LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global Holter monitors market is expected to grow at a CAGR of more than 5% during the forecast period.
This research report titled ‘Global Holter Monitors Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
“Cardiac disorders are fast becoming prevalent worldwide and the number will continue to mount in the coming years. Early diagnosis and regular monitoring of these individuals are essential to identify, treat, and manage cardiac disorders. This is where the availability of Holter monitors plays a major role as they help physicians to monitor and treat cardiac disorders,” says Barath Palada, a lead analyst at Technavio for research on patient monitoring devices.
Advances in technology have led vendors to further develop and launch innovative products. For instance, GE Healthcare exhibited its cardiovascular solutions such as SEER 1000 Holter recorder in March 2014 at the 3rd Annual American College of Cardiology Meeting held in Washington, US.
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Based on end-user, the report categorizes the global Holter monitors market into three major segments. They are:
- Large hospitals
- Mid-size hospitals
- Other medical settings
Global Holter monitors market for large hospitals
Large hospitals were the largest market for Holter monitors in 2015 with approximately 50% of the overall market share. Large hospitals such as multi-specialty hospitals and hospital groups work under government sponsorship or through private entities. These hospitals have more than 500 hospital beds, allowing the accommodation of patients within the locality. These hospitals offer a large number of inpatient and outpatient services and generate more revenues. They procure medical products and consumables on bulk and engage closely with many suppliers, reimbursement agencies, and government organizations. They also have advanced medical infrastructure to cater to the growing needs of people. In these hospitals, diagnosis and monitoring of cardiac events are conducted in outpatient settings. The sales of Holter monitors in these hospitals will increase slowly due to increased preference for home-based monitoring and reduced number of hospital admittance of people with cardiac disorders.
Global Holter monitors market for mid-sized hospitals
The global Holter monitors market for mid-sized hospitals generated USD 77 million in 2015 and will likely reach USD 99.82 million by 2020, growing at a CAGR of 5.35%.
Mid-sized hospitals have a limited number of supplier groups. These hospitals often require third-party laboratory testing support and medical equipment for their healthcare services. They have a limited budget and have 200-300 hospital beds. Unlike large hospitals, the administration of these hospitals is often decentralized. “The number of mid-sized hospitals is higher than large hospitals, which makes them easily accessible to people. This factor is likely to raise the sales of Holter monitors in mid-sized hospitals,” adds Barath.
Global Holter monitors market for other medical settings
The global Holter monitors market for other medical settings generated USD 115.5 million in 2015 and will likely reach USD 160.4 million by 2020, growing at a CAGR of 6.78%.
Other medical settings include small hospitals, ambulatory centers, physicians' offices, and home care that have a limited number of hospital beds. Since many vendors are focusing on developing small, compact, wearable, and wireless Holter devices, the availability of these devices will increase the revenue of this segment. Advances in technology that lead to the development of innovative products that help offer rapid and timely treatment solutions will further increase the segment's revenue.
The top vendors highlighted by Technavio’s research analysts in this report are:
- GE Healthcare
- iRhythm Technologies
- LifeWatch
- Mortara Instrument
- Philips Healthcare
- QRS Diagnostic
- SCHILLER
- Spacelabs Healthcare
- Welch Allyn
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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