Wearable Electrocardiography (ECG) Devices Market Size Is Booming Worldwide | Apple, Samsung

The global wearable electrocardiography (ECG) devices market was valued at USD 12,119.3 Million in 2020 and is projected to reach USD 58,071.9 Million by the year 2027 with a CAGR of 25.5%. The market also accounted for 32,574.5 thousand units in 2020.

A wearable electrocardiography or ECG device can be worn as a watch or a band, or can be attached to the body in the form of a patch. It is basically used for monitoring the hearts rhythm and electrical activity without visiting a hospital or a healthcare center. The market is anticipated to witness double-digit growth owing to the rising prevalence of atrial fibrillation coupled with the declining cost of wearable technologies.

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Inaccuracies in precision reporting along with potential drawbacks of wearable ECGs are expected to hinder the market growth. These drawbacks include inability to detect cardiovascular problems, other than heart rhythm abnormalities. These problems include stroke, heart attack, blood clots, high blood pressure, and high cholesterol, among others.

Growth Influencers:

Rising prevalence of atrial fibrillation
Atrial fibrillation is a condition in which the heart experiences very rapid and irregular heart rhythm (arrhythmia). This condition may lead to blood clots in the heart and can also increase the risk of heart failure, stroke, and other such fatal heart problems. According to an article published by National Center for Biotechnology Information (NCBI) in February 2021, the worldwide prevalence of atrial fibrillation is 0.51% of the total world population. This amounts to around 37,574 million cases globally. It also stated that this number has increased by 33% in the past 2 decades. Therefore, rising prevalence of atrial fibrillation is anticipated to boost the market growth.

Declining cost of wearable technologies

As the competition in wearable technologies segment is increasing, the cost of these products is decreasing. This declining cost is leading to growing adoption of wearable medical devices, including the wearable ECG devices. According to a study available in public domain, the cost of wearable devices is expected to decrease by 4.5% during 2021. Hence, declining costs of these devices is expected to increase the demand for wearable ECG devices, hence fueling the market growth.

Segments Overview:

The global wearable electrocardiography (ECG) devices market is segmented into product, brand, frequency, and end user.

By Product,
Smartwatch
Smart Band
Pocket ECG Monitor
ECG Patch
Others

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The smartwatch segment is expected to hold the largest market share of around 99% owing to its high product penetration. The US market for ECG patches is expected to reach about 25 thousand units by 2027 owing to growing focus of market players on this segment.

By Brand,
Apple (series 4,5,6)
Samsung (galaxy watch 3, active 2)
Fitbit (sense)
Alivecor (kardialMobile6) and others

The Apple (series 4,5,6) segment is anticipated to hold the largest market share owing to rising demand for apple smart watches for ECG monitoring. The Alivecor (kardialMobile6) and others market segment is expected to witness the fastest growth rate of approximately 32% owing to their low cost as compared to other brands.

By Frequency,
Continuous
Episodic
Adhoc

The continuous segment is estimated to hold the largest value share due to its rising demand. In China, the episodic segment is expected to surpass a market volume size of 10 thousand units by 2024.
By End User,

Individual User
Hospitals & Clinics
Homecare
Others

The hospitals and clinics segment is estimated to account for a market size of USD 1.1 million by 2027 in Japan. The homecare segment is also expected to witness significant growth rate owing to the rising awareness regarding wearable ECG devices.

Regional Overview

On a regional basis, the global wearable electrocardiography (ECG) devices market is segmented into U.S., Europe, China, Japan, and the Rest of the World.
The U.S. is anticipated to hold the largest market share of around 35% owing to the presence of major market players in the country. These players include Apple, Fitbit, Alivecor, and Qardio, Inc., among others. China is expected to witness a growth rate of around 26.6% owing to growing demand for these devices.

Competitive Landscape

Key players operating in the global wearable electrocardiography (ECG) devices market include Apple, Samsung, Fitbit, Alivecor, Qardio, Inc., and VivaLNK, among others. The approximate market share of the top 3 major players is near about 99.6%. These market players are involved in new product launches, partnerships, and mergers & acquisitions to strengthen their market presence. For instance, in July 2021, Apple launched version 7.6 for watchOS for users of Apple Smartwatch. One of the major changes of this version is the ECG app support and irregular rate notifications in 30 more countries.

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The global wearable electrocardiography (ECG) devices market report provides insights on the below pointers:

Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Wearable electrocardiography (ECG) devices market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The global Wearable electrocardiography (ECG) devices market report answers questions such as:

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