UK Wearable Cardiac Devices Market Expected To Witness A Sustainable Growth Over 2024-2033

Market Definition

Wearable cardiac devices are intended to assist those with heart rhythm abnormalities in managing irregular heartbeats. The heart's electrical system, which instructs the heart to contract and circulate blood throughout the body, is the source of these anomalies. Wearable technology is a creative answer to several problems in the healthcare sector. Additionally, employed to manage patients and diseases, wearable technology has the potential to influence clinical judgment significantly. Heart-related information may be calculated, displayed, and stored in real-time using wearable cardiac devices and medical gadgets worn on the body. These items include wristwatches, patches, and fitness trackers.

Market Outlook

The UK Wearable Cardiac Devices market size was USD 551.6 million in 2022 and is anticipated to reach USD 3,427.6 million by 2032, growing at a rate of 19.4% from 2023 to 2032.

Rising cases of cardiovascular disorders in the UK

The rising cases of cardiovascular disorders in the UK have indeed been a major concern in recent years. Around 1.2 million people in the UK are registered with atrial fibrillation, with nearly half a million (422,600) predicted to have AF undiagnosed, according to Public Health England. And there are more than 100,000 strokes in the UK each year, causing 38,000 deaths, making it a leading cause of death and disability. These numbers highlight the scale of the problem and the need for effective prevention and management strategies. This alarming trend has put significant pressure on healthcare systems and has led to an increased focus on preventive care and monitoring. In response to this growth need, propelling the demand for wearable cardiac devices in the country.

The high cost associated with wearable cardiac devices

The high cost associated with wearable cardiac devices in the UK is a significant factor restraining the growth of the market. These devices, which include wearable heart monitors, implantable cardioverter-defibrillators (ICDs), and cardiac rhythm management (CRM) devices, often come with a hefty price tag. The cost of development, manufacturing, regulatory compliance, and ongoing support services contribute to the overall expenses associated with these devices. As a result, the high prices pose a financial burden for patients, healthcare providers, and the National Health Service (NHS) in the UK, limiting the adoption and market growth of wearable cardiac devices.

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Research Objectives

• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives

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Market Segmentation

By Device, the UK Wearable Cardiac Devices market is bifurcated into Holter monitors, patches, defibrillators, smartwatches, and others. The Holter Monitors segment is anticipated to grow at a rate of 20.5% during the forecast period. The Holter monitoring electrocardiogram records the heart rhythm for up to a few minutes whereas Holter monitoring records the rhythm for 24 hours. This helps to detect arrhythmias that may only occur at certain times. The growth of the Holter ECG monitoring segment is driven by a rise in the geriatric population, an increase in the prevalence of heart stroke, a surge in the number of patients suffering from hypertension, and an upsurge in the prevalence of obesity.

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Major Players

The key players in the UK Wearable Cardiac Devices Market are Boston Scientific Corporation, iRhythm Technologies, Inc., Asahi Kasei Corporation (ZOLL Medical Corporation), Qardio, Inc., Otsuka Holdings Co., Ltd. (Proteus Digital Health), CONMED Corporation, Sky Labs, MedtronicSAMSUNG, Baxter (Welch Allyn), Fitbit Inc., Apple Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., CardioScan, CardioSTAT (Icentia Inc.), and Koninklijke Philips N.V., among others.

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Research Scope

• Scope - Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing - Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics - Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework - Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape - Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles - Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2022 - 551.6 Mn
• Market Size in 2032 - 3,427.6 Mn
• CAGR % - 19.4%
• Historic Period - 2016-2021
• Forecast Period - 2023-2032
• Base Year - 2022

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