The Total Addressable Market (TAM) for ECG Patch and Holter Monitor was valued at USD 1.23 billion in 2022. It is expected to reach USD 5.80 billion by 2031, growing at a CAGR of 18.80% during the forecast period (2023–2031). A holter monitor is a tiny, wearable gadget that monitors heartbeat. It recognizes the heart's minute electrical signals and transmits them to the chest's surface. It is explicitly worn to detect heart-related defects in function. The device identifies several defects, including various arrhythmias, such as tachycardia, atrial flutter, and atrial fibrillation. Holter monitoring is entirely safe, except for some minor discomfort or skin irritability at the electrode placement sites.
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High Demand for Ambulatory Monitoring Devices
The demand for ambulatory monitoring devices has grown in hospitals due to the rising prevalence of AFib, ventricular fibrillation, Supraventricular Tachycardia (SVT), syncope, palpitations, and post-ablation follow-up worldwide. In addition, compared to inpatient standard ECG monitoring, continuous ECG monitoring is the preferred choice for obtaining accurate results. The typical ECG test cannot make a definitive diagnosis, so patients are referred for additional testing. Holter monitors and ECG patches are employed to prevent such circumstances.
The most popular tool for identifying AFib is the holter monitor. Several electrode patches on the patient's body for 24 to 48 hours while wearing a holter monitor continuously record the patient's heart rhythm. Compared to short-span holter monitors, ECG patches are worn more extended (7 to 14 days) and better detect uncommon arrhythmias. The need for ambulatory devices is growing, encouraging research to develop new goods and features.
Growing Geriatric Population
A rise in life expectancy has contributed to the growth of the geriatric population, which is expected to continue. According to the National Institute on Aging (NIA), a division of the National Institutes of Health, there are 617 million people who are 65 years of age or older in the world. In Europe, 25.7% of people were 60 or older as of 2017, which is expected to rise to 32.2% by 2050. Since diabetes and cardiovascular disease risk rises with age, adults 60 and older are more likely to develop these conditions. In addition, an American Heart Association study from 2016 estimates that 85.6 million adults in the U.S. have one or more cardiovascular diseases, with 43.7 million adults over 60. The growing number of seniors makes reducing deaths from cardiovascular disease an urgent public health priority. As a result, there is a growing need for ECG devices that can continuously monitor patients' heart conditions.
High Cost and Longer Time Framework (TAT)
The ECG patch and holter monitor have a few drawbacks despite being simple to use, barely noticeable during daily activities, water-resistant, and hygienic. As a noninvasive Ambulatory Electrocardiographic (AECG) adhesive device, the patch has several drawbacks, including a reliance on the device manufacturer for raw data retrieval, high costs associated with single-use, accurate raw data collection and reporting by the company's technician, and the creation of a summary report. It takes longer for the company's proprietary service to retrieve and process data because the ZIO XT system needs to be returned after use. This delays the development of a clinical data-based diagnosis.
Hospitals and other healthcare facilities should keep up with medical technology advancements, particularly regarding ECG systems. Developing practical and more secure ECG equipment with lower force utilization is more accurate. It can incorporate the newest diagnostic features made possible by innovative communication technologies and low-power circuit plans. Modern systems have been created to streamline operations and improve workflow.
By incorporating ECG data into the patient's electronic medical record (EMR), ECG's cutting-edge features enable the efficient streamlining of hospital workflow. More recent ECG systems offer better integration, including compatibility with other software, PCs, and mobile devices. Thus, the global ECG patch and holter monitor market is experiencing tremendous growth thanks to cutting-edge innovations like cloud storage, wireless communications, and sophisticated data analytics tools.
The global ECG patch and holter monitor market are segmented by product, application, and end-user.
Based on the product, the global market are bifurcated into ECG patch and holter monitors.
The ECG patch segment is the highest contributor to the market and is expected to grow at a CAGR of 24.63% during the forecast period. The ECG patch records the heart's electrical activity over time. It comprises a sensor system, an internal battery, and a microelectronic circuit with a recorder and memory storage. Compared to holter monitors, ECG patches are lead-free, simple to use, slightly disruptive to daily activities, and hygienic because they are not reusable, water resistant, and require no upfront investment. ECG patches have a higher study completion rate and improved compliance than other short- to medium-term devices, such as the holter monitor, because they are simple to apply to the skin and require no maintenance. It is anticipated that market growth will be boosted by acquisitions, partnerships, and collaborations between device manufacturers and management service providers to facilitate better information exchange. These initiatives will simplify ECG workflow and lessen the complexity involved with custom integration.
The most popular tool for prolonged ECG recording is a holter monitor. It collects reviewable ECG data using a traditional tape recorder or solid-state storage system. Battery-powered ECG recorders called portable holter are used to find arrhythmias. They are employed to track patients' progress following a heart attack and to determine how well they respond to medications. They support the maintenance of installed pacemakers and give doctors 24-hour access to continuous cardiac data. The ability to record heart electrical activity for an extended period at a reasonable cost and with portability encourages market expansion. An increase in the prevalence of stroke is another factor anticipated to speed up market expansion.
Based on the application, the global market are bifurcated into diagnostics and monitoring.
