The global ECG patch and holter monitoring market is estimated to exceed US$ 1682.2 million in 2023 to US$ 9010.6 million by 2032, growing at a compound annual growth rate (CAGR) of 20.5% during the forecast period from 2024 to 2032.
A Holter monitor is a type of electrocardiogram (ECG or EKG) that utilizes small adhesive patches known as electrodes to record the heart's electrical activity for a period of 24 hours or longer. This portable and battery-operated monitor can be worn around the waist, attached to a belt, or secured with a shoulder strap. It is comfortable and allows patients to carry on with their regular daily activities while wearing it. The monitor is valuable for diagnosing heart issues that may not be evident on a standard ECG, and it can identify heart rhythm irregularities such as atrial fibrillation, bradycardia, tachycardia, and premature ventricular contractions (PVCs).
Rising Aging Population and Cardiovascular Disease
The exponential growth of the Electrocardiogram patch and Holter monitoring market is significantly driven by the demographic transition towards an aging population and the increasing prevalence of cardiovascular diseases (CVDs). As reported in the JACC Journal, the number of CVD-related deaths surged by 33%, with crude CVD mortality rising by 6%.
This rise is mainly linked to the substantial impact of the demographic shift towards increasingly aged populations. Globally, the total aged population, defined as individuals greater than or equal to 65 years, is projected to rise from 770.4 million in 2022 to 1.58 billion in 2050, representing an increase from 9.7% of the global population to 16.4%.
The average doubling time for CVD mortality was 7.2 years in men and 6.5 years in women. To illustrate, the observed CVD mortality rates in the population aged 65 to 69 years were 61 and 67 times higher than those in the 25 to 29 years age group for men and women, respectively. Moreover, in the age group of 85 to 89, the CVD mortality rates for men and women were remarkably 441 and 630 times higher, respectively, than in the 25- to 29-year age group.
This significant and rapid increase in CVD mortality with advanced age emphasizes that CVD, as a combination of multiple diseases, is profoundly related to aging. The demographic shift towards an aging population, combined with the increasing incidence of CVDs, ensures that ECG patches and Holter monitoring systems are not merely transient medical tools but essential devices for the foreseeable future.
High Cost of ECG Patch and Holter Monitoring
Holter monitors, crucial for monitoring heart activity, often come with a substantial price tag, with some models priced at thousands of dollars each. This notable investment in health is further compounded by the fact that traditional monitors are not only expensive but also challenging to use without the assistance of a healthcare professional trained to position the complex array of wires and patches.
Moreover, traditional Holter monitors necessitate new patches for each use and conductivity gels to ensure good contact with the skin. These additional requirements contribute to the overall cost of using these monitors. Furthermore, prolonged monitoring periods beyond two weeks have been associated with increased healthcare costs.
Studies have revealed that the costs can escalate significantly, reaching up to $5832 per new diagnosis, compared to a cost of $98 per patient diagnosis over an initial seven days and $576 over a 14-day period. This notable difference in cost emphasizes the financial implications of extended monitoring periods.
Thus, the high cost of Holter monitors, compounded by the additional expenses related to prolonged monitoring periods, may present a significant barrier to the market growth for these essential medical devices.
Integration of Artificial Intelligence
The utilization of artificial intelligence (AI) in electrocardiography (ECG) is poised to present lucrative opportunities for the global market. The integration of AI has enhanced the potential of ECG for precise diagnosis and treatment of cardiovascular disorders. AI's role in ECG analysis offers several advantages, including the rapid and accurate detection of issues such as arrhythmias, silent cardiac illnesses, and left ventricular failure.
Furthermore, AI has the potential to assist healthcare professionals in interpretation, diagnosis, risk assessment, and illness management. Recent studies have highlighted additional conditions that can be identified through AI-enhanced ECGs. For instance, a study in South Korea developed a deep learning model capable of screening for idiopathic Parkinson's disease based on 12‑lead ECG data. Additionally, an AI-developed ECG index, when used alongside standard indicators, improved the prediction of sudden cardiac death in heart failure patients. These advancements signify a significant step forward in automated ECG analysis, offering potential benefits in clinical practice and patient care.
The application of AI to the ECG has the potential to revolutionize the detection and management of cardiovascular diseases, offering valuable insights and precise diagnostic capabilities. This integration of AI in ECG analysis represents a significant advancement with potential benefits in clinical decision-making and patient care
By Product
The ECG Patch segment secured the majority of the market revenue share in 2023 and is projected to demonstrate the highest Compound Annual Growth Rate (CAGR) during the forecast period. This growth can be attributed to its high accuracy, ease of use, and continuous monitoring capabilities, which facilitate the detection of rare arrhythmias. Moreover, market expansion is expected to be propelled by technological advancements and the introduction of new products that offer real-time results.
