|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 2.08 Billion||USD 3.08 Billion||5.18%||2022|
Recording Chart Paper Market
The global recording chart paper market size was worth around USD 2.08 billion in 2022 and is predicted to grow to around USD 3.08 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.18% between 2023 and 2030. The report analyzes the global recording chart paper market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the recording chart paper market.
The recording chart paper industry deals with the production and sale of chart papers that are specially manufactured to record critical information or data. The paper deals with the needs of several healthcare facilities such as hospitals, clinics, laboratories, and diagnostic centers where chart papers are used in various medical instruments and devices for monitoring and recording vital information related to a patient's medical conditions. This includes factors such as physiological parameters, vital signs, and other important information. Some most commonly used recording chart papers are electrocardiography (ECG) papers, electroencephalography (EEG) papers, spirometry chart papers, fetal monitoring chart papers, and temperature or pressure chart papers. During the forecast period, the recording chart paper industry players can expect certain growth opportunities but they may also come across challenges and growth limitations.
Rise in diagnostic procedures to drive market growth
The global recording chart paper market is projected to grow owing to the rise in medical diagnostic procedures across the globe. With the increasing population along with the rise in the geriatric population rate, the number of medical patients worldwide has reached record-breaking numbers. Covid-19 triggered the number of patients at an unprecedented rate in 2020 and 2021 and since then, the rate has recorded continuous and steady growth. For instance, in 2022, India recorded more than 14 lakh cancer cases as per Lippincott Williams & Wilkins. The same trajectory was observed in other medical cases such as diabetes, autoimmune diseases, and other relatively milder conditions. In addition to this, the high rate of healthcare expenditure driven by government investments and increased disposable income among the population equally contributed to higher growth in diagnostic procedures resulting in surged demand for recording chart papers.
Growing adoption of electronic health records (EHRs) to restrict market expansion
In the modern technologically-driven world, manually recording medical data and information can be considered a more traditional method of information keeping. However, in recent times, many healthcare institutes, diagnostic centers, and clinics have shown interest in the use of electronic health records (EHRs) owing to the accuracy and other advantages of storing information electronically. EHR systems allow digital documentation and storage of patient data, thus reducing the need for physical chart records.
Integration with digital healthcare solutions to create better growth avenues
The global recording chart paper market is expected to encounter several growth opportunities influenced by the rising integration of traditional tools such as recording chart paper with modern, digital healthcare solutions. As the demand for EHRs is growing, there is a considerable need to bridge the gap existing between physical and digital documentation procedures since each comes with its set of advantages. For instance, the development of recording chart papers with unique identifiers or quick response (OR) code could be a breakthrough point of growth.
Pricing Pressures to challenge market expansion
One of the key challenges faced by the global recording chart paper industry players is in terms of pricing pressures in the overall healthcare industry and associated budget constraints. This can severely impact the profitability of the sector since healthcare providers often negotiate for cost-effective solutions including recording chart papers.
The global recording chart paper market is segmented based on application, type, and region.
Based on application, the global recording chart paper market segments are diagnostic centers, hospitals, and clinics. The industry growth was dominated by the hospital's segment in 2022 since they provide a much wider range of services that includes diagnostic procedures and patient monitoring. Several departments within a hospital use recording chart papers extensively for various critical purposes. For instance, in the intensive care units (ICUs), chart papers are used to monitor and record data on heart rate, blood pressure, respiratory rate, and oxygen saturation. In operation theaters (OTs), healthcare professionals record information such as patient anesthesia, intraoperative vitals, and other critical parameters. Respiratory care units record data obtained from lung function tests while measuring airflow and other respiratory conditions. As per research, more than 16 million cases of hospital admissions were registered in the UK between 2021 and 2022.
Based on type, the global recording chart paper industry segments are ambulatory / EMS recording charts for defibrillators, cardiology monitoring recording chart papers, ultrasound / OB-GYN recording chart papers, and fetal monitoring recording chart papers. The cardiology monitoring recording chart papers were the most sold in 2022. They are used to register information related to a patient's heart activity using ECG machines, event recorders, and Holter monitors. The papers in this situation are specially designed to ensure accuracy. They are used in all types of settings and are important to track information such as ECG waveforms, heart rate, rhythm abnormalities, and other cardiac parameters. As per the Australian Institute of Health and Welfare, nearly 2.5% of the Australian adult population lives with some form of cardiovascular disease.
|Report Attributes||Report Details|
|Report Name||Recording Chart Paper Market Research Report|
|Market Size in 2022||USD 2.08 Billion|
|Market Forecast in 2030||USD 3.08 Billion|
|Growth Rate||CAGR of 5.18%|
|Number of Pages||217|
|Key Companies Covered||GE Healthcare, Philips Healthcare, Nihon Kohden Corporation, Schiller AG, Fukuda Denshi Co., Ltd., Mortara Instrument, Inc., Edan Instruments, Inc., Carestream Health, ZOLL Medical Corporation, Spacelabs Healthcare, Mindray Medical International Limited, Welch Allyn (Hillrom), Ambu A/S, Innomed Medical, Compumedics Limited, Natus Medical Incorporated, Nihon Kohden America, Inc., Fukuda Sangyo Co., Ltd., Cardiac Science Corporation, Burdick (Mortara Instrument, Inc.), BPL Medical Technologies, Huntleigh Healthcare, Contec Medical Systems Co., Ltd., Midmark Corporation, and Comen Medical Instruments Co., Ltd.|
|Segments Covered||By Application, By Type, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America to continue asserting its dominance
The global recording chart paper market is expected to be led by North America during the forecast period. Factors such as the presence of an advanced medical system focusing on developing integrated data recording systems that leverages the best of traditional methods of record keeping and modern ways could act as a major growth propeller. Additionally, the increasing number of patients with cardiovascular diseases aided by the establishment of excellent medical reimbursement infrastructure and the spending ability of the general population is equally important to regional market expansion. Asia-Pacific is expected to grow at a rapid CAGR driven by a growing population and increasing rate of elderly people in countries such as Japan, China, India, and South Korea. Furthermore, these regions are experiencing a high influx of investment in the healthcare industry which could lead to a higher growth rate.
The global recording chart paper market is led by players like:
The recording chart paper deals with the production and sale of chart papers that are specially manufactured to record critical information or data.
The global recording chart paper market is projected to grow owing to the rise in medical diagnostic procedures across the globe.
According to study, the global recording chart paper market size was worth around USD 2.08 billion in 2022 and is predicted to grow to around USD 3.08 billion by 2030.
The CAGR value of recording chart paper market is expected to be around 5.18% during 2023-2030.
The global recording chart paper market is expected to be led by North America during the forecast period.
The global recording chart paper market is led by players like GE Healthcare, Philips Healthcare, Nihon Kohden Corporation, Schiller AG, Fukuda Denshi Co., Ltd., Mortara Instrument, Inc., Edan Instruments, Inc., Carestream Health, ZOLL Medical Corporation, Spacelabs Healthcare, Mindray Medical International Limited, Welch Allyn (Hillrom), Ambu A/S, Innomed Medical, Compumedics Limited, Natus Medical Incorporated, Nihon Kohden America, Inc., Fukuda Sangyo Co., Ltd., Cardiac Science Corporation, Burdick (Mortara Instrument, Inc.), BPL Medical Technologies, Huntleigh Healthcare, Contec Medical Systems Co., Ltd., Midmark Corporation, and Comen Medical Instruments Co., Ltd