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Wearable Heart Monitoring Devices Market expected to Witness Huge Revenue Growth to 2031
Wearable Heart Monitoring Devices Market
According to the latest research by InsightAce Analytic, the Global Wearable Heart Monitoring Devices Market is valued at US$ 1.89 Bn in 2022, and it is expected to reach US$ 5.15 Bn by 2031, with a CAGR of 11.9% during a forecast period of 2023-2031.
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Wearable heart monitoring devices, commonly known as heart rate monitors or fitness trackers, are electronic machines that can be worn on the body to monitor and record different elements of an individual's cardiovascular health and physical activity. These gadgets have experienced a surge in popularity among both fitness enthusiasts and individuals seeking to check their cardiovascular well-being.
The increasing spread of cardiovascular diseases and associated risk factors, like hypertension & diabetes, has increased the need for instruments to monitor heart health and avoid prospective problems, driving market demand throughout the projection period. Wearable cardiac monitoring devices provide remote patient monitoring, allowing healthcare providers to track patients' heart health in real-time and therefore driving market growth. As a result, the increase in patient compliance is predicted to drive the wearable heart monitoring devices market size in the coming years.
List of Prominent Players in the Wearable Heart Monitoring Devices Market:
• Zoll Medical Corporation
• Cardiac Rhythm
• iRhythm Technologies Inc.
• Proteus Digital Health
• Custo Med GmbH
• Nuubo
• Medtronic plc
• Koninklijke Philips N.V. (BioTelemetry, Inc.)
• Boston Scientific (Preventice Solutions, Inc.)
• Baxter
• Braemar Manufacturing, LLC,
• Cardiac Science Corporation,
• NIHON KOHDEN CORPORATION,
• GENERAL ELECTRIC COMPANY,
• SCHILLER,
• ABIOMED,
• Biotronik, Inc.
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Market Dynamics:
Drivers-
More people are in their 60s and older since life expectancy has improved with time. According to United Nations Database on World Population Ageing 2020, the world's old population will reach 1.5 Bn by 2050, up from 727 Mn in 2020. Fall-related injuries are more common in the elderly, which can result in a range of functional limitations and a need for mobility assistance. As a result, the worldwide geriatric population is expected to expand rapidly, increasing demand for patient handling and mobility equipment. Obesity is getting more & more prevalent in the population.
Challenges:
Unfavorable norms and restrictions will impede the market's growth rate. The role of national authorities in deciding reimbursement for mobile healthcare is critical. National rules in numerous EU member states define medical care in terms of the physical presence of the patient and doctor, which has an impact on reimbursements for mobile and remote healthcare solutions. Wearables uptake in healthcare is hampered by such rules.
Regional Trends:
Due to its well-established healthcare industry and advanced information technology, North America dominates the market for wearable cardiac monitoring devices. Furthermore, the rising prevalence of AFib disorders will accelerate market expansion in this region. Owing to increased occurrences of heart disease and a growing population in this region, Asia-Pacific is anticipated to develop at the rapid CAGR during the forecasted period.
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Recent Developments:
• In August 2022, Medtronic disclosed a collaborative agreement with BioIntelliSense, wherein Medtronic will have the exclusive licence to distribute the multi-parameter wearable device called 'BioButton' for continuous remote patient monitoring across the United States. This monitoring capability extends beyond in-hospital settings to patients' residences.
• In Jan 2021, Boston Scientific has completed the acquisition of Preventice Solutions, a prominent manufacturer of wearable cardiac sensors, for a substantial sum of $925 Bn. Additionally, there is a possibility of earning up to $300 Bn in commercial milestones.
Segmentation of Wearable Heart Monitoring Devices Market-
Wearable Heart Monitoring Devices Market By Product
• Chest Straps & Patches
• Pulse Oximeters
• Blood Pressure Monitors
• Smartwatches
• Others (Wrist Monitors, ECG Finger Sensors, etc.)
Wearable Heart Monitoring Devices Market By Application
• Healthcare Monitoring
• Consumer Wellness
• Others (Research, etc.)
Wearable Heart Monitoring Devices Market By End-user
• Hospitals
• Specialty Centers
• Academic & Research Institutes
• Home Use
• Others (Ambulatory Service Centers, Nursing Homes, etc.)
Wearable Heart Monitoring Devices Market By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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