Global Cardiac Holter Monitor Market: Snapshot
Cardiac Holter monitors are used for
recording heart’s electrical activities. The device operates on a small
battery to records heart rhythm for 24-48 hours. The Holter monitor
device consists of a recorder, for recording the heart’s rhythm and a
software, which is utilized to interpret the recorded data. The cardiac
Holter monitor is most commonly used to diagnose and analyze cardiac
arrhythmia, atrial fibrillation, and bradycardia. Rise in government
funding to create awareness about cardiovascular disorders and its
prevention, shift of population towards preventive healthcare, and
investments in research and development of advanced diagnostic devices
are the key drivers in the global market.
Integration of Latest Technologies in Cardiac Holter Monitors Boosts Demand
In light of these reasons, the global
cardiac Holter monitor market is expected to be worth US$518.9 mn by the
end of 2024 as compared to US$293.8 mn in 2015. During the forecast
period of 2016 and 2024, the global market is expected to expand at a
CAGR of 6.6%. Despite the headstrong market drivers, the global market
is likely to be challenged by the high cost of devices, error in signal
processing, and lack of trained and qualified staff for appropriate
usage of the devices. Be as that may, incorporation of wireless and
Bluetooth technology in the cardiac holter, shifting of manufacturers’
approach towards customer centric development of products are the some
of the trends that are likely to benefit the global market in the coming
years.
Based on product type, the global cardiac
holter monitor market is classified as 1 channel, 2 channel, 3 channel,
12 channel, and others. The others segment includes 4 channel, 5
channel, 7 channel, and 10 channel cardiac holters. The 3 channel
holters held the largest share in 2015 due to rising prevalence of
cardiovascular disorders, rising geriatric population, and improved
reimbursement policies. The segment is anticipated to remain dominant in
the market along with 12 channel segment in the forecast period. The
major factors responsible for the rise are increasing needs and demands
by cardiologists for technologically compatible and efficient diagnostic
devices and improved signal recording efficiency of 12 channel holter.
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With Increasing Investments in Research and Developments, North America Assumes Lead
Geographically, the global cardiac holter
monitor market is segmented into Latin America, North America, Asia
Pacific, Europe, and the Middle East and Africa. North America accounted
for the largest share of cardiac holter market in 2015, due to
increasing patients’ preference towards minimally invasive diagnostic
tools and improved government funding for cardiovascular disorder
treatments. North America is expected to remain dominant in the cardiac
holter monitor market, which is attributed to the investments being made
by key players in medical devices industry, and consistent rise in
incidences of cardiovascular disorders in North America. Asia Pacific is
anticipated to be the fastest growing segment, with highest CAGR in the
coming years. Rising prevalence of cardiac arrhythmia & atrial
fibrillation, various programs for the prevention of cardiovascular
disorders conducted by WHO are the factors responsible for the high
growth rate of Asia Pacific region in the forecast period.
The key players operating in the global
cardiac holter monitor market are GE Healthcare, FUKUDA DENSHI,
Koninklijke Philips N.V., Spacelabs Healthcare, Welch Allyn, Schiller,
BTL, Nasiff Associates, Inc., LifeWatch AG, Biomedical Instruments Co.,
Ltd., and The ScottCare Corporation. To stay ahead in the robust
competition, the key players in the market are involved in incorporating
technologically advanced and novel features in their products.
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