Albany, NY -- (SBWIRE) -- 07/06/2017 -- The increasing funding by governments worldwide to create awareness regarding cardiac disorders and its prevention has created a conducive environment for the global cardiac holter monitor market to thrive. In addition to this, the rising prevalence of cardiac disorders and the growing shift of population towards preventive healthcare measures are escalating the adoption of cardiac holter monitors. The increasing investments in research and development of advanced diagnostic systems are also providing a fillip to the market. According to a study by Transparency Market Research (TMR), the opportunity in the global cardiac holter monitor market for pegged at US$293.8 mn in 2015 and is poised to rise to US$518.9 mn by 2024, progressing at a CAGR of 6.6% between 2016 and 2024.

Why are technological advancements challenging the growth of the global cardiac holter monitors market?

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Technological advancements have marked the advent of substitutes, which in turn have led to a decline in the growth rate over the past few years. To put this in perspective, in May 2017, according to the study presented at the European Stroke Organization Conference, Zio® by iRhythm is more efficient than holter monitors for arrhythmias detection in patients who have recently experienced transient ischemic attacks (TIA) or cryptogenic strokes. Apart from this, the high cost of devices and the dearth of skilled staff for appropriate usage are also hampering the growth of the market. TMR analysts state that, however, the incorporation of Bluetooth or other wireless technologies in cardiac holter monitors can shape the future of the market.

Why are developed regions larger revenue contributors than developing regions?

The presence of an advanced healthcare infrastructure plays a vital role in the dominance of developed regions. North America will continue the frontrunner in the global arena until 2024. The growth of the region is largely driven by the growing inclination of patients towards minimally invasive diagnostic tools and rising funding by participants in the medical devices industry. The increasing investments by governments in cardiovascular disease treatments along with the expanding base of people suffering from cardiovascular disorders are also fuelling the uptake for cardiac holter monitors in the region.

While developed regions will be at the forefront of growth, developing regions will offer ample of lucrative growth opportunities for the market. Asia Pacific will be the most promising region, owing to the growing prevalence of atrial fibrillation and cardiac arrhythmia. The World Health Organization conducts various programs in the region for the prevention of cardiovascular diseases, which in turn is allowing the market for cardiac holter monitor to gain traction.

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What are the strategies adopted by the leading players to maintain their dominance in the global cardiac holter monitor market?

The top three companies operating in the global market for cardiac holter monitors, namely Koninklijke Philips, GE Healthcare, and Schiller, accounted for a cumulative share of about 48% of the overall market in 2015. Extensive geographical presence and wide product portfolio are the two primary growth strategies adopted by these players to stay ahead in this highly fragmented marketplace. In the near future, these players are expected to bank on strategies such as mergers and acquisitions to enhance their research and development facilities in order to stay innovative.