Cardiac Holter monitors are widely utilized for monitoring and clocking the heart rate and its electrical activities. This device runs on a battery to record heart rate, and lasts for 1 to 2 days. The device comprise a recorder to record heart beat and a software that interprets the data and process it into digital information. The cardiac Holter monitor is used at a large scale for diagnosis and analysis of atrial fibrillation, cardiac arrhythmia, and bradycardia.
According to Transparency Market Research (TMR), the global cardiac Holter monitor market is prognosticated to project a steady CAGR of 6.6% within the forecast period from 2016 to 2024. In 2015, the market was valued around worth of US$293.8 mn and is likely to reach near about US$518.9 mn by 2024-end
Inclination towards Better Healthcare to Fuel Cardiac Holter Monitor Market’s Growth
Increasing investment by governments to spread awareness regarding cardiovascular ailments and its preventive measures, rising inclination towards better healthcare, and rising investments in research activities in upgrading the devices are some of the major factors fueling the global cardiac Holter monitor market.
Apart this, the surging demand regarding a multi-input, holistic, and patient-driven gadget, which analyzes the patient’s physiology. This has led to the invention of wearable heart monitor, embedded with artificial intelligence system. A startup, Cambridge Heartware, based in the U.K. in the beginning of 2019, has launched a wearable heart monitoring device supported by artificial intelligence. It is known to stream data wirelessly, where AI algorithms detects the clinically irregular rhythms.
The rising cases of coronary illness inferable from tobacco use, physical inactivity, harmful consumption of alcohol, and poor eating regimen boosts the cardiac Holter monitor market. There is a noteworthy growth in the number of individuals experiencing irregular heartbeats, for example, tachycardia, arrhythmia, and atrial fibrillation.
High Cost of Device to Hamper Cardiac Holter Monitor Market Growth
Regardless of the strong growth factors, the global cardiac Holter monitor market is probably going to be tested by the staggering price of the device, shortage of skilled professionals, and mistakes in signal processing. Nevertheless, incorporation of Bluetooth and wireless innovation in the cardiac Holter, moving of makers’ approach towards user-driven advancement of items are among the patterns that are probably going to profit the global cardiac Holter monitor market in the upcoming years.
Based on product type, in 2015, the 3 channel Holter segment accounted for maximum share owing to increasing cases of cardiovascular ailments, improved reimbursement policies, and increasing elderly population. The segment is expected to sustain it is lead in coming years as well, trailed by 12 channel segment in the forthcoming years. The key aspects behind the segment growth is rising demands and needs by cardiologists for advanced and more compatible diagnostic devices which are highly efficient, with better signal recording ability of 12 channel Holter.
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Geographically, North America held major share in 2015, of global cardiac Holter market. This is attributed to increasing preference for minimally invasive technique for diagnosis, along with increased government funding for the treatment of cardiovascular ailments. The region is likely to sustain its position in the forecast period as well due to the increasing investments by key players in the market.
The key players operating in the global cardiac Holter monitor market are Welch Allyn, Spacelabs Healthcare, Schiller, Nasiff Associates, Inc., BTL, Biomedical Instruments Co., Ltd., LifeWatch AG, and The ScottCare Corporation. In order to retain their lead, players are adopting strategies such as mergers and acquisitions, along with product development to improve their product portfolio in coming years.
This analysis is based on a recent market research report by Transparency Market Research, titled, “Cardiac Holter Monitor Market (Product – 1-Channel, 2-Channel, 3-Channel, and 12-Channel; End User – Hospitals, Ambulatory Surgical Centers, Clinics, and Homecare Settings) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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