Cardiac Diseases at an All Time High, Substantial Growth Expected for Wearable Heart Monitoring Devices Market
Market Insights
Cardiovascular diseases have been found to be the leading cause of premature death, worldwide. However, innovative digital developments, and the accelerated development of information technology in the past few years has transformed the healthcare industry. With the advent of devices that monitor cardiovascular functions wirelessly and the integration of these devices with patient care, the market for wearable heart monitoring devices has grown at an exponential rate.
Market Research Future has identified trends, and factors that affect growth in thier recent research report on wearable heart monitoring devices. The growing ownership and use of smartphones, globally has paved the path for wearable monitoring and this is expected to drive robust growth for this market during the forecast period. Other factors influencing growth are the affordability of these monitoring devices, ease of use and a strong requirement for constant monitoring of heart conditions.
Dearth of awareness about relevant products, and the developing healthcare sectors in emerging economies are some of the challenges that this market faces. However, appropriate market strategies may be used to address and mitigate these challenges and turn them into growth oppurtunities instead. Stringent FDA approvals are expected to restrain the market. Despite this, the market is projected to experience an estimated growth of 9.86% CAGR during the forecast period 2017 to 2023.
Market Segmentation
The global wearable heart monitoring devices market has been analyzed by segment. Segmentation has been done on the basis of products, type, application and end users.
Based on products, the market has been segmented into electric pulse based, optical technology based and others. Further sub-segmentation among these include,
· Electric pulse - chest straps, chest patches and others
· Optical technology - smart watches, ear phones and others.
Based on type, the market has been segmented into chargeable, non-chargeable, bluetooth enabled and others.
Based on application, the market has been segmented into healthcare, consumer market, and others
Based on end users, the market has been segmented into hospitals, retail pharmacies, academic institutes, and others.
Regional Analysis
The Americas and Europe are the top two leading global markets respectively. A well developed healthcare sector, rapid adoption of modern technology and a huge patient population have influenced significant growth in these regions. Additionally, they have a prevelance of atrial fibrilation(AFib) which requires continuous monitoring, this is a major driver for these regions. Meanwhile, Europe is expected to see significant growth due to the availabilty of research funding and encouraging government support for the same.
Asia Pacific is projected to be the fastest growing regional market segment. This can largely be attributed to increasing healthcare spending in emerging economies such as India and China. Widespread use of smartphones and a rising demand for effective, modern monitoring options, supportive government policies and the unrealised potential of this market are expected to present oppurtunity for robust growth.
The Middle East and Africa have the smallest global market share. Under-developed economies, particularly in Africa are impoverished and restrictive of growth in this region. However, the presence of developed health sectors in Middle Eastern countries such as Kingdom of Saudi Arabia and Qatar are expected to fuel growth for part of the region.
Key Players
The major Wearable Heart Monitoring Device Market players included in the report that are a part of the competitive landscape are Garmin Ltd., Koninklijke Philips N.V., Medtronic, Kinetec Products UK Ltd., Beurer GmBH, Polar Electro, SUUNTO, Briggs Healthcare, Medisana AG, and others.
Latest Industry News
Silicon Labs has announced a line of optical biometric sensors that assure more accurate heart monitoring and are power-efficent. The combination of optical heart monitoring along with ECG measurements within a unit will offer diverse and precise monitoring in devices such as smart watches, patches and other wearable monitoring devices.
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