Market Definition
A Holter monitor and ECG patches are medical devices used to monitor and record the electrical activity of the heart. These devices serve as valuable tools in capturing and analyzing the electrical patterns of the heart over a specific period, providing healthcare professionals with a more comprehensive understanding of a patient's cardiac health.
Market Insights & Analysis: Global ECG Patch and Holter Monitor Market (2023-28):
The Global ECG Patch and Holter Monitor Market is estimated to grow at a CAGR of around 8.2% during the forecast period, i.e., 2023-28. The rising prevalence of cardiovascular diseases, growing ambulatory services, and technological advancement in ECG monitoring devices are driving the growth of the Global ECG Patch and Holter Monitor Market. As the incidence of cardiovascular disease increases globally, owing to the increase in tobacco use, unhealthy diet & obesity, physical inactivity, and harmful use of alcohol, the demand for diagnosis and monitoring devices for cardiac are impacted positively. For instance
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 8.2% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA | |
| Key Companies Profiled | GE Healthcare, Philips, Hillrom Services Inc. (Baxter), iRhythm Technologies, Inc., Spacelabs Healthcare (OSI systems), Fukuda Denshi Inc., Cardiac Insight Inc., Vital Connect, Dr. R.A. Fernando School Of Healthcare Technology Inc., Bardy Diagnostics Inc., Shiller AG, BPL Medical Technologies, Smart Cardia Inc., Bittium, ViVa Link Inc |
| Unit Denominations | USD Million/Billion |
Moreover, the growing geriatric population worldwide has increased the demand for ECG patches and Holter monitor in the market. As, this demographic group is more susceptible to cardiovascular disorders. As a result, there is a growing need for ECG and Holter monitoring devices to detect and manage heart-related conditions in the aging population. For instance,
Further, growing adoption of telemedicine and remote patient monitoring is anticipated to propel the demand for ECG and Holter monitors in the coming years. As, these technologies allow healthcare professionals to remotely monitor patients' heart health, thus making it more convenient for both patients and healthcare providers, particularly in remote or underserved areas.
Global ECG Patch and Holter Monitor Market Driver:
Rising Cardiac Arrhythmia Cases Drive Demand for ECG Patch and Holter Monitor Market– The increasing global incidence of cardiac arrhythmia is widely contributing to the growing demand for ECG patches and Holter monitors. Lifestyle factors such as sedentary behavior, tobacco use, high blood pressure, and stress have been identified as key contributors to the rising incidence of arrhythmia among patients. For instance, according to the Centers for Disease Control and Prevention (CDC) in 2019, there were approximately 454,000 reported cases of arrhythmia, resulting in 158,000 deaths. Moreover, it is projected that the number of atrial fibrillation cases in the United States alone would reach around 12.1 million by 2030, with the surging consumption of tobacco, alcohol and caffeine among working adults.
In response to the increasing prevalence of arrhythmia, pharmaceutical companies like Smart Cardia and iRhythm Technologies have been introducing new and innovative drug therapies for atrial fibrillation treatment. For instance,
Thus, with the continuous boom in patients diagnosed with cardiac arrhythmia cases, and growing availability of advanced monitoring devices to track patient’s health on real time, the demand for ECG Patch and Holter monitor is anticipated to continue to boom in coming years.
Global ECG Patch and Holter Monitor Market Opportunity:
Growing Improvement in Healthcare Infrastructure Across Emerging and Underdeveloped Economies to Augment the Market Growth– As both underdeveloped and developing economies are witnessing a surge in government initiatives to improve their healthcare infrastructure for improved medical care, the demand for quality healthcare services is anticipated to rise. Economies such as Nigeria, Cambodia, India, Brazil, and Indonesia, etc., are still developing and underdeveloped, owing to which the governments of these countries are increasingly focussing on promoting service-based industries, which includes healthcare too. For instance,
Additionally, the government is also being engaged in various healthcare programs and awareness campaigns related to cardiac diseases in these economies. These include Nigeria's National Heart Awareness Campaign, India’s Cardiac Awareness Campaign, Brazil's Women Cardiovascular Awareness Campaign, etc. Thus, with the growing awareness, and increasing development of quality healthcare infrastructure in emerging and underdeveloped economies, the demand for ECG monitors is anticipated to increase gradually in the coming years. Therefore, a notable number of EGC patch and Holter monitor manufacturers are expanding in these economies to gain emerging revenue opportunities. For instance,
Global ECG Patch and Holter Monitor Market Challenge:
Regulatory Hurdles in ECG Patch and Holter Monitor Market – Obtaining the necessary approvals from regulatory bodies such as the FDA, EMA, and PMDA, acts as a challenge for ECG Patch and Holter Monitor Market, as the process is highly time-consuming and involves extensive testing and clinical studies to prove the safety and effectiveness of the products. Adherence to international standards like ISO 13485 for quality management systems and IEC 60601 for medical electrical equipment adds further complexity, especially when targeting global markets.
Moreover, complying with post-market surveillance and reporting requirements, as well as adapting to ever-changing regulatory landscapes, requires continuous monitoring and adaptation. Successfully navigating these regulatory hurdles demands dedicated resources, expertise, and a strong commitment to ensuring quality and compliance, which are crucial for the successful launch and widespread adoption of ECG patches and Holter monitors in the market.
