ECG Patch & Holter Monitor Market Size, Share & Trends Report

ECG Patch & Holter Monitor Market Size, Share & Trends Analysis Report By Product, By Application (Diagnostics, Monitoring), By End-use (Hospitals & Clinics, Ambulatory Facilities), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Sep, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-067-3
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 120

Report Overview

The global ECG patch and Holter monitor market size was valued at USD 797.9 million in 2019 and is expected to expand at a CAGR of 17.5% from 2020 to 2027. The growing prevalence of atrial fibrillation, aging, and rising incidence of cardiovascular disorders are likely to drive the market for ECG patch and Holter monitor during the forecast period. Furthermore, the shift in a trend towards ambulatory monitoring devices, technological advancements in the field, increase in investments for early detection of arrhythmia, advancements in the field of telemetry, and favorable regulatory policies are likely to drive the market. The market for ECG patch and Holter monitor is expected to grow due to the increasing burden of Cardiovascular Diseases (CVD), which increases the demand for wearable devices to monitor ECG. They are required for early detection of CVDs and fulfill the growing need for arrhythmia detection with lower false-positive results. 

U.S. ECG patch and Holter monitor market size

The rising geriatric population coupled with the increasing incidence of Atrial Fibrillation (AFib) is expected to drive the growth of the market for ECG patch and Holter monitor. According to the WHO, in 2015, 17.7 million people died from CVDs. Among them, 6.7 million deaths were caused by stroke and 7.4 million deaths were due to coronary heart disease. The U.S. FDA has categorized diagnostic ECG devices under the category of class II medical devices, thus either a 510(k) statement or a summary of safety and effectiveness is required to be submitted to regulatory bodies. For instance, the Zio Service was CE marked as a Class IIa device in December 2014. Furthermore, a “Truthful and Accuracy Statement” and “Indications for Use Statement” have to be submitted as per instructions.

During the pandemic, a wide range of arrhythmias have been reported in patients, which complicate the course of COVID-19 due to the associated treatments. According to the recent reports published by the American College of Cardiology, in the U.S., on a set of hospitalized COVID-19 patients, in addition to COVID-19-related complications, around 16.7% of patients developed arrhythmia and 7.2% experienced an acute cardiac injury. Due to the rising disease burden, demand for ambulatory monitoring devices has increased, propelling the growth of the ECG patch and Holter monitor market.

Product Insights

Portable Holter dominated the product segment and accounted for the largest revenue share of 52.3% in 2019. This is attributed to the globally growing prevalence of atrial fibrillation, low cost, compared to patches and quicker results, and the aging population. The ECG patch segment is expected to exhibit the highest CAGR during the forecast period, which can be attributed to high accuracy, ease of use, and continuous monitoring that helps detect rare arrhythmias. In addition, technological advancements and new product launches for real-time results are likely to drive the market for ECG patch and Holter monitor.

Collaborations between device manufacturers and service providers to facilitate better exchange of information and improved results are anticipated to boost market growth by simplifying ECG workflow and reducing the complexity associated with custom integration. For instance, in April 2020, iRhythm Technologies announced that it would help physicians treat cardiac patients through telemetry during the COVID-19 crisis. The company offered its virtual platforms Zio XT and Zio AT for home enrollment, helping patients receive treatment amid the pandemic. As demand for user-friendly adhesive ECG patch devices continues to increase, major device manufacturers are expected to launch advanced devices in the near future.

Application Insights

The diagnostics segment dominated the market for ECG patch and Holter monitor and held the largest revenue share of 59.6% in 2019. This is attributed to the globally increasing prevalence of atrial fibrillation which leads to the growing demand for advanced diagnostic devices for early detection. The monitoring segment is expected to exhibit the highest CAGR during the forecast period, which can be attributed to high accuracy, and continuous monitoring for detecting rare arrhythmia. In addition, technological advancements and new product launches for real-time results are factors likely to drive the market for ECG patch and Holter monitor.

ECG patches are preferred over Holter for diagnostics, in order to detect any abnormality that goes undetected with the use of short-term Holter monitors. Factors contributing to the growth of the market for ECG patch and Holter monitor are improved clinical accuracy due to advanced data analysis tools, new product launches, and various technological advancements for better care and accurate diagnosis.

End-use Insights

The hospitals and clinics segment dominated the market for ECG patch and Holter monitor and accounted for the highest revenue share of 47.4% in 2019. The segment is anticipated to dominate the end-use segment during the forecast period. This can be attributed to well-equipped infrastructure, availability of advanced devices, a rise in the number of practitioners and patients, and an increase in collaborations to help reduce the burden of diagnosis and treatment. In addition, shifting interest toward ambulatory centers for treatment, and the availability of advanced devices to monitor ECG has led to an increase in the number of patients opting for diagnosis in the ambulatory facilities.

