Wearable Cardiac Devices Market to Reach US$ 9.6 Bn by 2031, driven by the rising prevalence of cardiac disease across the globe: Global Insight Services

New York, November 2022: According to a new research study by Global Insight Services (GIS), the global Wearable Cardiac Devices market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 9.6 Billion by 2031.

Wearable cardiac devices are small, portable machines that are worn on the body to monitor heart function. These devices can be used to track heart rate, rhythm, and blood pressure. They can also be used to provide information on heart health and to aid in the diagnosis and treatment of heart conditions.

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Wearable Cardiac Devices Market: Key Trends and Drivers

Increasing awareness about wearables coupled with preference for homecare devices will augment the market growth. Booming geriatric population base, that is prone to several chronic diseases across the globe will increase the patient pool suffering from cardiac arrhythmias and other CVDs. This will spur the demand for wearable cardiac devices among elderly population. Increasing number of patients suffering from various cardiovascular disorders (CVDs) will primarily drive the market expansion. Wearable cardiac devices such as patches, Holter monitors and wearable ECG devices, assist healthcare professionals and patients in monitoring cardiac parameters. As per the World Health Organization, about 17.9 million people die from CVDs each year. Owing to increased adoption of sedentary and unhealthy lifestyle habits such as excessive consumption of alcohol and smoking, the cases of cardiovascular disorders are increasing at rapid rate.

Wearable Cardiac Devices Market: Restraints & Challenges

One of the key restraints in the wearable cardiac devices market is the limited number of indications that are currently approved for these devices. In addition, another key challenge facing the wearable cardiac devices market is the need for long-term data to support the efficacy and safety of these devices.

Wearable Cardiac Devices Market Report Findings

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The holter monitors segment is likely to hold a dominant Wearable Cardiac Devices Market share and grow at a substantial CAGR during the forecast period.

Based on product, the market is segmented as holter monitors, patch, defibrillator, and others. Defibrillators segment in the wearable cardiac devices market is projected to witness significant growth rate through 2031 Wearable defibrillators provide outpatient heart health management, thereby reducing the risk of ventricular tachycardia (VT) and ventricular fibrillation (VF). Further, introduction of wearable technology in defibrillators has increased its application, thereby increasing its acceptance rate.

The home healthcare segment is anticipated to hold a majority of the Wearable Cardiac Devices Market size throughout the study period.

Based on application, the market is segmented as home healthcare, remote patient monitoring, and others. The home healthcare segment held substantial market share in 2021 and is anticipated to witness notable growth to reach highest market share and CAGR by 2031. This large market revenue is primarily due to the rising geriatric population base suffering with cardiovascular disorders. Moreover, wearable trackers providing efficient monitoring of heart rate and allows access to real time data that helps in identifying risks and reduces hospital visits. Therefore, continuous monitoring of cardiac conditions at home through wearable devices will lead to reduced visits to hospitals, thereby increasing its usage during the forecast period.

The Asia-Pacific region is estimated to exhibit the highest growth rate during the Wearable Cardiac Devices Market forecast period.

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to witness the fastest growth in terms of revenue over the forecast period. This is due to the increasing demand for wearable cardiac devices in developing economies, namely India and China. Major factors boosting market growth are favorable government initiatives for use of such wearable medical instruments, increasing geriatric population base, and increasing healthcare expenditure in this region.

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Competitive Landscape

The global Wearable Cardiac Devices Market report includes players such as ZOLL Medical CorporationCardiac RhythmiRhtythm Technologies Inc.Proteus Digital Health, Custo Med GmbH, NuuboPhilipsWelch AllynVitalConnect, and Qardio. among others. For example, In November 2020, Royal Philips and African Union announcedintroduction of Philips Ventilator BiPAP A40 EFL. This initiative would help the company in expanding its home healthcare portfolio for COPD patients

.Recent Developments in the Wearable Cardiac Devices Market:

·       In October 2021, Mobvoi and CardieX announced about its plan to launch a novel smartwatch with exclusive cardiac-health benefits SphygmoCor technology in Australia and the U.S. The proprietary technology-based product will offer competitive advantage and customer base to the firm.

·       in June 2021, LifeQ, world’s highly-dominant provider of biometric and health information derived from wearable devices, announced its partnership with CONNEQT, a consumer health organization that provides wearables and other consumer health apps, to enable the CONNEQT Band that consists of an additional fingertip sensor. The partnership also aimed to further boost the latters heart-health-centric offerings and strengthen its footprint in the competitive market

·       In November 2020, Royal Philips and African Union announced a partnership to strengthen healthcare infrastructure and enhance access to care in African Union Member States by improving access to medical equipment.

·       In February 2020, Centers for Disease Control and Prevention discovered a potential solution to track cardiovascular health population trends with the help of consumer wearable.

Wearable Cardiac Devices Market Report Coverage

·       The report offers a comprehensive quantitative as well as qualitative analysis of the current global Wearable Cardiac Devices Market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.

·       A thorough analysis of market trends and restraints is provided.

·       Region-wise, as well as country-wise conditions, are broadly evaluated in this report.

·       The forecasts in this report are made by examining the recent trends along with future Wearable Cardiac Devices Market potential from 2021 to 2031 in terms of revenue.

·       Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Wearable Cardiac Devices Market are also analyzed.

·       Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.

Global Wearable Cardiac Devices Market Segmentation

By Product

·       Holter monitors

·       Patch

·       Defibrillator

·       Others

By Application

·       Home Healthcare

·       Remote Patient Monitoring

·       Others

By Region

·       North America

o   The U.S.

o   Canada

o   Mexico

·       Europe

o   UK

o   Germany

o   France

o   Spain

o   Rest of Europe

·       Asia Pacific

o   China

o   India

o   Japan

o   South Korea

o   Rest of Asia-Pacific

·       Rest of World

o   Latin America

o   Middle East

o   Africa

Key Players

           Align Technology

           ZOLL Medical Corporation

           Cardiac Rhythm

           iRhtythm Technologies Inc

           Proteus Digital Health

           Custo Med GmbH

           Nuubo

           Philips

           Welch Allyn

           VitalConnect