A Holter ECG monitor continuously tracks various electrical activities of the cardiovascular system and records electrocardiogram of arrhythmia patients.
A Holter ECG monitor continuously tracks various electrical activities of the cardiovascular system and records electrocardiogram (ECG) of arrhythmia patients. It is also used to detect conduction block in auricles and ventricles. Increase in the number of cases of arrhythmia and conduction block is the major factor driving the global Holter ECG monitor market. Rise in adoption of Western lifestyle and dietary pattern in developing countries in Southeast Asia and Latin America has increased the prevalence of cardiac disorders in these regions, leading to surge in demand for Holter ECG monitor devices.
Increase in the number of cardiovascular disorders drives the global Holter ECG monitor market. A report published by the World Health Organization (WHO) stated that cardiovascular disorders accounted for around 17.7 million, or 31%, of global deaths in 2015. Of these 6.7 million deaths were due to stroke and around 7.4 million due to coronary heart disease.
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Holter ECG monitor plays a pivotal role in the treatment of cardiovascular diseases, as it records heart’s activity (ECG) continuously for 24 to 48 hours, which is essential for safe diagnosis and therapy control. Cardiovascular disorders can be prevented by considering some behavioral risk factors such as unhealthy diet & obesity, tobacco use, excess intake of alcohol, and increase in physical activities using population wide strategies.
Demand for Holter ECG monitors is projected to increase, as the incidence of heart ailments is unlikely to decrease in the near future. Furthermore, technological advancements are anticipated to boost the growth of the market in the next few years. However, high cost and technical complexities associated with these systems are expected to create bottlenecks for the global Holter ECG monitor market. Additionally, companies operating in the market have to deal with stringent regulatory guidelines, which is expected to hamper market growth.
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The global Holter ECG monitor market can be segmented based on component, lead type, end-user, and region. In terms of component, the global market can be classified into wired Holter monitor, wireless Holter monitor, and Holter analysis systems & software. Based on lead type, the global Holter ECG monitor market can be categorized into patch type one lead Holter monitor, three lead Holter monitor, six lead Holter monitor, twelve lead Holter monitor, and others.
In terms of end-user, the global market can be divided into specialty clinics, hospitals, ambulatory surgical centers, diagnostic centers, and others. The hospitals segment accounted for major share of the global Holter ECG monitor market in 2017. Quality facilities provided by hospitals is the key factor contributing to the high share of the segment. The specialty clinics segment is anticipated to grow at a rapid pace in the next few years. Increase in the number of specialty clinics and advanced quality of treatment provided by these clinics are expected to propel the segment during the forecast period.
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Geographically, the global Holter ECG monitor market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017 due to large number of diagnosed cases of heart failure, technological developments, high awareness among patients, and favorable reimbursement coverage in the region. Europe is expected to account for the second largest share of the global market during the forecast period.
The market in the region is likely to expand at a moderate pace during the forecast period, due to high purchasing power of the general public and significant demand for technologically advanced products. The market in Asia Pacific is expected to expand at a high CAGR from 2018 to 2026, due to rise in per capita income, growing medical tourism, availability of low-cost ECG monitor devices, and high disposable income of the people.
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Additionally, uncertain economic conditions in the U.S. and Europe have induced manufacturers to explore emerging markets such as Asia Pacific through acquisitions and collaborations. For instance, Medtronic has established its Shanghai Innovation Center in China. The facility has been established to support further localization in the region. This has helped the company to expand its geographical presence in developing countries.
Key players operating in the global Holter ECG monitor market include Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., GE Healthcare, BPL Medical Technologies, Midmark Corp., Schiller, Hill-Rom Services Inc., Fukuda Denshi, Medtronic, and Nihon Kohden Corporation.
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