Holter Monitor Market - Global Outlook & Forecast 2024-2029

MARKET INSIGHTS

The global Holter monitor market was valued at USD 742.61 million in 2023 and is expected to reach USD 1.20 billion by 2029, growing at a CAGR of 8.45% during the forecast period. The increase in market growth is mainly due to the rising prevalence of arrhythmia and associated cardiac and vascular diseases. Such diseases are primarily caused by various factors such as age, obesity, inactivity, and high blood pressure. Moreover, the demand for Holter monitors is increasing due to the growing prevalence of atrial fibrillation (AF) and associated risk of stroke and CVDs, increasing awareness in patients regarding continuous ECG recording, and the increasing availability of several effective ambulatory monitoring devices.

MARKET TRENDS & DRIVERS

Increasing Popularity for Extended Holter Monitoring
Technological advancements in the Holter monitor market have enabled Holter monitors to have extended recording time from 30 days up to a few months with devices that are very light and attachable to the skin through adhesive, wireless electrodes. New Holter monitors give patients more freedom to go about their daily activities. They are also capable of transmitting data through digital platforms such as mobile apps in the form of electronic records to HCPs.

Increasing Adoption of Ambulatory Heart Monitoring Devices
Ambulatory ECG monitoring is the most widely used technology for evaluating patients with cardiac arrhythmia or conduction abnormality symptoms. Multi-lead Holter monitoring devices represent the clinical standard of care for detecting and diagnosing cardiac arrhythmias by capturing continuous ECG waveforms and heart rate-related information. Wearable ambulatory monitoring devices, including holter monitors, are mainly embedded with electrocardiogram sensors for monitoring irregular heartbeats.

Emergence of Latest Generation Holter Monitors
Latest generation holter monitors have small, adhesive patches that stick directly on patients' chests and allow them to perform daily activities such as walking or taking a shower without the belt-mounted monitor or wires coming in the way. Unlike traditional ones, these new devices offer long-term monitoring of more than seven days, offer comfort and flexibility to the wearer, and are gaining traction in the Holter monitor market.

SEGMENTATION INSIGHTS

INSIGHTS BY CHANNEL TYPE
The Holter monitor with a 3-channel type segment accounted for the highest share of the Holter monitor market. In 3-channel devices, ECG signals selected by the microprocessor are amplified, filtered, and sent to a 3-channel multiplexer. The multiplexed analog signals are sent to an analog-to-digital converter, which is then stored and sent to a digital-to-analog converter for reconstructing the analog signals. These signals are de-multiplexed and sent to the chart recorder or video display to display the recorded data. Multiple tracings with 3-channel devices could eliminate the need for electrostatic copying, which is often costly and time-consuming. Therefore, using three-channel Holter monitors has become crucial in improving the efficiency of operations in medical settings. This, in turn, drives the growth of the 3-channel Holter monitors segment in the global Holter devices market. Further, the commercial availability of a wide range of Holter monitors with 3 channels is another major factor propelling the segment's growth.

INSIGHTS BY MONITORING CAPACITY
The up to 7 days monitoring capacity segment accounted for the highest share of the global market. The segment accounted for the maximum market share due to its accurate and effective clinical results for diagnosing arrhythmia and associated disorders. Furthermore, the majority of commercially available Holter monitors have the capacity to monitor for up to 7 days. Holter monitors with seven days of continuous recording capacity are clinically proven to be suitable for reducing the risk of AF among stroke survivors.

INSIGHTS BY END-USER TYPE
The global Holter monitor market under the end-user includes segment hospitals, specialty cardiac centers, and others. Healthcare professionals in hospitals use Holter monitors for monitoring symptoms associated with arrhythmia. Most patients with a high risk of heart disease prefer visiting hospitals for diagnosis and treatment due to the advanced infrastructure available in major private and public hospitals. As hospitals are witnessing a higher influx of patients with heart diseases, the volume of heart disease management procedures with Holter monitors is increasing in hospital settings. Moreover, the increase in the elderly population and patients with AF is the major factor driving the market growth of the hospital segment.

INSIGHTS BY PRODUCT TYPE
The Wired Holter monitor product type segment accounted for the highest global Holter monitor market share in 2023 and is projected to grow at a CAGR of over 8% during the forecast period. The dominance is due to technological advancements in Holter monitoring and adopting Holter analysis software and systems (with integrated software solutions), enabling patients or physicians to upload ECG data through home computers or local clinics. The new generations of Holter ECG devices allow the direct transmission of remote cardiac monitoring data. Further, the wireless Holter monitors segment to observe the highest growth rate during the forecast period. The high growth rate is because they are comfortable to wear, are generally user-friendly, and do not need medical expertise.

GEOGRAPHICAL ANALYSIS

North America dominated the global Holter monitor market share, accounting for over 39% in 2023. The growth in the region is mainly attributed to the increasing incidence of AF and CVDs such as CAD, a surge in diagnosis procedures for treating such diseases, availability of advanced healthcare infrastructure, constant technological innovations, and growing acceptance of technologically advanced ECG devices. Further, the U.S. is the major revenue contributor to the North American Holter monitors market. The market in the U.S. is expected to grow during the forecast period due to the launch and increasing demand for advanced devices, especially the latest generation Holter monitors with patch-based and wireless technology.

Europe held a significant share of the global Holter monitor market and is growing at a healthy rate and is expected to grow at a similar pace during the forecast period. Factors such as the rise in the prevalence of cardiac diseases and the growing elderly patient population drive the market and helped Europe emerge as one of the largest Holter monitor markets and solutions regions. Increasing awareness of the efficiency of ambulatory ECG devices in treating AF and CVDs, coupled with improved healthcare infrastructure, favorable guidelines, and availability of technologically advanced Holter monitors, are driving the market growth in the region.

VENDOR LANDSCAPE

The global Holter monitor market is highly competitive. With growing technological innovations, various small and mid-sized companies are entering the industry to expand their presence in this growing market. Combined with this, the emphasis on developing and discovering new products has helped garner a high customer base for the key players. Koninklijke Philips N.V., GE Healthcare, iRhythm Technologies, Hill-Rom Holdings Inc (Baxter),  Nihon Kohden Corp, and Fukuda Denshi Co Ltd are the key players in the global Holter monitor market. Major players focus on strategic acquisitions, licensing, and collaboration agreements with emerging players to enter the global holter monitoring market and access commercially launched products. For instance, in 2019, Preventice Solutions developed a partnership with Bittium. Bittium provides high-end Faros ECG technology, and Preventice Solutions is the US's exclusive sales and marketing distributor for Bittium's ECG device technology.