ECG patches, being leadless and user-friendly, allow for minimal interference with daily activities, are hygienic due to being non-reusable, and offer water-resistant properties. Furthermore, unlike Holter monitors, there is no upfront cost for the initial investment in the device. The ease of application to the skin and the absence of maintenance contribute to ECG patches boasting a high study completion rate and improved compliance compared to other short- to medium-term devices such as the Holter monitor.
By Application
In 2023, the diagnostics segment led the global ECG patches and Holter monitoring market. This is because these devices can continuously monitor heart rhythms over an extended period, enabling doctors to identify arrhythmias and other cardiac issues that may not be captured by a standard electrocardiogram (ECG).
The most frequent application of ECG patches and portable Holter monitors is in diagnosing and assessing conduction abnormalities among both symptomatic and asymptomatic patients, as well as detecting potential arrhythmias in patients experiencing syncope or presyncope.
Additionally, they play a role in stratifying certain cardiomyopathies to assess the effectiveness of arrhythmia therapy and in evaluating silent ischemia. The market's growth is driven by improved clinical accuracy resulting from advanced data analysis tools, the introduction of new products, and various technological advancements aimed at improving care and accurate diagnosis.
By End-Use
In 2023, the hospitals and clinics segment held the largest market share and is projected to demonstrate the highest CAGR during the forecast period. This can be attributed to well-equipped infrastructure, the availability of advanced devices, an increase in the number of practitioners and patients, and a rise in collaborations aimed at reducing the burden of diagnosis and treatment.
Advancements in technology, a shift towards ambulatory centers for treatment, and the availability of advanced devices such as ECG patches and portable Holter monitors for ambulatory ECG monitoring have contributed to a growing number of patients opting for diagnosis in ambulatory facilities, thereby driving market growth. These devices enable the immediate transfer of data related to outpatient procedures, leading to an anticipated increase in demand for ambulatory centers to ensure accurate assessment of cardiac arrhythmias.
Regional Analysis
In 2023, North America held the largest market share and is anticipated to demonstrate the highest compound annual growth rate (CAGR) during the projected period. The region's growth is heavily influenced by the increasing elderly population and the prevalence of lifestyle-related diseases. Data from the American Heart Association (AHA) has underlined that by 2030, over 40% of the U.S. population is expected to be affected by some form of cardiovascular disease. This alarming statistic emphasizes the critical need for early detection and monitoring of heart conditions.
Furthermore, in 2022, the U.S. Census Bureau forecasted that by 2034, the population aged 65 and above will surpass the number of children under 18, marking a historic demographic shift in the U.S. This demographic, which is predisposed to chronic conditions such as cardiovascular diseases (CVDs), is projected to reach 80 million by 2030, consequently driving the demand for non-invasive and convenient cardiac monitoring solutions, including ECG patches and Holter monitors.
Innovation continues to be a driving force behind the United States' dominance in the electrocardiogram patch and Holter monitoring market.
Additionally, robust dynamics in the insurance sector play a pivotal role. As insurance entities increasingly recognize the importance of early diagnosis and preventive strategies, there has been a notable increase in reimbursements for cardiac monitoring tests. A recent study from 2021 revealed that over 210 million Americans are covered by insurance plans that offer coverage for some form of cardiac monitoring, significantly propelling the market's trajectory.
Key Companies Operating in the Global ECG Patch and Holter Monitoring Market
Market Segmentation Outline
By Product
By Application
By End-Users
By Region
1 INTRODUCTION OF GLOBAL ECG PATCH AND HOLTER MONITORING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ECG PATCH AND HOLTER MONITORING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ECG PATCH AND HOLTER MONITORING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ECG PATCH AND HOLTER MONITORING MARKET, BY PRODUCT
5.1 OVERVIEW
5.2 ECG PATCH
5.3 HOLTER MONITORS
6 GLOBAL ECG PATCH AND HOLTER MONITORING MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 DIAGNOSTICS
6.3 MONITORING
7 GLOBAL ECG PATCH AND HOLTER MONITORING MARKET, BY END-USERS
7.1 OVERVIEW
7.2 HOSPITALS & CLINICS
7.3 AMBULATORY FACILITIES
7.4 OTHERS
8 GLOBAL ECG PATCH AND HOLTER MONITORING MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL ECG PATCH AND HOLTER MONITORING MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 NISSHA MEDICAL TECHNOLOGIES
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 MEDTRONIC PLC
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 HILL-ROM SERVICES, INCORPORATED
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 IRHYTHM TECHNOLOGIES, INCORPORATED
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 ALIVECOR, INCORPORATED
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 CARDIAC INSIGHT INCORPORATED
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 VITALCONNECT
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 LIFESIGNALS, INCORPORATED
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 BARDY DIAGNOSTICS, INCORPORATED
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 NASIFF ASSOCIATES, INCORPORATED
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 MIDMARK CORPORATION
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 LIEF THERAPEUTICS, INCORPORATED
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 SCHILLER AG
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 NIHON KOHDEN CORPORATION
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 KONINKLIJKE PHILIPS NV
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 GE HEALTHCARE
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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