Global ECG Patch and Holter Monitor Market Trend:
Transforming ECG Monitoring for Personalized Treatment – The transformation of ECG monitoring for personalized treatment is a key trend positively impacting the demand for ECG patches and Holter monitor devices globally. Traditionally, ECG monitoring was primarily conducted in clinical settings, and the data collected were often limited to specific time frames during doctor visits or hospital stays. However, the advent of personalized treatment and the increasing focus on remote patient monitoring have led to a surge in demand for more convenient and continuous ECG monitoring solutions, which includes, insertable cardiac monitors.
These devices are gaining substantial traction globally, especially among patients with infrequent or intermittent cardiac symptoms, due to the enhanced ability of this device to enable long term monitoring of heart’s activity for up to 3 years. Further, the enhanced ability of insertable cardiac monitors to provide continuous monitoring & determine the need for anticoagulation therapy among patients with high risk of stroke is presently wider revenue growth opportunities for the market.
Global ECG Patch and Holter Monitor Market (2023-28): Segmentation Analysis
The Global ECG Patch and Holter Monitor Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2023–2028 at the global level. Based on the analysis, the market has been further classified as:
Based on Application:
The diagnostic segment involves the use of ECG patches and Holter monitors for the initial detection and diagnosis of cardiac abnormalities and arrhythmias. These devices are widely used in hospitals, clinics, and other healthcare settings to assess a patient's heart health and identify irregularities that may require further investigation or treatment. Additionally, these devices are often used in population health screening programs to identify individuals at risk of cardiovascular diseases, enabling preventive measures and lifestyle interventions.
With the increasing prevalence of chronic and cardiovascular diseases, due to unhealthy lifestyles, lack of exercise, and growing consumption of tobacco, & alcohol, the demand for ECG patches and Holter monitors would continue to boom for effective diagnostics globally.
Based on Product:
ECG patches have established a dominant position in the market, mainly due to their numerous advantages over Holter monitors. ECG patches offer convenience, waterproofing capabilities, and a longer monitoring duration, making them highly preferred by patients. The wire-free form factor of ECG patches provides greater comfort to patients compared to traditional Holter monitors. Additionally, clinicians also prefer the usage of ECG patches due to the increased compliance they offer.
On the contrary, in the case of the Holter monitor, there has been a disadvantage of leads coming off, causing patients to mistakenly believe that the device has not been functioning properly. Consequently, it has been noted that patients tend to remove the device, requiring the entire monitoring process to restart. This issue is mitigated with ECG patches, leading to improved patient compliance and reducing the likelihood of disruptions in data collection. Due to these factors, patients are more inclined towards the ECG patches which contributed to the growing demand for ECG patches, thereby impacting the market growth of both ECG patches in the market.
Global ECG Patch and Holter Monitor Market (2023-28): Regional Projections
Geographically, the Global ECG Patch and Holter Monitor Market expands across:
Based on geography, North America is projected to maintain market dominance in the forecasted years, primarily driven by factors such as the high prevalence of cardiovascular diseases, coupled with a growing geriatric population. As ECG patched and Holter monitors offer non-invasive continuous monitoring, enables early detection & better management of heart-related conditions, their demand is rising considerably. For instance, in 2021, the US, the Centers for Disease Control and Prevention (CDC) reported an annual occurrence of approximately 695,000 cardiovascular disease cases, with one mortality every 33 seconds caused by the high prevalence of obesity, Unhealthy Diet, and physical inactivity.
Additionally, the growing trend of preventive & personalized healthcare is influencing consumer behavior, in the country, where individuals are becoming proactive in managing their health, with the use of wearable monitoring devices like ECG patches. Further, the American Heart Association, predicts the prevalence of cardiovascular disease among the US population is anticipated to be around 40.05% by 2030, which is over 116 million individuals. Thus, surging cardio cases in the region, & a growing inclination towards improved healthcare services are anticipated to widely influence the market demand for ECG patch and Holter monitor in North America during 2023-2028.
Global ECG Patch and Holter Monitor Industry Recent Development:
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Frequently Asked Questions
A. The growth rate or CAGR of the ECG Patch and Holter Monitor Market during 2023-28 is 8.2%
A. Rising cardiac arrhythmia cases is a prominent factor expected to drive the ECG Patch and Holter Monitor Market during 2023-28.
A. The top players in the ECG Patch and Holter Monitor Market are 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.
A. ECG Patch is the leading product in the ECG Patch and Holter Monitor Market.
A. North America would present growth prospects in the ECG Patch and Holter Monitor Market during 2023-28.
A. Transforming ECG monitoring for personalized treatment is one of the key trends shaping the growth of the ECG Patch and Holter Monitor Market.
A. Growing improvement in healthcare infrastructure across emerging and underdeveloped economies is a key opportunity anticipated to drive the ECG Patch and Holter Monitor Market through 2028.
A. Regulatory hurdles in ECG Patch and Holter monitor are the possible restraints affecting the growth of the ECG Patch and Holter Monitor Market.
A. Hospitals are the industry's potential end-users.
Global ECG Patch and Holter Monitor Market Research Report (2023-2028) - Table of Contents