Global ECG patch and Holter monitor market share

Furthermore, the hospitals and clinics segment is expected to exhibit growth over the forecast period due to the globally increasing prevalence of cardiac arrhythmias and the rising adoption of Holter devices in hospitals and clinics. An increase in awareness about innovative diagnostic ECG devices, availability of quality services, and collaborations between hospitals and institutes to expand e-learning programs and management systems for medical professionals are likely to drive the market for ECG patch and Holter monitor.

Regional Insights

North America accounted for the largest market share of 62.9% in 2019, due to the rising incidence of AFib in the region, aging population, technological advancements, and shifting patient preference toward ambulatory ECG monitoring. In addition, launches of next-generation wireless devices to monitor ECG and technological collaborations between manufacturers are also driving the market in the region.

Europe held a significant market share in 2019 and is anticipated to grow at a rapid pace during the forecast period. This can be attributed to the adoption of advanced devices to monitor ECG at ambulatory centers and an increase in investments in wearable monitors by the players. In the Asia Pacific market, demand for ECG patch and Holter monitor is expected to witness high growth during the forecast period, which can be attributed to the rapidly growing geriatric population coupled with an increasing incidence of CVDs, growing disposable income, and developing healthcare infrastructure. China and Japan play a dominant role in Asia.

Key Companies & Market Share Insights

The market for ECG patch and Holter monitor is fragmented owing to the presence of several small regional service providers. Major healthcare companies offer certain cardiac monitoring solutions, such as Holter monitors and ECG patches. iRhythm Technology, Inc., is among one of the leading players in the ECG patch segment. This can be attributed to the availability of its ZIO patch service products and the development of innovative products through strong investment in R&D. The company offers resting ECG patch devices to monitor health continuously and in real-time.

In terms of revenue, GE Healthcare dominates the market for ECG patch and Holter monitor. This can be attributed to a broad product portfolio, strong distribution channels, and strategic initiatives undertaken by the company in recent years. For instance, in May 2018, GE Healthcare collaborated with Preventive Solutions to extend ECG services from hospitals to homes. The sales and distribution channels for the key players like iRhythm technology, GE healthcare, and Medtronic mainly consist of direct sales representatives but for business outside the U.S., these companies sell their devices through a combination of direct sales representatives and independent distributors. Some of the prominent players in the ECG patch and Holter monitor market include:

  • Nissha Medical Technologies

  • Medtronic PLC

  • Hill-Rom Services, Inc.

  • iRhythm Technologies, Inc.

  • AliveCor, Inc.

  • Cardiac Insight Inc.

  • VitalConnect

  • LifeSignals, Inc.

  • Bardy Diagnostics, Inc.

  • Nasiff Associates, Inc.

  • Midmark Corporation

  • Lief Therapeutics, Inc.

  • Schiller AG

  • NIHON KOHDEN CORPORATION

  • Koninklijke Philips N.V.

  • GE Healthcare

  • FUKUDA DENSHI Co.

  • Spacelabs Healthcare (Subsidiary of OSI Systems, Inc.)

ECG Patch & Holter Monitor Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 906.2 million

Revenue forecast in 2027

USD 2.8 billion

Growth rate

CAGR of 17.5% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 – 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company share, competitive landscape, growth factors & trends

Segments covered

Product, application, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Japan; China; India; South Korea; Brazil; Mexico; Saudi Arabia; South Africa

Key companies profiled

Nissha Medical Technologies; Medtronic PLC; Hill-Rom services, inc.; iRhythm Technologies, Inc.; AliveCor, Inc.; Cardiac Insight Inc.; VitalConnect; LifeSignals, Inc.; Bardy Diagnostics, Inc.; Nasiff Associates, Inc.; Midmark Corporation; Lief Therapeutics, Inc.; Schiller AG; NIHON KOHDEN CORPORATION; Koninklijke Philips N.V.; GE Healthcare; FUKUDA DENSHI Co.; Spacelabs Healthcare (Subsidiary of OSI Systems, Inc.)

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Grand View Research has segmented the global ECG patch and Holter monitor market report based on product, application, end-use, and region:

  • Product Outlook (Revenue, USD Million, 2016 - 2027)

    • ECG Patch

    • Portable Holter

  • Application Outlook (Revenue, USD Million, 2016 - 2027)

    • Diagnostics

    • Monitoring

  • End-use Outlook (Revenue, USD Million, 2016 - 2027)

    • Hospitals & Clinics

    • Ambulatory Facilities

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

    • Europe

      • The U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • Saudi Arabia

      • South Africa

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