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Customers' heart health concerns drive the personal heart monitoring device industry. As heart health is increasingly actively managed, wearable gadgets that detect heartbeats in real time are becoming more common.
Global cardiovascular disease rates are driving the wearable cardiac monitoring device market. More prevalent cardiac illnesses like hypertension and atrial fibrillation need continuous monitoring to detect and treat early.
Sensor technology innovation drives industrial trends. Wearable gadgets with small, accurate sensors can check vital indicators continually. Patients and physicians need this data to prevent and treat cardiovascular disease.
The industry is affected by remote patient monitoring. Patients with cardiovascular disorders may be remotely monitored by doctors utilizing data from wearable heart monitoring devices to examine their heart health in real-time and reduce the need for in-person visits.
Wearable heart monitoring gadgets that easily link to phones and health applications are driving market growth. With the ability to sync data with mobile devices, users can quickly monitor and measure their heart parameters, encouraging health and fitness.
Merging health and fitness monitoring trends affects the wearable heart monitoring device industry. Multifunctional wearables that measure heart health and wellbeing are becoming increasingly popular, particularly among exercisers.
Wearable heart monitoring devices are growing increasingly popular among seniors, affecting the business. Elderly-specific wearables with sensitive user interfaces and functionalities are becoming increasingly popular for monitoring and controlling cardiovascular health.
Telemedicine and other virtual healthcare have been combined with wearable heart rate monitors, a major business breakthrough. These gadgets let doctors customize treatment programs and do more extensive remote exams for cardiovascular patients during virtual consultations.
Wearable heart monitoring devices support preventive healthcare by allowing individuals to regulate their cardiovascular health. Preventative interventions made feasible by early anomaly identification and monitoring may enhance health.
Data security and privacy affect the wearable heart monitoring sector. When developers and manufacturers prioritize security, data transmission, and privacy, wearable heart monitoring devices are more popular. Because these qualities generate customer trust.
Wearable Heart Monitoring Device Market Highlights:
Wearable Heart Monitoring Devices Market Scenario
The wearable heart monitoring devices market is projected to reach USD 1,900 Million by 2030 at 11.50% CAGR during the forecast period 2022-2030. Digital revolution and the rapid development of the information technology has transformed virtually every industry and healthcare industry is no exception. Recently, novel devices for wireless monitoring have emerged and begun to be integrated with cardiac patient care. This has led to the development of wearable heart monitoring devices market. By set-up, a majority of the wearable heart monitoring devices consists of wearable monitoring device and a portable data transmission device which transmits real time medical data for analysis. According to the National Health Service in 2018, an average American is constantly connected via high bandwidth to a vast network of data and sophisticated digital platforms with over 90% of American adults owning a cell phone and 55% having smart phones. Such exploitation of the technology has facilitated the development of mobile phones based wearable heart monitoring devices.Â
Cardiac conditions such as atrial fibrillation (AFib) requires extensive and continuous monitoring. Conventionally, Holter monitoring is exploited for the same. But since the technology is expensive and risks of missing arrhythmias are associated, a number of new and effective technologies for wireless monitoring are devised which has facilitated the market growth. According to the Centres for Disease Control and Prevention in 2018, 2.7-6.1 million people in the United States have AFib. Moreover, it is reported that more than 750,000 hospitalizations occur each year in the U.S. because of AFib, accounting to the estimated medical cost for people who have AFib to be about USD 8,705 per person. Such trends in the prevalence of AFib along with high per capita healthcare expenditures in the developed countries and growing geriatric population is estimated to boost the market growth during the forecasted period. However, lack of awareness for the products, low healthcare expenditures in the developing countries and stringent FDA approvals will restrain the market growth during the forecasted period.Â
wearable heart monitoring devices market share, by Region
Sources: WHO, annual reports, press release, white paper, and company presentation
Key players for wearable heart monitoring devices market
The key players for the wearable heart monitoring devices market are Medtronic (U.S.), Kinetec Products UK Ltd. (South America), Beurer GmbH (Europe), Medisana AG (Europe), Briggs Healthcare (U.S.), Polar Electro (Europe), SUUNTO (Europe), Koninklijke Philips N.V. (Europe), Garmin Ltd. (Europe), and others.
Segmentation
Wearable Heart Monitoring Devices Market is segmented on the basis of Products, Type, Application, and End Users.
On the basis of products, the market is segmented as electric pulse based, optical technology-based, and others. The electric pulse based segment is sub-segmented into chest straps, chest patches and others. The optical technology based segment, by product, is further segmented into smart watches, earphones, and others. On the basis of type, the market is categorised into chargeable, non-chargeable, bluetooth enabled, and others. On the basis of application, the market is segmented into healthcare, consumer market, and others. On the basis of end users, the market is segmented into hospitals, retail pharmacies, academic institutes, and others.Â
Regional Analysis
America dominates the wearable heart monitoring devices market owing to a well-developed healthcare sector and a highly developed information technology sector. Moreover, high prevalence of AFib diseases, increasing healthcare expenditure have boosted the growth of the market in America. Moreover, the presence of developed economies like the U.S. and Canada and global players such as Medtronic, Briggs Healthcare within the regional boundaries fuels the market growth.Â
Europe is the second largest Wearable Heart Monitoring Devices Market, which is followed by Asia Pacific. Availability of funds for research, well developed healthcare infrastructure, huge patient population and government support for research & development will drive the Wearable Heart Monitoring Devices Market in the Europe.Â
Asia Pacific is the fastest growing region for the market due to the presence of developing economies like India and China within the region which have increasing healthcare expenditures. This along with favourable government policies will boost the market growth in the presence of huge opportunity for the untapped market within the region.Â
The Middle East & Africa has the least share in the wearable heart monitoring devices market due to presence of poor economies especially in the African region. Majority of the market of the Middle & Africa region is held by the Middle East due to a well-developed healthcare sector and huge healthcare expenditure by the presence of regional economies like Saudi Arabia, Kuwait and Qatar within the region.Â
Research Methodology
Sources: WHO, annual reports, press release, white paper, and company presentationÂ
Intended Audience
- Pharmaceutical companies
- Biotechnological institutes
- Research and Development (R&D) Companies
- Medical Research Laboratories
- Market Research and Consulting Service Providers
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