ECG Patch & Holter Monitor Market Growth & Trends
The global ECG patch and holter monitor market size is expected to reach USD 2.8 billion by 2027, expanding at a CAGR of 17.5%, based on a new report by Grand View Research, Inc. Rise in the prevalence of cardiovascular diseases worldwide, growing preference for ambulatory ECG monitoring, and technological advancements are among the key drivers of the market.
The growing incidence of Atrial Fibrillation (AFib) worldwide is a major factor driving the market. AFib is a common form of arrhythmia diagnosed in clinics and hospitals. According to a survey conducted in 2013, around 2 to 6 million people in the U.S. live with AFib. With an aging population, the number is expected to rise to 12.1 million by 2030. Patch Monitor, wireless, remote, wearable ECG patch patient monitor, and single- and two-lead cardiac event monitor are some of the ECG patches and Holter monitors used for treating the condition.
ECG Patch & Holter Monitor Market Report Highlights
- Portable Holter held the largest market share in the product segment in 2019 attributed to its low cost, high market penetration, and low turnaround time, allowing detection within 24 to 48 hours
- The ECG patch segment is expected to witness the highest CAGR and is anticipated to gain share during the forecast period. This is attributed to technological advancement, its use for continuous patient monitoring for 7 to 14 days, and for improved detection of uncommon arrhythmias compared to short span Holter monitors
- Diagnostics dominated the application segment in 2019 attributed to improved clinical accuracy due to advanced data analysis tools, new product launches, and various technological advancements for better care and accurate diagnosis
- Hospitals and clinics dominated the end-use segment in 2019 and is expected to exhibit high growth over the forecast period due to the globally increasing prevalence of cardiac arrhythmias and rising adoption of Holter devices in hospitals
- North America held the largest market share in 2019, owing to the presence of leading manufacturers in the region, technological advancement, and adoption of next-generation ECG monitoring devices at the hospitals and at ambulatory facilities
- The Asia Pacific is expected to witness high growth during the forecast period. China dominated the market in terms of revenue share attributed to the local presence of major market players and a large geriatric population
- Collaborations for development and expansion of product portfolios and geographic expansion in emerging markets are key strategies being employed by the key companies to increase market share.