Holter Monitoring Systems Market

Holter Monitoring Systems (2023-2033)

Worldwide revenue from the holter monitoring systems market stands at US$ 1.04 Bn in 2022, with the global market estimated to surge ahead at a CAGR of 3.9% to reach a valuation of US$ 1.58 Bn by the end of 2033.

As assessed by Persistence Market Research, ECG holter monitoring systems is expected to hold a largest market value of US$ 1.1 Bn by 2023. Overall, holter monitoring systems market sales account for approximately 3.7% revenue share in the global cardiac monitoring devices market, which was valued at around US$ 28.0 Bn at the end of 2022.

Sales Analysis of the Global Market from 2014 to 2022 Vs Market Outlook for 2023 to 2033

The global market for holter monitoring systems recorded a historic CAGR of 3.4% in the last 8 years from 2014 to 2022.

Globally, cardiovascular disease (CVD) has grown to be a major health concern. As a result, the healthcare sector is using advanced technologies to provide improved medical care and is also spending money on new healthcare facilities. Better patient monitoring devices is in greater demand as a result of this. Monitoring devices are frequently used by those who are likely to be exposed to factors that cause CVD in order to reduce the chance of developing the disease. One of the main factors driving demand for such devices is the fact that holter monitoring systems are non-invasive, safe, and effective for patient monitoring.

• An estimated 17.9 million individuals die from cardiovascular diseases (CVDs), which are the main cause of death worldwide. According to WHO estimates, heart attacks and strokes are responsible for about 85% of all CVD deaths.

Patients are expected to represent a sizable demand since holter monitoring devices provide a higher diagnostic output. Another factor contributing to the rise in demand for cardiac monitoring in home care settings is the growing elderly population. It is anticipated that manufacturers of holter monitoring systems would experience significant growth over coming times due to the fact that cardiovascular issues are growing more prevalent.

According to the European Cardiovascular Disease Statistics, there are more than 1.8 million deaths from cardiovascular disease (CVD) in the European Union and 3.9 million deaths from it in all of Europe each year (EU). CVD is responsible for 37.0% of all deaths in the EU and 45.0% of all deaths in Europe. The main cause of death for both men and women in Europe is cardiovascular disease (CVD). Based on these statistics, patient requiring cardiac monitoring devices will significantly increase in numbers, consequently, resulting in high sales of holter monitoring systems.

The global market is thus likely to show high growth over the coming years at a CAGR of 3.9% and reach a global market size of US$ 1.58 Bn by 2033.

What Factors Will Drive the Market to Grow Over Forecast Period?

“Increasing Cases of Atrial Fibrillation (AFib)”

The rise in arrhythmia cases is one of the key drivers of the market to increase in the future. According to the CDC report, more than 12 million people would experience atrial fibrillation (AFib), a type of cardiac arrhythmia, by 2030. The same source states that an AFib diagnosis was recorded in more than 183,000 deathsin the U.S.in 2019. With increasing number patients suffering from of AFib, there will be significant demand for cardiac arrhythmia monitoring devices for early detection and diagnosis, such as high sales for holter monitoring devices.

“Prevalence of Obesity in Developing Economies”

Obese people need greater blood flow to deliver oxygen and nutrients to their bodies, which raises blood pressure. Overweight and obesity, once thought to be a problem exclusively in high-income nations, are now sharply increasing in low- and middle-income nations, especially in urban areas. According to CDC,Adults aged 20 to 39 years had a prevalence of obesity of 39.8%, individuals aged 40 to 59 years had a prevalence of 44.3%, and adults aged 60 and beyond had a prevalence of 41.5%. Due to increasing rate of cardiovascular disorders in obese population, it creates lucrative opportunities for market to flourish as there will be higher demands for cardiac monitoring devices in future like as holter monitoring systems.

“Healthcare facilities funded by governmental bodies to treat CVD”

Government healthcare programmes are being implemented to increase the early detection of cardiovascular diseases. These programmes are anticipated to provide the necessary R&D support for the development of higher-quality Holter monitoring systems and to improve access to healthcare through free medical diagnosis.

• Government and non-government funding is provided to the Australian Institute of Health and Welfare to assist national surveillance and monitoring of CVD and to lessen the burden of disease nationwide.

Is there Any Impact on the Growth of the Global Market?

