Global Cardiac Holter Monitor Market - 2022-2029

Global Cardiac Holter Monitor Market - 2022-2029

Market Overview

The global cardiac holter monitor market size was valued US$ 411 million in 2021 and is estimated to reach US$ 577 million by 2029, growing at a CAGR of 5.4% during the forecast period (2022-2029).

Holter monitor is a continuous monitoring device that monitors a patient's heart for a short period (24 hours to 48 hours); some were prescribed for up to 14 days. ECG Holter monitors the first ambulatory cardiac monitor and is used for more extended period monitoring of the heart, where a resting ECG monitor cannot be used. Holter monitors have gained greater acceptance globally due to their suitable application for ambulatory services.

Market Dynamics

The global cardiac holter monitor market is growing due to the increasing need for longer period patient monitoring and reduced cost of care for ambulatory settings, rising prevalence of cardiovascular diseases is driving the growth for cardiac holter monitors in the recent years.

Rising prevalence of cardiovascular diseases drives the growth of the market

For the treatment of peripheral vascular disorders, angioplasty is advised. During this operation, the afflicted artery is examined using a cardiac catheter, which reopens the artery and flattens the blockage in the artery wall. In contrast to cancer and other chronic diseases, the American Heart Association research estimates that 92.1 million Americans were living with some type of CVD in 2020 and that CVD is the leading cause of death in the nation.

One of the main issues in developing nations worldwide is the growing senior population. Additionally, an expected period of time would see a growth in the prevalence of chronic diseases in geriatric individuals, including aortic disease, venous thromboembolism, peripheral arterial disease, etc. In 2020, more than 19.1% of the world's population of seniors aged 55 to 65 had peripheral vascular disease, with about 27% of men and more than 21% of women affected, according to a report from the Centers for Disease Control and Prevention. The largest concentration of senior citizens is in Asia and the Pacific, and their numbers are growing at an unprecedented rate.

The stringent government rules are expected to hamper the market growth

For established companies, rising price pressure from technologically improved and portable devices that are more cost-effective than standard ECG is anticipated. In addition, a decline in reimbursement rates from current government rules is expected to impact product costs. For instance, when the Medicare Physician Fee Schedule Final Rule for 2022 was published in November 2021, comprehensive external ECG monitoring was again left out of the pricing discussion. This will probably result in lower Medicare rates for gadgets, which will have an adverse effect on their uptake.

COVID-19 Impact Analysis

Due to on-hold services, such as treatment, diagnostic, and surgical services, to stop the spread of COVID-19 disease, it is projected that the COVID-19 epidemic will have a short-term negative impact on the growth of the global catheters industry. Jordan implemented a severe COVID-19-related lockout, according to the National Library of Medicine. Cardiovascular procedure volumes drastically decreased during the rigorous lockdown and gradually increased following a partial relaxation of the lockdown. However, as the government and healthcare organisations continue to enhance medical care for COVID-19 patients, catheters will be utilised more frequently in hospitals.

Industry Analysis

The global cardiac holter monitor market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, supply chain analysis and pricing analysis, reimbursement policies, technological advancements, PEST analysis.

Segment Analysis

The wireless holter monitors segment is expected to hold the largest market share in global cardiac holter monitor market

The wireless holter monitors are majorly incorporated in monitoring of patients suffering from palpitation, ventricular tachycardia, and atrial fibrillation. This is attributed to its large-scale utilization in large and mid-sized hospitals for the diagnosis of patients suffering from cardiovascular diseases.

Extended Holter Technology (Patch) is a long-term wearable holter device that does not require wires. It is a two-piece technology that needs data to sync to a remote device via Bluetooth technology. According to one-year data presented at the American College of Cardiology’s 67th Annual Scientific Session, in Orlando, on March 19, 2018, for people at heightened risk for atrial fibrillation (AFib), wearing a self-adhering chest patch that records heart patterns may better detect the condition and facilitate more timely treatment than relying on usual care.

The study, called the mHealth Screening to Prevent Strokes (mSToPS) trial, is one of the first completely digital, nationwide, direct-to-participant and site-less clinical research programs, according to researchers. Patients consented and enrolled exclusively via a web-based platform to undergo active monitoring at home using the iRhythm Zio patch. The patch about the size of a large Band-Aid continuously records an electrocardiogram (ECG), the gold standard for detecting AFib. In line with this, manufacturers are introducing innovative and miniaturized products that offer enhanced convenience. For instance, Zio XT Patch, iRhythm, it incorporates the holter monitor into a small pedometer-sized device with an adhesive backing. A 14-day continuous cardiac rhythm monitoring with a single adhesive chest wall device can be done.

Geographical Analysis

North America region holds the largest market share in the global cardiac holter monitor market

North America was held a dominant position in the global cardiac holter monitor market in 2021. This large revenue share is mainly due to the rising prevalence of cardiovascular diseases, among other things. Rising heart related diseases and associated lifestyle diseases is driving the market for cardiac monitoring market in North America, increasing technological developments, product launches, and collaborative agreements among manufacturers are driving the growth for new product developments, which increasing product portfolio in turn enhances market opportunity. Increase in investment by various market players and the U.S. government for development and commercialization of various easy-to-use equipment is also likely to drive the market. For instance, in May 2018, Preventice Solutions launched BodyGuardian Mini, a reusable long-term and smallest Holter technology for cardiac monitoring. The new technology includes an ultra-small cardiac monitor that can measure ECG up to 14 days and can transfer data to a physician in an easy-to-read report. Hence, launch of such technologically advanced products to address the needs of physicians and patients is expected to boost market growth in the coming years.

Competitive Landscape

The cardiac holter monitor market is highly competitive, owing to big market players in the industry. The key cardiac holter monitor players which are contributing to the growth of the global market include Medtronic Plc, GE Healthcare, Spacelabs Healthcare, FUKUDA DENSHI CO.LTD., Nasiff Associates, Inc., Biomedical Instruments Co., Ltd., Schiller AG, BTL, Koninklijke Philips N.V., ScottCare Corporation.

Key Companies to Watch

Medtronic Plc:

Overview: Medtronic plc is an American company that operates in U.S. and manufactures and markets medical device headquarters in Minneapolis, US. It is operational in around 140 countries and 90,000 people are employed there.

Product Portfolio: The Reveal LINQ system includes a tiny insertable monitor placed just under the skin and the MyCareLink patient monitor.

The global cardiac holter monitor market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.