Holter ECG Market by Product (Wired Holter ECG, Wireless Holter ECG, Software), Lead Type (Patch Type 1-Lead, 3-Lead, 6-Lead, 12-Lead), EndUser (Hospitals and Specialty Clinics, Ambulatory Surgical Centers), & Region - Global Forecast to 2030
The global holter ECG market in terms of revenue was estimated to be worth $416 million in 2023 and is poised to reach $558 million by 2030, growing at a CAGR of 6.1% from 2023 to 2030.
The new research study includes a market industry trend analysis. The new study report covers industry trends, price analysis, patent analysis, conference and webinar materials, important stakeholders, and market purchasing behaviour. The market is rising as a result of factors such as a rise in CVD patients and the need for early identification. The expanding older population, as well as technical advancements in wireless monitoring and wearable technologies, all help to drive market growth. However, a shortage of skilled specialists to monitor Holter ECG data is expected to stymie the industry.
Holter ECG Market Dynamics
DRIVER: Cardiovascular disease is becoming more prevalent.
Holter ECG devices are in high demand because they can save individuals at high risk of cardiac arrest by detecting and diagnosing them early. Pre-monitoring and pre-diagnosis can prevent most types of CVD, and hence anomalies in heart function can be prevented with early identification.
In addition, the rising prevalence of CVD is creating a demand for cardiac care centres that are well-equipped with affordable and advanced Holter ECG devices to enable early and effective detection and treatment, as well as regular checkups; this demand is gradually increasing in lower and middle-income countries throughout Latin America, Asia Pacific, and the Middle East and Africa. These factors are likely to enhance demand for Holter ECG devices and, as a result, drive the Holter ECG market in the coming years.
RESTRAINT: Product Recalls on a Regular Basis
A number of product recalls have occurred in the market, primarily owing to electrical failure, connection compatibility concerns, and issues with certain defribillators. Philips (Netherlands), for example, recalled its Philips HeartStrart MRx Monitor owing to a treatment switch failure issue.
OPPORTUNITY: Emerging markets that are yet to be explored
Globally, developing nations, notably BRIC, are prospective high-growth markets for Holter ECG monitors. More over one-third of the world's population lives in China and India. Rapid urbanisation, changing diets, sedentary lifestyles, and rising cigarette and alcohol use have all contributed to a rise in CVD prevalence in these nations. Furthermore, hypertension, dyslipidemia, diabetes, and obesity are common in these nations, all of which are substantial risk factors for CVD.
Given these characteristics, demand for diagnostic Holter ECG equipment in emerging economies is projected to rise in the future years. Furthermore, rising awareness of cardiac problems and personal care, rising per capita expenditure, and increasing investments in developing countries (given the saturation in established markets) are likely to provide prospective growth possibilities for Holter ECG monitor makers.
CHALLENGE: Stringent regulatory restrictions are causing cardiac device clearance to be delayed.
Strict regulatory rules have hampered the introduction of various innovative products, stifling market growth to some extent. Despite increased demand for cardiac monitoring technology such as Holter ECG devices, producers face a variety of regulatory challenges imposed by the FDA and other regulatory bodies throughout the world. Various regulatory agencies are gradually implementing complex restrictions governing the development and approval of these devices, as well as their manufacture, labelling, market launch, commercialization, and sales.Following 510(k) approval, FDA rules demand a required post-marketing survey to further confirm the efficacy and safety profile of cardiac monitoring and management devices, including Class II (pacemakers) and III (defibrillators). The FDA's evaluation of a PMA application is expected to take six months—twice as long as a 510(k) application—but it can and generally does take longer.
Holter ECG Ecosystem
Among the top participants in this field are well-established, financially stable manufacturers of Holter ECG equipment. These companies have been in operation for some time and have a diversified product line, cutting-edge technology, and strong global sales and marketing networks. The major companies in this field 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, Wireless Holter ECG monitors are expected to have the greatest market growth rate in the holter ECG industry.
Based on the products, The global market may be divided into three categories: wired Holter ECG monitors, wireless Holter ECG monitors, and software. Wireless Holter ECG monitors are expected to expand at the fastest pace over the projection period. The rapid increase is due to the fact that they are pleasant to wear, are typically user-friendly, and do not require medical knowledge.
By lead type, 12-lead Holter monitors will dominate the Holter ECG market.
Based on lead type, The market is divided into patch type 1-lead, 3-lead, 6-lead, 12-lead, and various lead types (for example, 4-, 5-, and 7-lead Holter ECG monitors). Because of the better clarity produced by utilising a larger number of leads, the 12-lead Holter monitor dominates the market; 12-lead ECG systems give a more detailed perspective, making it simpler to understand cardiac electrical activity.
The holter ECG market will be dominated by hospitals and speciality clinics.
Based on end user, Hospitals and specialised clinics, ambulatory surgery centres, and other end users (homecare settings, pharmaceutical businesses, long-term care institutions, and academic and research organisations) make up the market. Hospitals and specialist clinics dominate the market as the number of patients visiting hospitals for CVD diagnosis grows, as does the number of cardiac implant surgeries and their early detection.
North America to dominate in Holter ECG market
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa make up the global market. North America is expected to dominate over the projection period because to rising cardiovascular disease incidence, an ageing population, and higher demand for remote monitoring, all of which are being fulfilled by the increasing availability of various monitoring and treatment technologies.
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.