclination toward CVD diagnosis.

Holter ECG Market Report Segmentation Analysis

Key segments that contributed to the derivation of the holter ECG market analysis are component, application, indication, channel.

• Based on component, the holter ECG market is divided into products, software & solutions, services, and accessories. The product segment held a higher market share in 2023.
• Based on application, the market is segmented into diagnostics and monitoring.
• In terms of indication, the market is segmented into Atrial Fibrillation (AF), cardiac arrest, patients with pacemakers, and others.
• Based on channel, the market is segmented into 3 Channel ECG System, 5,6 & 7 Channel ECG System, 12 Channel ECG System, and Others.

Holter ECG Market Share Analysis by Geography

The geographic scope of the holter ECG market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

The North America Holter ECG market is segmented into the US, Canada, and Mexico. Increasing adoption of technological advancement products in ECG and growing prevalence of atrial fibrillation are projected to accelerate the growth of the Holter ECG market. Moreover, the presence of large healthcare businesses and the growing usage of Holter ECG in hospitals and home care settings is propelling the market's expansion in this region.

The US is the largest global market for Holter ECG. The market's growth is attributed to increasing product development and growing government support to enhance heart treatment. In addition, the increasing incidences of cardiovascular disease and its risk have led to the growth of the US market.

Cardiac arrhythmias can cause chest pain and fainting, and may lead to stroke or sudden cardiac death. According to the Centers for Disease Control and Prevention (CDC) it is estimated that 12.1 million people in the United States will have atrial fibrillation (AF) in 2030. According to the CDC,  cardiovascular disease is one of the leading cause of death for women and men, and people of most racial and ethnic groups in the United States. As per the given facts, 1 in every 5 deaths is because of heart disease, i.e., approximately 697,000 Americans die from heart disease in 2020. Owing to the growing risk of cardiovascular disease, various initiatives programmes are formulated by government and private institutes. Market players adapting organic and inorganic strategies for market development. For instance, In May 2021, Spacelabs Healthcare, a division of OSI Systems, Inc., launched the Lifescreen Pro event screening system to accurately diagnose cardiac arrhythmias. Moreover, the country has several hospitals, super specialty hospitals which offers diagnostic and treatment services for the cardiovascular diseases. The healthcare centers in the country offers facilities those are incorporated with the artificial intelligence, and other hi tech technologies. The remote patient monitoring is also offered by the hospitals in the country. Thus, owing to the above-mentioned factors the market is likely to grow considerably during the forecast period.

Holter ECG Market Regional Insights

The regional trends and factors influencing the Holter ECG Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Holter ECG Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Holter ECG Market Report Scope

Holter ECG Market Players Density: Understanding Its Impact on Business Dynamics

The Holter ECG Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Holter ECG Market are:

1. BPL Medical Technologies
2. FUKUDA DENSHI
3. General Electric Co
4. Koninklijke Philips NV
5. Nihon Kohden Corp.
6. OSI Systems, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Holter ECG Market News and Recent Developments

The holter ECG market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:

• In January 2022, Royal Philips company launched the 1st full-service, at-home, 12-lead electrocardiogram (ECG) solution for decentralized clinical trials. The clinical-grade solution is the most advanced patient-centric ECG offering within the company’s cardiac monitoring portfolio, pairing data readings comparable to clinical, site-based ECGs with Philips leading cloud-based data collection and analysis services. (Source: Philips Company Press Release)

Holter ECG Market Report Coverage and Deliverables

The “Holter ECG Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

• Holter ECG Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Holter ECG Market trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Holter ECG market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Holter ECG Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles