ECG Patch And Holter Monitor Industry Overview
The global ECG patch and holter monitor market size is expected to reach USD 4.8 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 19.58% from 2023 to 2030. The Growing prevalence of cardiac arrhythmia, increasing demand for ambulatory monitoring devices, and technological advancements are likely to drive the market during the forecast period.
Recent technologies in ECG patch and Holter monitor market include ECG chip, which can be inserted in the body to record heart rhythms for a long duration; ECG data management solutions; and telemetry. ECG patch and Holter monitor are also used in noncardiology departments, such as electrophysiology labs and nursing emergency departments, as well as management of respiratory disorders. Initiatives such as the Door-to-Balloon (D2B) time by the American College of Cardiology (ACC) and “Mission: Lifeline” by AHA are expected to drive demand for wireless solutions and 12-lead ECG devices.
COVID-19 pandemic has resulted in high burden on public health and health care delivery globally. The disease has major effects on cardiovascular system. A wide range of arrhythmias have been reported in patients, which complicate the course of COVID-19 due to the associated treatments. Due to the redistribution of health care resources, access to emergency services, such as reperfusion therapy, may be affected, based on severity of the diseases at a local level. Apart from obtaining EUA for innovative products, the market also witnessed strategies such as mergers acquisitions focused on strengthening solutions offerings, including connected care and remote patient monitoring due to their increased demand during the COVID-19 pandemic. Acquisitions made by Philips of BioTelemetry in December 2020 and Capsule Technologies, Inc. in January 2021 are a few such events.
ECG Patch And Holter Monitor Market Segmentation
Grand View Research has segmented the global ECG patch and holter monitor market based on product, application, end use, and region:
Based on the Product, the market is segmented into ECG Patch, and Holter Monitors.
- The healthcare ECG Patch dominated the product segment with a revenue share of 57.60% in 2022. The segment is also expected to exhibit the highest CAGR of 24.72% during the forecast period., which can be attributed to high accuracy, ease of use, and continuous monitoring that helps detect rare arrhythmias. In addition, technological advancements and new product launches for real-time results are likely to drive the market.
- Holter monitors are the most commonly used device for extended ECG recording. It uses a conventional tape recorder or solid-state storage system for acquiring ECG information that can be reviewed. According to a study published in NCBI, globally, atrial fibrillation is the most common form of cardiac arrhythmia.
Based on the Application, the market is segmented into Diagnostics, and Monitoring.
- The monitoring segment is expected to exhibit the highest CAGR of 19.96% during the forecast period, which can be attributed to high accuracy, and continuous monitoring for detecting rare arrhythmia. In addition, technological advancements, and new product launches for real-time results are factors likely to drive the market.
- The manufacturers are engaging in activities such as mergers acquisitions to strengthen their monitoring solutions portfolio in the market. In November 2021, Philips acquired Cardiologs, a French medical technology company. The acquisition will help the company make use of Cardiologs’ artificial intelligence model that can interpret data from various monitoring devices, including ECG patches, Holter monitors, and smartwatchto generate medical reports.
Based on the End Use Insights, the market is segmented into Hospitals Clinics, Ambulatory Facilities, and Others.
- In 2022, the hospitals and clinics segment accounted for the highest market share of 47.89% and is expected to exhibit the highest CAGR of 20.06% during the forecast period. This can be attributed to well-equipped infrastructure, availability of advanced devices, a rise in the number of practitioners patients, and an increase in collaborations to help reduce the burden of diagnosis treatment.
- Technological advancements, shifting interest toward ambulatory centers for treatment, and availability of advanced devices like ECG patches portable Holter for ambulatory ECG monitoring have led to an increase in the number of patients opting for diagnosis in the ambulatory facilities, driving the market growth.
Key Companies Market Share Insights
The market is highly competitive with the presence of well-established global brands. iRhythm Technology, Inc. is among the key players operating in the ECG patch segment. This can be attributed to the availability of its ZIO patch service products and the development of innovative products through strong investment in RD. The company provides medical devices, such as resting ECG patch devices for real-time and continuous monitoring. In May 2021, iRhythm Technologies, Inc. announced the receipt of two additional 510(k) certifications-one for a redesigned and improved flagship monitor and another for enhanced Artificial Intelligence (AI) capabilities. Some of the prominent players in the global ECG patch and holter monitor market include:
- Nissha Medical Technologies (NMT)
- Medtronic plc
- Hill-Rom
- iRhythm Technologies, Inc.
- Nihon Kohden Corporation
- Koninklijke Philips N.V.
- GE Healthcare
- Fukuda Denshi Co., Ltd.
- Spacelabs Healthcare
- AliveCor, Inc.
- Cardiac Insight Inc.
- VitalConnect
- LifeSignals, Inc.
- Bardy Diagnostics, Inc.
- Nasiff Associates, Inc.
- Midmark Corporation
- Lief Therapeutics, Inc.
- Schiller AG
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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