Holter Monitoring Systems Market, By End User (Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgical Centers), By Product (Event Monitoring Devices, Holter Monitoring Devices, Software), and By Region (Africa, Latin America, Asia Pacific, the Middle East, North America, and Europe) – Outlook, Share, Size, and Opportunity Analysis, 2019–2027
A Holter monitor is a compact ECG device that is designed to continuously monitor a patient’s heart activity. It comes in a small camera-like size and features wires with silver-dollar-sized electrodes that are attached to the skin. This portable device is battery-powered and can operate for varying durations of 24 to 48 hours, depending on the monitoring requirements.
By the conclusion of 2027, it is projected that the global Holter monitoring systems market will have reached a value of US$ 1,397.1 million.
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The global Holter monitoring systems market is projected to experience growth during the forecast period due to the rising incidence of cardiovascular diseases (CVDs). As an example, the Heart Disease and Stroke Statistics 2018 report from the American Heart Association reveals that approximately 92.1 million adults in the United States are affected by CVD or are experiencing complications following a stroke.
Additionally, the market is anticipated to receive a boost from the growing geriatric population. The World Health Organization estimates that by 2050, the number of elderly people is projected to rise to 2 billion, a significant increase from 900 million in 2015.
In 2019, the North American region was the leading global Holter monitoring systems market, with a value share of 34.6%. It is projected that this region will maintain its position until 2027.
The market for Holter monitoring devices is anticipated to face challenges due to strict approval regulations and insufficient insurance coverage policies in various countries. This is likely to impede the growth of the market. Additionally, the average reimbursement for a Holter monitoring study is expected to be less than US$100, which is lower than the reimbursement for mobile cardiac telemetry.
The growth of the Holter monitoring systems market is being impeded by a lack of analytical expertise for data in developing nations.
Participants in the market are expected to find lucrative growth opportunities due to the increasing emphasis on developing expertise in the handling of Holter monitoring systems. NorthEast Monitoring, Inc., a company based in the United States that provides training for Holter technology alongside its ambulatory cardiac hardware and software solutions.
In addition, the growth of the market is anticipated to be supported by the rising number of public and private hospitals in developing nations. For example, as per the Ministry of Health and Family Welfare, Government of India, the number of government hospitals in India rose from 35,416 in 2017 to 37,725 in 2018.
During the forecast period, the global Holter monitoring systems market’s hospitals segment is projected to expand at a CAGR of 4.9% and reach US$ 775.8 Mn by 2027, having been valued at US$ 529.0 Mn in 2019.
Current Market Trends:
Integrating data management systems with Holter monitors facilitates the provision of comprehensive electrocardiographs combined with the patient’s medical history, which can be remotely accessed.
Furthermore, there has been an increase in the need for implantable cardiac monitors. Implantable loop recorders provide prolonged monitoring of heart rhythm and yield more comprehensive information than Holter monitors.
Prominent players, including Schiller AG, VivaQuant, Shimmer, GE Healthcare, Biotricity Inc., Fukuda Denshi Co., Ltd., Welch Allyn, Inc., Bittium Corporation, Koninklijke Philips N.V., and Nihon Kohden Corporation, are operating in the global Holter monitoring systems market.
Companies that dominate the market are concentrating on gathering funds to broaden their range of products. For instance, Biotricity Inc., a corporation specializing in healthcare technology for consumers and medical diagnostics, secured US$ 6 million in December 2019 to submit its patch solution to the FDA within the first six months of 2020. The patch solution will be a new and innovative product in the realm of Holter monitoring.
To broaden their range of products, significant market participants are directing their attention towards introducing new items. Bittium Corporation, a company based in Finland that specializes in neurology and cardiology devices, exemplifies this approach. During the Medica 2019 conference, a prominent medical sector trade fair that took place in Germany, the company introduced Bittium HolterPlus, a remote cardiac monitoring solution that uses a Bittium Faros ECG device and a mobile application called Bittium HolterPlus.
|The market size value in 2023|
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Holter Monitoring Systems Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Holter Monitoring Systems Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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