The recording chart paper market studied was projected to register a CAGR of nearly 4.3% over the forecast period. The major factor attributing to the growth of the market is the increase in the prevalence of cardiovascular diseases. According to World Health Organisation, Cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Four out of five CVD deaths are due to heart attacks and strokes, and one-third of these deaths occur prematurely in people under 70 years of age. Furthermore, recording chart paper is used in fetal monitoring. Thus, as the number of births increase, the market grows further.The increase in geriatric population is also a major factor driving the market growth. However the increasing fondness for digital monitoring devices is a major drawback of the market growth.
Key Market Trends
Fetal Monitoring Recording Chart Papers Segment is Expected to be the Fastest Growing Segment.
Fetal heart rate monitoring is used to check the rate and rhythm of the heartbeats. It looks for any increase or decrease in the baby’s heartbeat. It also checks how much the baby’s heart rate changes. Continuous electronic fetal heart monitoring is increasingly used during labor and birth. An ultrasound transducer placed on the mother's abdomen conducts the sounds of the fetal heart to a computer. The rate and pattern of the fetal heart are displayed on the computer screen and printed onto special graph paper. As the fertility rate increases the number of births increase, the demand for the recording chart paper increases. According to the Centers for Disease Control and Prevention, for the year 2018, the number of births was around 3,791,712, with the fertility rate being 59.1 births per 1,000 women aged between 15 to 44. The increasing birth rate indicates that there will be a growing demand for the fetal monitoring recording chart papers in the future.
North America Dominates the Market, and It is Expected to do Same in the Forecast Period
North America is expected to dominate the overall market throughout the forecast period. The market growth is due to the factors, such as increasing cardiovascular diseases, increasing geriatric population, and increasing fertility rate. Furthermore, beneficial government initiatives and increase in number of research partnerships are some of the drivers expected to increase the market growth. In this region, the United States has the maximum share due to supportive healthcare policies, high number of patients and birth rates, and a developed healthcare market. According to a 2018 U.S. Census Bureau report, by the year 2035, there will be 78.0 million people aged 65 years and older, compared to 76.4 million under the age of 18. In other words, the elderly population will outnumber children for the first time in the country’s history-a demographic shift that poses a unique set of public health challenges. As per the statistics, the increasing geriatric population (which is more prone to cardiac diseases) and the increasing disposable revenue in this country will boost the market growth of the region.
Competitive Landscape
The recording chart paper market is moderately competitive and consists several major players. Some of the companies that are currently dominating the market are Cardinal Health, Thomas Scientific, GlobalSpec, Merck KGaA, Precision Charts Inc., Dart Technologies, Tele-Paper Malaysia, Pirrone SRL, Kokusai Chart Co., and Recorders Charts & Pens.
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Methodology
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