“Low Reimbursement Policy”

Even though ECG is a crucial diagnostic tool, limited insurance coverage policies exist in some countries, and Holter/Event monitoring procedures may not be covered by medical insurance if there is no obvious connection between the monitoring and the treatment.

• In the U.S., holter monitoring reimbursement is decreasing, which has resulted in a low return on time and technology investment. According to estimates, the typical reimbursement for holter monitoring is less than USD 100, which is significantly less than the reimbursement for mobile cardiac telemetry.

“lack of Skilled Professionals”

Another factor impeding the market's expansion for Holter monitoring systems is the expertise required for data interpretation in emerging nations, there are still less number of professionals who can appropriately interpret data. The new holter monitoring systems store data in ECG databases that can be analysed remotely by medical professionals using software, however, a lack of expertise in data analysis limits the transition from old to new technology, as is the case in many developing nations where there aren't enough skilled professionals to train people how to use new holter monitoring systems and interpret data.

Country-wise Insights

Why is the U.S. Market Booming?

“Presence of Key Manufacturers”

The U.S. is expected to hold around 29.8% market share in the global holter monitoring systems market at the end of 2023.

Due to the country's increasing AFib prevalence, the ageing population, technical developments, patients' shifting preference for holter monitoring systems, the introduction of conveniently portable and advanced monitoring devices, and manufacturers' strategic partnerships. These factors will allow the market in the U.S. to prosper.

Will the Germany Be a Lucrative Market for the Manufacturers?

“Smoking and Tobacco Consumption to Increase the Number of Patients Suffering from CVDs”

With a 7.6% market share, Germany will hold a fair amount of share in global market at the end of 2023.

One of the key factors contributing to deaths and complications associated with cardiovascular disorders is tobacco consumption and smoking, poor diet, and a lack of physical activity which increases the risk of heart attacks and strokes. These factors are anticipated to continue driving the market over the forecast period as CVDs affect and cause more deaths than any other disease in the country.

How is Japan Emerging as a Prominent Market for Holter Monitoring Systems?

“Presence of Developed Healthcare Infrastructure”

Japan is estimated to hold market share of about 5.1% of the global holter monitoring systems market in 2023.

The market is anticipated to have significant growth over the course of the forecast period, which can be due to the ageing population's rapid expansion, rising CVD incidence, increased disposable income, and the developed healthcare infrastructure.

Category-wise Insights

Which Product is Driving Growth of the Global Market?

“Rising Rate of Colostomy Procedures”

ECG holter monitoring systems segment is expected to hold highest share of around 38.7% of the total holter monitoring systems market by the end of 2023.

ECG holter monitoring systems are substantially more accurate than other types of conventional cardiac monitoring because it remains connected to the heart for a much longer period of time. Doctors therefore believe ECG holter monitor Systems’observations to be more accurate than those of other devices.

Which End User is Expected to Emerge as a Market Leader in the Future?

“Increasing Number of Hospitals with Better Infrastructure”

Hospitals segment is expected to hold the larger share of about 35.6% by the end of 2023.

With the largest market share, the hospitals segment is expected to continue to dominate during the projection period. This can be attributed to an infrastructure that is well-equipped, the availability of advanced technology, an increase in practitioners and patients, and an increase in collaborations to reduce the load of diagnosis and treatment.

Competition Landscape

Competition in the industry exists for holter monitoring systems. Several of the major market players form strategic alliances, expand regionally, and launch new products to increase their market penetration. The manufacturer's long-term objective of expanding their operations in emerging markets is dependent on local player mergers and acquisitions.

Key instances include:

• In Feb 2022, the Zio Patch which incorporates with holter monitors, a small pedometer-sized device with an adhesive backing, was introduced by the digital healthcare company iRhythm Technologies.
• In Nov 2022, DMS-Service produced a patch for the monitoring of cardiac health in adults, newborns, and children, For the purpose of continuous ECG data recording.

Similarly, the team at Persistence Market Research has tracked recent developments related to companies in the holter monitoring systems market, which are available in the full report.

Industry Report Scope

Key Segments Covered in Holter Monitoring Systems Industry Research

Product:

• Holter Monitoring Devices
• Event Monitoring Devices
• Softwares

End User:

• Hospitals
• Diagnostic Centers
• Clinics
• Ambulatory Surgical Centers

Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa

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