Wearable Ambulatory Monitoring Device Market: Information by Product Type (Cardiac Event Monitor, Holter Monitor, Mobile Cardiac Telemetry Device and Implantable Cardiac Monitor), and by Region (Americas, Europe, Asia-Pacific, and Middle East & Africa)—Forecast till 2027
ID: MRFR/HC/7268-CR | November 2021 | Region: Global | 159 Pages
Wearable Ambulatory Monitoring Device Market Forecast
The global wearable ambulatory monitoring device market is expected to cross USD 6,692.67 million by 2027 at a CAGR of 8.14%.
Market Overview:
A wearable ambulatory monitoring device monitor the patient's heart rates and provide patient data to healthcare professionals through a wireless network. The key factors attributing to the market growth are increasing rate of cardiac diseases, demand for ambulatory monitoring devices, and rising prevalence of wireless mobile cardiac monitoring devices and enhanced diagnostics. However, product recalls, complications related to devices, and increasing availability of counterfeit products are a threat to the growth of the market. Increasing investments in R&D for development of technologically advanced products creates an opportunity for the global wearable ambulatory monitoring device market to growth.
COVID-19 Analysis:
COVID-19 has pushed healthcare companies to evolve their business models to perform efficiently. The shifting healthcare needs have highlighted the importance of R&D activities in the development of wearable ambulatory monitoring products. The initial stages faced labs shutdown, and the ongoing research was halted. The limited mobility regulations impulsed medical device researchers to stay home. This impacted the market negatively during the initial phase of the lockdown. However, the existing cardiac patients require 24/7 monitoring, and the people with immediate cardiac surgery treatment require regular observation. Hence, the government authorities allowed the research facilities to function with a limited workforce.
Market Dynamics:
Market Drivers
- High prevalence of cardiovascular diseases
The continuous monitoring of patients with heart diseases is extremely crucial. Cardiac monitoring devices play an integral part in monitoring patients, avoiding heart failure and other associated risks. Annually, over 795,000 Americans have a new or recurrent stroke. Among these patients, 90% are observed to have a stroke due to modifiable risk factors and 74% due to behavioral risk factors. These risk factors can be detected earlier by wearable ambulatory monitoring devices by tracking the physiologic changes to notice early detection of CVDs. Thus, the growing prevalence of cardiac diseases is expected to increase the demand and use of ambulatory monitoring devices, thereby providing a favorable scenario for the market to grow over the forecast period.
- Increasing demand for ambulatory monitoring devices
- Quick and enhanced diagnosis of cardiovascular diseases
Market Restraints
- Product recalls
An increasing number of manufacturing defects, leading to product recalls, has impacted the brand image and resulted in trust issues among the consumers. For instance, in February 2016, Medtronic plc announced the recall of its Reveal LINQ Insertable Cardiac Monitor (ICM) in Australia. This recall was classified under Class II as it might cause temporary or medically reversible adverse health consequences in patients. Such incidences negatively affect sales and slow down the growth of the overall market.
- Complicationsrelated to devices
Market Opportunities
- Technological advancements in ambulatory monitoring devices
The increasing innovation in the wearable ambulatory monitoring device market is expected to largely affect the growth of the market during the assessment period. For instance, in May 2021, Biobeat (Israel) launched wearable continuous ambulatory blood pressure (ABPM) and chest monitoring devices. The device will enable doctors to detect disorders in the early stages and offer required treatment to the patients. Similarly, in February 2021, RhythMedix (US) launched a wearable cardiac monitor for arrhythmia detection. The device is a cardiac telemetry monitor equipped with 4G cellular connectivity that is further used for extended remote monitoring. The device is backed by certified technicians that monitor ECG analysis and report the cardiac abnormalities to the concerned technicians. Thus, the growing worldwide demand for precise monitoring devices influences key players to create more and more innovations in the near future. As a result, this will lead to the growth of the wearable ambulatory monitoring device market.
Global Wearable Ambulatory Monitoring Device Market Share, by Product Type, 2020 (%)
Source: MRFR Analysis
Segment Overview
The global wearable ambulatory monitoring device market has been divided based on product type.
By Product Type
- Cardiac Event Monitor
Cardiac event monitors held the largest market share in 2020, owing to rising demand for economic and leadless wearable cardiac monitors, rising cardiac patients across the globe, and the emergence of remote cardiac event monitors. An event monitor, also called an ambulatory electrocardiographic monitor, is a portable device used to record the heart's electrical activity during irregular heart rhythms. The main purpose of an event monitor is to determine the cause of a transient event by recording a patient's heart rate and rhythm during a period.
- Holter Monitor
A Holter monitor is a short-term, continuous monitoring device that tracks the heart rhythm with small electrodes attached to the skin. This device takes a continuous ECG or electrocardiogram recording of the heart activity over a 24- or 48-hour period. Increasing work stress, unhealthy diet, and growing focus on technological advancements and innovations are expected to boost the market.
- Mobile Cardiac Telemetry Device
Mobile Cardiac Telemetry (MCT) is a small, portable cardiac monitoring device that monitors, detects ECG abnormalities and transmits the information to the diagnostic laboratory for health review in real-time. The technology is naïve as compared to the other monitoring devices and was approved by the FDA in 2002. However, MCT is highly effective and provides accurate results compared to the event monitors and Holter monitors.