The diagnostics segment owns the highest market share and is expected to grow at a CAGR of 18.99% during the forecast period. The diagnosis and evaluation of conduction abnormalities in symptomatic and asymptomatic patients, as well as the detection of potential arrhythmias in syncope or presyncope patients, are the most common applications of the ECG patch and portable holter. It also contributes to the stratification of some cardiomyopathies for evaluating silent ischemia and the efficacy of arrhythmia therapy. Improved clinical accuracy due to sophisticated data analysis tools, new product introductions, and various technological advancements for better care and proper diagnosis influence market growth. The effectiveness of ECG patches in diagnosis can be seen through various research studies and clinical trials.
The likelihood of discovering heart rhythm disorders, common during sleep and physical activity, is increased with continuous ECG monitoring using ambulatory devices like the portable holter and ECG patch. Various conditions, including heart disease, diabetes, high blood pressure, sleep apnea, and complications following a heart attack, can bring on Arrhythmias. Healthy hearts can also develop irregular heart rhythms. The proper functioning of the heart is ensured by routine monitoring. The ECG is recorded on two to three channels by devices like a continuous ECG monitor for a long time, typically for seven to fourteen days.
Based on the end-user, the global market are bifurcated into hospitals and clinics and ambulatory facilities.
The hospitals and clinics segment is the highest contributor to the market and is expected to grow at a CAGR of 19.74% during the forecast period. Hospitals held the largest market share in 2021, as most patients choose hospitals over other healthcare facilities due to the availability of modern monitoring software, equipment, and well-equipped devices. Hospitals enable early detection and diagnosis of patients with cardiovascular diseases, syncope, or arrhythmia and offer the best care possible. This has helped the market for ECG patches and holter monitors grow. In addition, growth in the hospital segment is anticipated over the forecast period due to rising holter device adoption in hospitals and an increase in the prevalence of cardiac arrhythmias worldwide.
The market is growing due to technological advancements, a shift in patient preference toward ambulatory centers for treatment, and the availability of cutting-edge equipment like ECG patches and portable holters for ambulatory ECG monitoring. Demand for ambulatory centers is anticipated to rise due to the immediate data transfer that these devices enable for outpatient procedures, allowing for a more accurate assessment of cardiac arrhythmias.
By region, the global ECG patch and holter monitor market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America Dominates the Global Market
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North America is the most significant shareholder in the global ECG patch and holter monitor market and is expected to grow at a CAGR of 20.38% during the forecast period. Increasing geriatric populations and lifestyle diseases are critical factors in this region's growth. Approximately 647,000 deaths in the United States occur each year as a result of heart disease, according to data released by the CDC in June 2020. In the United States, a CVD-related death occurs approximately every 37 seconds. Additionally, the approval and introduction of advanced, next-generation ECG patches and holter monitors in the United States and Canada and the widespread use of wearable technology are expected to boost the market.
Europe is expected to grow at a CAGR of 17.14% during the forecast period. The European ECG patch and holter monitor market is anticipated to grow rapidly due to the presence of significant market players in the region, technological advancements in wearable monitors for ambulatory monitoring, rising demand for portable ECG devices with disposable wires stuck on the patient's chest, and app-based ECG monitors. Additionally, favorable regulatory conditions, a growing geriatric population, and rising CVD incidence during the forecast period are anticipated to boost the market.
Asia-Pacific is expected to grow significantly over the forecast period. China dominates the Asia-Pacific ECG patch and holter monitor market regarding revenue share. This is explained by the sizeable local geriatric population and the existence of significant market players. The market for ECG equipment is expected to grow due to technological developments like wireless, real-time monitoring, an increase in healthcare spending in the Asia-Pacific region, and regulatory support.
Some key factors propelling the Latin American ECG patch and holter monitor market include the region's expanding market participants' investments, proximity to North America, and free-trade agreements with significant countries like the U.S., Canada, Japan, and other European nations. Government policies encouraging the sale of medical devices in the nation are anticipated to spur market expansion. In 2021, Brazil dominated the Latin American market. The market in Brazil is anticipated to be driven by significant investments made by major market players, a sizable target population, and a nation with well-equipped hospitals.
Middle Eastern countries have a high prevalence of CVDs because of changing dietary customs and lifestyles. AFib is a common cardiac arrhythmia in the region with an estimated incidence of 1.5% to 2% and is a significant risk factor for stroke. In the Middle East, nearly 30% of enrolled students are obese, and the prevalence of CVD patients is rising. Compared to patients in the West, those with AFib are younger and have more comorbid conditions in the Middle East. Compared to developed nations, the overall prevalence of AFib is lower in people between the ages of 60 and 69, while it is higher in those between the ages of 70 and 79.
The global ECG patch and holter monitor market’s major key players are Nissha Medical Technologies (Vermed), Medtronic Plc, Hill-Rom Services, Inc., Irhythm Technologies, Inc., Nihon Kohden Corporation, Koninklijke Philips N.V, Ge Healthcare, Fukuda Denshi Co, Spacelabs Healthcare (Subsidiary of Osi Systems, Inc.), Alivecor, Inc., Cardiac Insight Inc., Vitalconnect, Lifesignals, Inc., Bardy Diagnostics, Inc., Nasiff Associates, Inc., Midmark Corporation, Lief Therapeutics, Inc., and Schiller AG.