Recording Chart Papers Market
Number of pages: 100 | Report Format: PDF | Published date: May 26, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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CAGR |
4.1% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the recording chart papers market is expected to register a revenue CAGR of 4.1% during the forecast period.
Recording Chart Papers Market Fundamentals
Recording chart papers, also known as chart recorders or strip chart paper, are specialized paper rolls or sheets used in chart recorders. Recording charts are instruments that record and visualize data over time, such as temperature, pressure, humidity, or other variables. The recording chart paper is an integral component of these devices, providing a medium for the data to be graphically represented. Recording chart paper comes in various sizes, widths, and configurations to accommodate different chart recorder models and specific recording requirements. Physical chart papers continue to be useful in certain healthcare contexts, ensuring continuity of treatment, prompt documentation, and simplicity of use in certain circumstances, even as digitalization and electronic systems continue to change the future of medical record-keeping.
Recording Chart Papers Market Dynamics
The global recording chart papers market is influenced by several growth drivers that contribute to its growth. The prevalence of cardiovascular disorders is on the rise, which is the main reason fueling the global recording chart papers market growth. Cardiovascular illnesses, which claim 17.9 million lives annually, are the leading cause of mortality worldwide, according to the World Health Organization. Heart attacks and strokes account for four out of every five CVD deaths, with premature deaths accounting for one-third of these deaths in those under the age of 70.
Recording chart paper is also heavily used in fetal monitoring. Consequently, the market grows as birth rates rise. Another important aspect propelling the growth of the global recording chart papers market is the rise in the population of older adults. According to the United Nations' World Population Prospects, the number of people aged 60 years and older is expected to more than double by 2050, reaching approximately 2.1 billion, representing 22% of the global population. The demand for the recording chart papers market is driven by the growth of healthcare facilities, such as hospitals, clinics, and ambulatory care facilities. Effective documentation and record-keeping systems are required to maintain patient information as healthcare infrastructure grows. The need for swift and immediate documentation is common among medical personnel in emergency rooms and critical care settings. Chart papers offer a practical and efficient means of recording vital signs, medication administration, procedures, and other critical information during time-sensitive situations. The demand for chart papers remains high in these fast-paced and acute care settings.
However, one key problem with the market's growth is the public's growing preference for digital monitoring tools.
Recording Chart Papers Market Ecosystem
The global recording chart papers market is analyzed from the following perspectives: type, end user, and region.
Recording Chart Papers Market by Type
Based on the types, the recording chart papers market is segmented into the ultrasound/ OBGYN recording chart paper, fetal monitoring recording chart papers, cardiology monitoring recording chart papers, and ambulatory / EMS recording charts for defibrillators.
The fetal monitoring recording chart papers segment is projected to observe a high revenue CAGR in the forecast period. During labor and delivery, continuous electronic fetal heart monitoring is increasingly used. The fetal heartbeats are transmitted to a computer by an ultrasound transducer that is applied to the mother's abdomen. The fetal heart's rhythm and pattern are shown on a computer screen and printed on specialized graph paper. The number of births rises as the fertility rate does, as does the need for recording chart paper. The number of births reported in the United States in 2021 was 3,664,292, an increase of 1% from the previous year, according to the Centers for Disease Control and Prevention. In 2021, there were 56.3 births per 1,000 women aged 15 to 44, an increase of 1% from 2020's rate. Future demand for fetal monitoring recording chart papers is predicted to rise due to the rising birth rate.
The cardiology monitoring recording chart papers segment accounts for the highest revenue share in the global recording chart papers market. Cardiovascular diseases, such as coronary artery disease, heart failure, and arrhythmias, are a leading cause of morbidity and mortality worldwide. The rising prevalence of these conditions has led to an increased need for cardiology monitoring services, including chart recorders and chart papers. Technological advancements have resulted in the development of more sophisticated and portable cardiac monitoring devices. These devices often require compatible chart recorders and chart papers to record and analyze cardiac data accurately. The growing adoption of these advanced monitoring technologies drives the demand for corresponding recording chart papers. There is an increasing emphasis on preventive cardiology, aiming to detect and manage cardiovascular risk factors early on to prevent the development or progression of heart diseases.
