According to a new report published by Allied Market Research, titled, Holter ECG Monitoring Market by Component, Lead Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global holter ECG monitoring market was valued at $226.5 million in 2016 and is projected to reach $418.3 million by 2023, growing at a CAGR of 9.1% from 2017 to 2023. The holter ECG monitoring-mounted design segment accounted for half of the total market share in 2016.
Heart-associated disorders is the leading cause of death worldwide, with the evidence of approximately 2,200 men and women succumb to cardiovascular diseases every year, which has surpassed all forms of cancer-related deaths combined so far in the U.S. alone. Thus, combating the problem of increase in incidence of heart diseases has become the focus of the medical community over the years. This demands continuous monitoring of heart rhythm, which attracts several manufacturers to introduce advanced holter monitors in the market.
Asia-Pacific region is expected to witness the highest growth rate throughout the forecast period. The region offers lucrative opportunities for players that operate in the holter ECG monitoring market, due to its high population base, increase in disposable incomes, and improvement in patient awareness towards preventive care of cardiovascular diseases. In addition, countries such as India and China serve as the major contributors, as the holter ECG monitoring market is continuously evolving in these countries.
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The major companies profiled in this report include GE Healthcare (General Electric Company), Royal Philips Healthcare (Koninklijke Philips N.V.), Nihon Kohden Corporation, Medtronic Plc, Fukuda Denshi Co Ltd., Hill-Rom Company, Inc. (Welch Allyn), Schiller AG, Mindray Medical International Limited, and BPL Medical Technologies. Other prominent players in the value chain include Compumed Inc., Cardionet Inc., Bionet, Cardiac Science, Midmark Corporation, Amedtec Medizintechnik Aue GmbH, Opto Circuits Limited, OSI Systems, and Spacelabs Healthcare Inc.
Pocket size holter monitors have gained immense traction over the years, which contributes to the growth of the market. Clinicians around the globe are known to face the most compelling challenges in reducing cardiovascular deaths, one of which is the identification of patients that are at highest risk for sudden cardiac death. It is essential that the patients susceptible to sudden cardiac deaths can be detected as early as possible to start with the suitable therapies and prevention measures. This is where holter monitoring plays a pivotal role; it records the ECG values during the day and night phases, which is essential for a safe diagnosis and therapy control.
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Based on the component the global market is classified into wired holter monitors, wireless holter monitors, and holter analysis systems & software. Holter analysis systems & software have witnessed immense technological advancements in the recent years, which contributes to the highest growth rate of this segment in the global market during the forecast period. Streamlining the management of data retrieved from holter ECG monitors is essential for better diagnosis of cardiovascular diseases. This fuels the growth for holter analysis software and systems (with integrated software solutions) that enables the patients or physicians to upload ECG data. Further, the collected ECG data is automatically analyzed for heart conditions.
Based on lead type, the market is divided into patch type single lead holter monitors, 3 lead holter monitors, 6 lead holter monitors, 12 lead holter monitors, and other lead types. Patch type single lead holter monitors have registered the fastest growth rate during the forecast period. Whereas, 12 lead holter monitors have dominated the global market in 2016 and is anticipated to continue this trend throughout the forecast period. In depth monitoring of heart activity of cardiac patients performed by 12 lead holter ECGs has increased its utilization over the years.