Holter ECG Market Overview and Forecast by 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
Market Size Value in US$ 757.26 million in 2022 Market Size Value by US$ 1,215.76 million by 2028 Growth rate CAGR of 8.2% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Holter ECG Market: Strategic Insights
| Market Size Value in | US$ 757.26 million in 2022 |
| Market Size Value by | US$ 1,215.76 million by 2028 |
| Growth rate | CAGR of 8.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Application, Indication, and Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, India, Italy, Japan, Luxembourg, Mexico, Netherlands, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the holter ECG market in 2023
Key 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.
Increasing number of product approval and launches are the current trend witnessed in the target market.
BPL Medical Technologies, FUKUDA DENSHI, General Electric Co, Koninklijke Philips NV, Nihon Kohden Corp., OSI Systems, Inc., SCHILLER Americas Inc., EB Neuro S.P.A, Hill Rom Holding Inc. (Baxter), and Viatom Technology Co., Ltd.
The market is expected to register a CAGR of 8.37% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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