Recording Chart Papers Market by End User
Based on the end users, the global recording chart papers market is segmented into hospitals & clinics, diagnostic centers, and others.
Hospitals & clinics account for the largest revenue share in the global recording chart papers market. Recording chart papers have several applications and are used in hospitals, especially in areas where continuous monitoring and documentation of patient data are essential. Chart recorders with compatible chart papers are often used to record vital signs such as heart rate, blood pressure, respiratory rate, and temperature. This allows healthcare professionals to track and monitor a patient's condition over time. In ICU settings, chart recorders and compatible chart papers are employed to monitor and record various parameters, including blood pressure, oxygen saturation, intracranial pressure, and other vital signs specific to critically ill patients. Chart papers are also used in monitoring patients undergoing anesthesia. Chart recorders connected to anesthesia machines record data such as inspired and expired gases, oxygen levels, and respiratory parameters to ensure patient safety during surgical procedures. Thus, due to its application in various hospital settings, this segment will likely dominate during the forecast period.
Recording Chart Papers Market by Region
Geographically, the global recording chart papers market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global recording chart papers market. The market is growing due to variables including rising cardiovascular disease rates, rising elderly population, and rising fertility rate. In addition, favorable government efforts and a rise in research collaboration numbers are anticipated to fuel market expansion. Due to its pro-healthcare legislation, high patient numbers and birth rates, and developed healthcare business, the United States has the largest share in this region. By 2035, there will be 78.0 million persons 65 and older, compared to 76.4 million people under 18, according to a 2018 U.S. Census Bureau analysis. In other words, for the first time in the nation's history, more people will be elderly than young people. This demographic change presents a particular set of public health challenges. According to data, the region's market would rise due to the rising elderly population (who are more susceptible to heart ailments) and the rising disposable income in this nation.
Asia Pacific is projected to grow at a high revenue CAGR in the global recording chart papers market. The Asia Pacific region has witnessed a rise in healthcare expenditure as governments and private sectors allocate more resources to enhance healthcare infrastructure and services. This increased investment in healthcare facilities and technologies positively impacts the demand for recording chart papers. According to the 2023 Global Medical Trends Survey, the average cost of healthcare benefits in APAC increased from 6.2% in 2020 to 9.8% in 2021, with a forecasted cost increase of 10.2% in 2023. Many countries in the Asia Pacific region have been focusing on improving their healthcare infrastructure. This includes establishing advanced hospitals, clinics, and diagnostic centers equipped with modern medical devices, including chart recorders. This development fuels the demand for recording chart papers. There has been an increase in the prevalence of chronic diseases in the Asia Pacific region, such as cardiovascular diseases, respiratory disorders, and diabetes. Managing and monitoring these conditions often involve using chart recorders and chart papers for accurate and continuous data recording.
Recording Chart Papers Market Competitive Landscape
The prominent players operating in the global Recording chart papers market are: -
Recording Chart Papers Market Strategic Developments
Recording chart papers are specialized paper rolls or sheets that are used in chart recorders. They are also known as chart recorder paper or strip chart paper.
The global recording chart papers market during the forecast period is expected to grow at a revenue CAGR of 4.1%.
Cardinal Health, Thomas Scientific, Merck KGaA, and Precision Charts Inc. are the major players in the recording chart papers market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global recording chart papers market.
The transition from traditional paper-based recording to digital systems can present challenges in terms of staff training, integration with existing workflows, and system implementation. Advancements in technology have resulted in the development of innovative monitoring devices and recording systems. These systems may use direct data transfer to digital platforms, eliminating the need for physical chart papers altogether. The growing preference for more advanced and automated monitoring solutions can limit the demand for traditional chart papers.
*Insights on financial performance are subject to the availability of information in the public domain