Holter Monitor Market

Global Holter Monitor Market Size (2024 to 2029)

The size of the global holter monitor market is expected to grow from USD 0.93 billion in 2024 to USD 1.44 billion by 2029, growing at a CAGR of 9.04% from 2024 to 2029.

Holter monitors are portable medical devices that are used to continuously record the heart activity of patients for over 24 to 48 hours. Holter monitors are worn as a small, wearable device with electrodes attached to the chest. These devices monitor and store data on heart rate, rhythm and abnormalities, aiding in the diagnosis of irregularities such as arrhythmias or silent heart conditions. Holter monitors play a key role in detecting intermittent cardiac issues that may not be captured during a brief clinic visit and provide valuable insights for physicians in assessing overall heart health and guiding appropriate treatment strategies.

The demand for holter monitors is on the rise. The growing patient population suffering from heart disease and the increasing aging population are fueling the demand for various medical devices including holter monitors. On the other hand, technological advancements have brought several changes to holter monitors and made them compact and user-friendly designs, which have resulted in increased acceptance among patients. As healthcare systems prioritize preventive care, the holter monitors market is poised for continued growth and offers an essential tool for continuous cardiac monitoring in diverse clinical settings.

Global Holter Monitor Market Drivers:

The growing incidence of CVDs worldwide is primarily fueling the growth of the global holter monitor market. The patient population suffering from cardiovascular diseases is growing rapidly. The World Health Organization (WHO) says an estimated 17.9 million per year die of cardiovascular diseases worldwide and is one of the major causes of death. In the U.S., an estimated 695,000 people died of heart disease in 2021, which is also 1 in every 5 deaths. As per 2018 data from the American Health Association, 1 person dies of CVDs every 36 seconds in the U.S. and an estimated 2380 deaths due to CVDs were recorded. The growing incidence and mortalities have resulted in the increasing demand for effective medical devices including holter monitors to perform best in treatment procedures and save the lives of patients. The incidence of cardiovascular diseases is estimated to increase in the coming years owing to the rising adoption of busy lifestyles, lack of physical activity, increased consumption of alcohol and smoking and result in the growing need for medical devices such as holter monitors and contribute to the global market growth.

The growing aging population and rising awareness among people regarding chronic disease management are promoting the growth of the holter monitor market. With the growing age, people are likely to be diagnosed with heart-related diseases and the growth in the aging population will result in an increased patient population of CVDs. As per the statistics published by the United Nations, the number of people with the age above 60 worldwide is expected to grow from 962 million in 2017 to 2.1 billion by 2050 and 3.1 billion by 2100. Holter monitors are used for patients suffering from cardiovascular conditions and are a non-invasive and convenient method for continuous heart monitoring that aligns with the healthcare needs of the aging population.

Technological advancements in wearable medical devices are fueling the growth rate of the holter monitor market. The market for wearable medical devices is anticipated to grow at a CAGR of 20.4% CAGR between 2024 to 2029, which shows a wide acceptance and the potential of wearable health technologies. Holter monitors have experienced several technological upgrades in the recent past and these have made holter monitors more user-friendly, compact and accessible. The role of technology in improving effectiveness and increasing the acceptance of holter monitors is expected to be more during the forecast period and propel global market growth.

Global Holter Monitor Market Restraints:

Limited reimbursement policies and the high cost of holter monitors are significant restraints to the growth of the holter monitor market. Competition from alternative wearable medical devices, poor awareness among patients, shortage of skilled professionals that have expertise in the handling of holter monitors and challenges in holter data interpretation are further hindering the growth of the global market. Concerns regarding holter discomfort, stringent regulatory approval processes and limited adoption of these devices in developing regions are further inhibiting the growth rate of the global market.

REPORT COVERAGE:

This research report on the global holter monitor market has been segmented and sub-segmented based on product type, channel type, monitoring capacity, end-user and region.

Global Holter Monitor Market - By Product Type:

• Wired
• Wireless

Based on product type, the wireless segment dominated the market in 2023 and is predicted to grow at the fastest CAGR in the global market during the forecast period. The wireless segment accounted for 64.9% of the global market share in 2023 and is expected to grow at a CAGR of 7.12% during the forecast period. The domination of the wireless segment is primarily attributed to the growing number of advancements in wireless technology and connectivity and the rising preference for remote patient monitoring and telehealth from patients. Wireless holter monitors offer enhanced patient comfort and mobility during monitoring periods, due to this, the preference for wireless devices is more compared to wired devices and the same is contributing to the growth of the wireless segment.

