The top three players dominating the global cardiac Holter monitor market are GE Healthcare, Koninklijke Philips N.V., and Schiller. Collectively, these companies held a share of about 48% in the global market in 2015. Strong product portfolio and a monumental geographical presence are the two key factors assessed to be aiding these players remain leaders in the fragmented competitive landscape. Transparency Market Research states that the players in the global market are likely to focus on mergers and acquisitions in the coming years to add value to their research and development departments in order to innovate better.
According to the research report, the global cardiac Holter monitor market was valued at US$293.8 mn in 2015 and is expected to reach a valuation of US$518.9 mn by the end of 2024. The progress of the global market has been estimated at a CAGR of 6.6% between 2016 and 2024 due to a high rate of cardiovascular diseases around the world.
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North America Cardiac Holter Monitor Market to Account for over 40.0% in Global Market by 2024
On the basis of product, the global market is segmented into 1-Channel, 2-Channel, 3-Channel, and 12-Channel. Of these, 3-Channel cardiac Holter monitor is expected to emerge as a leading segment between the forecast years of 2016 and 2024. This product segment is anticipated to expand at a CAGR of 6.8% over the forecast years due to the efficiency it offer while interpreting and detecting cardiac arrhythmia and atrial fibrillation.
Geographically, the North America cardiac Holter monitor market will account for a share of 40.9% in the global market by the end of 2024. The dominance of this regional market will be due to the high prevalence of cardiac arrhythmia and atrial fibrillation and technological innovations in diagnostic devices. Analysts anticipate that Asia Pacific will also show incredible progress in the cardiac Holter monitor market in the coming years.
Preference for Minimally Invasive Surgeries Triggers Demand for Cardiac Holter Monitors
Over the years, changes in diet, which are characterized by consuming unhealthy food items, smoking, excessive alcohol intake have largely impacted the evolution of diseases and susceptibility to them. Sedentary lifestyle choices such as lack of exercise have also contributed to faltering health conditions of several people, especially pertaining to the diseases and disorders of the heart. Thus, the rising incidence of cardiovascular diseases has triggered a major demand for cardiac Holter monitor, which is an ambulatory ECG monitoring devices used for recording the electrical activities of the heart. Besides the increasing number of cardiac patients, the market is also being fueled by the rising technological advancements in the global market that have made these devices easy to use and portable.
An upgrade of healthcare systems with the introduction of information technology and uptake of new and improved cardiac monitoring devices has also strengthened the foothold of the market across the globe. The increasing government funding for treatment of cardiovascular diseases is also expected to favor the global market in the coming years. Grants for research and development to institutes and hospitals to promote awareness of cardiac disorders are eventually expected to augment the demand for cardiac Holter monitor devices. The increasing preference for minimally invasive surgeries to avoid post-surgical complications have triggered a demand for ambulatory ECG monitoring systems, thereby ensuring swift uptake of cardiac Holter monitor market.
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Lack of Skilled Labor to Operate Sophisticated Machines Challenges Global Market
Errors in recording heart rhythms due to the poor adhesiveness of electrodes, vigorous activities by the patient, and detachment of electrodes has compromised the demand for cardiac Holter monitors. The uptake and usage of cardiac Holter monitor is also being challenged due to the lack of trained staff member to operate the devices. This negative trend is especially acting as a major barrier in developing countries.
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