Product Segment Dominated Holter ECG Market in 2022
According to The Insight Partners research study on "Europe Holter ECG Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component, Application, Indication, Channel, and End User, “the market is expected to grow from US$ 203.03 million in 2022 to US$ 322.07 million by 2028; it is expected to register a CAGR of 8.0% from 2022 to 2028. The rising incidence of cardiovascular diseases (CVDs) and growing geriatric population are the factors that contribute to the Holter ECG market growth. However, the lack of skilled professionals leading to inaccurate Holter ECG analysis is restricting the market growth.
Significant Rise in Geriatric Population
Various economies in the EU, such as the UK, Germany, France, Italy, and Spain, are witnessing considerable modernization of healthcare facilities and improvements in healthcare services. With this, the life expectancy of people has increased in these countries, leading to a growth in their geriatric population base. According to the World Economic Forum report, the proportion of people aged 65 and over has increased drastically in the past two decades. The Physical Review (PR) 2023 report states that Southern Europe, which includes countries such as Greece, Italy, Malta, Portugal, Croatia, Serbia, Slovenia, and Spain, is the oldest region in the world—accounting for 21% of the population aged over 65. Also, the Organization for Economic Cooperation and Development (OECD) reveals that the proportion of the population over 80 years in developed EU countries will double by 2050. Further, physiological aging of the heart is a major cause of CVD in aging adults due to increased oxidative stress and inflammation. Thus, the rise in the geriatric population in the EU is increasing the demand for Holter ECG monitors, thereby fueling the market growth.
Holter ECG Market, by Country, 2022 (%)
Europe Holter ECG Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Component (Products, Software & Solutions, Services, and Accessories), Application (Diagnostics and Monitoring), Indication [Atrial Fibrillation (AF), Cardiac Arrest, Patients with Pacemakers, and Others], Channel (3 Channel ECG System; 5,6 & 7 Channel ECG System; 12 Channel ECG System; and Others), and End User (Hospitals & Clinics, Home Settings, Ambulatory Surgical Centers, and Others)
Europe Holter ECG Market to Grow at a CAGR of 8.0% to reach US$ 322.07 million from 2021 to 2028
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Source: The Insight Partners Analysis
Based on component, the Europe Holter ECG market is segmented into products, software & solutions, services, and accessories. The products segment is further segmented into wired and wireless Holter monitors. In 2022, the products segment held the largest share of the market, and it is expected to register the highest CAGR during 2022–2028. The wired Holter monitors segment held the largest market share in 2022 due to growing technological improvements in Holter monitoring and rising adoption of Holter analysis software and systems (with integrated software solutions). This enables physicians or patients to upload ECG data through computers at local clinics or home computers. The same segment is expected to be dominant during the forecast period.
The European Commission recently postponed the application date of the MDR by one year due to the onset of the COVID-19 pandemic. The Medical Device Regulation (MDR) required manufacturers to conduct post-market clinical follow-up (PMCF) studies to demonstrate the continued safety and performance of their devices. This was expected to impact the new product launches and ongoing clinical trials of medical devices, impacting sales and growth of the Europe Holter ECG market. In addition, disrupted supply chains, extended lockdowns, and cancelling of travel visits of sales personnel of companies also had negativity affecting the growth of the Holter ECG market. Various arrhythmias were reported to patients during the COVID-19 pandemic, which resulted in further complexities. Due to these complexities, the demand for portable devices is increasing, which is driving the growth of the Holter ECG market in Europe.
Major market players operating in Europe are FUKUDA DENSHI; General Electric Co; EB Neuro S.P.A.; Koninklijke Philips NV; Viatom Technology Co., Ltd.; Nihon Kohden Corp; INNOMED MEDICAL ZRT; OSI Systems, Inc.; Hill rom Holding Inc. (Baxter); and custo med GmbH are the key companies operating in the Holter ECG market.
The report segments the Holter ECG market as follows:
The Holter ECG market is segmented on the basis of component, application, end user, indication, channel, and country. Based on component, the market is segmented into products, software & solutions, services, and accessories. The products segment is further bifurcated into wired holter monitors and wireless holter monitors. Based on application, the market is bifurcated into diagnostics and monitoring. Based on indication, the market is segmented into atrial fibrillation (AF), cardiac arrest, patients with pacemakers, and others. Based on channel, the market is segmented into 3 channel ECG system; 5,6 & 7 channel ECG system; 12 channel ECG system; and others. Based on end user, the market is segmented into hospitals & clinics, home settings, ambulatory surgical centers, and others.
Based on country, the Europe Holter ECG market is segmented into the UK, Germany, France, Italy, Spain, Belgium, Netherlands, Luxembourg, and the Rest of Europe.
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