The wired segment is anticipated to grow at a CAGR of 4.18% during the forecast period. Wired holter monitors are cost-effective and have an established presence in traditional healthcare settings, these factors are still expected to drive segmental growth during the forecast period.

Global Holter Monitor Market - By Channel Type:

• 3 Channel
• 12 Channel
• Others

Based on channel type, the 3-channel segment held the largest share of the global market in 2023 and is expected to witness a healthy CAGR during the forecast period. The rapid adoption of 3-channel holter monitors in emerging markets and the rising prevalence of arrhythmias in pediatric patients are majorly propelling the growth of the 3-channel segment. The rising trend of home-based cardiac monitoring for early detection and growing demand for short-duration monitoring in specific cardiac event investigations are further fueling the adoption of 3-channel holter monitor devices and contributing to the segmental growth.

Global Holter Monitor Market - By Monitoring Capacity:

• Up-to-7 days
• Above-7 days

Based on monitoring capacity, the Up-to-7 days segment was the largest segment in the global market in 2023 and captured 61.4% of the global market share. The up to 7 days segment is estimated to grow at a CAGR of 6.98% during the forecast period owing to the growing usage of these devices in pediatric cardiology and rising demand for these devices in outpatient care settings. Furthermore, increasing demand for cost-effective monitoring solutions with shorter durations and technological advancements that enable compact and user-friendly designs are further favoring the growth rate of the Up-to-7 days segment in the global market.

On the other hand, the above-7 days segment is estimated to register the fastest CAGR of 8.22% during the forecast period. Factors such as the rapid adoption of these types of holter monitors in long-term research studies, the growing need for extended cardiac monitoring in chronic and complex cases and rising preference for continuous monitoring for comprehensive data are primarily fueling the growth of the above-7 days segment in the global market.

Global Holter Monitor Market - By End-user:

• Hospitals
• Specialty Cardiac Centers
• Others

Based on end-user, the hospital segment led the market, accounting for 51.9% of the global market share in 2023 and the domination of the hospital segment in the global market is expected to continue throughout the forecast period. The domination of the hospital segment is attributed to the rapid adoption of holter monitors by the largest hospital chains and increasing spending by the hospitals on cardiac monitoring equipment. The growing prevalence of cardiovascular diseases requiring continuous monitoring, technological advancements in holter monitors for accurate and real-time data and increasing awareness among healthcare professionals about early cardiac diagnostics are further supporting the growth of the hospital segment in the global market.

Global Holter Monitor Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, North America was the biggest regional segment for holter monitors worldwide in 2023 and accounted for 40.4% of the global market share. During the forecast period, the North American region is expected to continue the lead and grow at a notable CAGR due to factors such as continuous growth in remote monitoring services, an increasing number of FDA approvals for advanced Holter monitor technologies and an increasing number of holter monitor tests being conducted annually. The U.S. is expected to hold the largest share of the North American market during the forecast period.

Europe accounted for the second-largest share of the global market in 2023 and is projected to showcase prominent CAGR during the forecast period. An increased adoption of holter monitor devices can be seen in Eastern Europe countries compared to the other areas of the European region. An increasing number of initiatives by the governments of European countries to promote cardiovascular health awareness and rising demand for non-invasive cardiac monitoring solutions are propelling the European market growth. Germany and the UK together captured an estimated 40% of the European market share in 2023.

The Asia-Pacific region is predicted to witness the fastest CAGR during the forecast period. Factors such as growing awareness of holter monitors in the developing countries of the APAC region, increasing number of initiatives by governments of APAC countries around preventive healthcare and rapid adoption of these medical devices in Southeast Asia are supporting the regional market. China and India have played a leading role in the Asia-Pacific market in 2023 and the trend is likely to continue throughout the forecast period.

KEY MARKET PARTICIPANTS:

Companies that are playing a significant role in the global holter monitor market include Koninklijke Philips N.V., GE Healthcare, iRhythm Technologies, Hill-Rom Holdings Inc (Baxter), Nihon Kohden Corp, Welch Allyn, Inc., Biotricity Inc., Bittium Corporation, Schiller AG, Shimmer, Fukuda Denshi Co., Ltd., and VivaQuant.