The Global ECG Patch and Holter Monitor Market is projected to grow at a CAGR of 8.2% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The rising prevalence of cardiovascular diseases such as cardiac arrhythmia and Acute Coronary Syndrome (ACS), etc., coupled with advancements in ambulatory services and ECG monitoring technology, is fueling the market growth. Some of the factors that are continuing to this high disease occurrence are lifestyle factors like sedentary behavior, tobacco use, high blood pressure, and stress.
Furthermore, both underdeveloped and developing economies are witnessing a surge in government initiatives aimed at enhancing healthcare infrastructure and providing improved medical care. This, in turn, is driving up the demand for quality healthcare services. Governments in economies such as Brazil, Nigeria, Indonesia, and India, etc., are actively engaging in healthcare programs and awareness campaigns focused on cardiac diseases, which are further augmenting awareness among individuals to opt for quality healthcare services. As healthcare systems globally strive to address the growing burden of cardiovascular diseases, the demand for ECG patches and Holter monitors is expected to continue rising.
Additionally, technological advancements in ECG monitoring devices have made them more accessible, efficient, and patient-friendly is also driving their adoption in clinical settings and ambulatory care, further states the research report, “Global Market Analysis, 2023.”
Diagnostics to Attain Significant Market Growth in the Upcoming Years
Based on the application, the market is further bifurcated into, Diagnostics, and Monitoring. Among them, diagnostics is anticipated to hold a lion’s share in the Global ECG Patch and Holter Monitor Market, as it is a critical component of cardiovascular healthcare, allowing for early detection and diagnosis of cardiac irregularities. The growing burden of chronic and cardiovascular diseases, attributed to unhealthy lifestyle choices, sedentary habits, and the consumption of harmful substances, is widely influencing the demand for ECG patches and holter monitors for early detection and prevention of cardiovascular disease.
North America to Hold a Dominant Share in the Global ECG patch and Holter Monitor Market
Geographically, the Global ECG Patches and Holter Monitor Market is bifurcated into, North America, South America, Europe, the Middle East & Africa, and Asia–Pacific. Among them, North America is expected to maintain its dominant position in the market in the coming years. Factors such as the high presence of cardiovascular diseases and the increasing aging population in the country, driven by the availability of advanced healthcare facilities, and high disposable income, are widely influencing the demand for ECG patches and monitors in the country.
Additionally, the trend of preventive and personalized healthcare is also impacting consumers’ behaviour as individuals becoming proactive in managing their health using wearable monitoring devices like ECG patches. The US and Mexico are among the key consumers of ECG patched and Holter monitors in North America, due to reasons such as increasing consumption of processed food products functional drinks, etc., which have certainly increased the risk of obesity among the residents.
Thus, with the rising awareness of personalized healthcare and increasing obesity due to the growing consumption of sugar-based drinks and processed food, the demand for ECG Patch and Holter Monitor is expected to continue to boom in North America during 2023-2028.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (GE Healthcare, Philips, Hillrom Service, iRhytm Technologies, Spacelabs healthcare, Fukuda Denshi Inc., Cardiac Insight Inc., Vital Connect, Dr. R.A. Fernando School of Healthcare Technology Inc., Bardy Diagnostics, Shiller AG, BPL Medical technologies, Smart Cardia, Bittium, Viva link Inc.) are looking forward to strengthening their market position.
Key Questions Answered in the Research Report