- Implantable Cardiac Monitor
Implantable cardiac monitors include an implantable loop recorder called the insertable cardiac monitor (ICM); it is a small device shaped in the form of a USB stick subcutaneously implanted underneath the chest. The device starts to record the heart data once it is activated, either manually or automatically.
Global Wearable Ambulatory Monitoring Device Market Share (%), by Region, 2020
Source: MRFR Analysis
Regional Analysis
The global wearable ambulatory monitoring device market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
- Americas:
The Americas is expected to dominate the global wearable ambulatory monitoring device market throughout the forecast period. The Americas is further segmented into North America and Latin America. The larger share is majorly attributed to the presence of major manufacturers such as General Electric Company, iRhythm Technologies, and Boston Scientific Corporation, among others, increasing prevalence of cardiovascular diseases, acquisition, and new product launches to gain a substantial market share. For instance, in January 2021, Boston Scientific Corporation completed the acquisition of Preventice Solutions, Inc., to expand its rhythm management diagnostics portfolio and capabilities.
- Europe:
The European market for wearable ambulatory monitoring devices is expected to be the second-largest market. The increase in the occurrences of cardiac disorders is the key factor in boosting the growth of the market in this region. According to the statistics published in 2018 by the National Health Service, arrhythmias are experienced by more than 2 million people per year in the UK. Factors such as recent healthcare developments, disposable income per individual, increased healthcare spending, and governmental support for R&D are also influencing the growth of the market.
- Asia-Pacific:
The Asia-Pacific wearable ambulatory monitoring device market is projected to be the fastest-growing market due to the developing healthcare infrastructure, increasing prevalence of cardiovascular disorders, increasing population, and increasing disposable income. In addition, the rise in the improved healthcare infrastructure promises a high level of research activities in the region. The increase in the product launch and the inclination of top companies towards developing countries is expected to boost the growth of the market in this region.
- Middle East & Africa:
With fewer economic developments and extremely low income, the Middle East and Africa accounted for the least market share in 2020. However, the market in this region is expected to grow with the increasing awareness among people, demand for better treatments in countries, and rising disposable income.
Competitive Landscape
The global wearable ambulatory monitoring devices market is characterized by the presence of many global, regional, and local players. The high prevalence of cardiovascular diseases such as coronary heart diseases, strokes, Transient Ischemic Attack (TIA), peripheral arterial disease, and aortic diseases is creating opportunities for the market players making the wearable ambulatory monitoring devices industry more lucrative. The major players have adopted different business strategies such as obtaining regulatory authorizations from government agencies, collaborative partnerships, acquisitions, and product launches to expand their geographical footprint and optimize their operational costs. For instance, in February 2021, Philips completed the acquisition of BioTelemetry, Inc., to create a leadership position in patient care management solutions.
List of Key Companies Covered in this report:
- General Electric Company (US)
- ACS Diagnostics (US)
- Koninklijke Philips NV (Netherlands)
- iRhythm Technologies, Inc. (US)
- Medicomp Inc. (US)
- Medtronic Plc (Ireland)
- Boston Scientific Corporation (US)
- G Medical Innovations (Israel)
- Hill-Rom Services Inc. (US)
- Asahi Kasei Corporation (Japan)
Recent Developments
- In July 2020, Medtronic plc received FDA clearance in the US, and CE Mark in the EU for LINQ II Insertable Cardiac Monitor. This device will help patients to monitor their heartbeat for up to 4.5 years wirelessly. This approval will increase the product portfolio of the company.
- In February 2021, Philips completed the acquisition of BioTelemetry, Inc. (US), to create leadership position in patient care management solutions.
- In January 2021, Boston Scientific Corporation acquired Preventice Solutions (US), Inc., to expand rhythm management diagnostics portfolio and capabilities. This acquisition will provide Boston Scientific with a foothold in the high-growth ambulatory electrocardiography space.
Report Overview:
The study covers the existing short-term and long-term market effects, helping decision-makers draft short-term and long-term plans for businesses by region. The report covers major regions in the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The report analyzes market drivers, restraints, opportunities, challenges, Porter's Five Forces, Value Chain, and impact of COVID-19 on the market.
Scope of the Report & Segmentation
Global Wearable ambulatory monitoring device Market, by Product Type
- Cardiac Event Monitor
- Holter Monitor
- Mobile Cardiac Telemetry Device
- Implantable Cardiac Monitor
Global Wearable ambulatory monitoring device Market, by Region
- Americas
- North America
- US
- Canada
- Latin America
- North America
- Europe
- Western Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Eastern Europe
- Western Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Middle East
- Africa
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | 2027: USD 6,692.67 Million |
| CAGR | 8.14% |
| Base Year | 2020 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018&2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, End User, and Region |
| Geographies Covered | Americas, Europe, Asia-Pacific, Middle East & Africa |
| Key Vendors | • General Electric Company (US) • ACS Diagnostics (US) • Koninklijke Philips NV (Netherlands) • iRhythm Technologies, Inc. (US) • Medicomp Inc. (US) • Medtronic Plc (Ireland) • Boston Scientific Corporation (US) • G Medical Innovations (Israel) • Hill-Rom Services Inc. (US) • Asahi Kasei Corporation (Japan) |
| Key Market Opportunities | • Technological advancements in ambulatory devices |
| Key Market Drivers | • High prevalence of cardiovascular diseases • Increasing demand for ambulatory monitoring devices • Quick and enhanced diagnosis of cardiovascular diseases |
Frequently Asked Questions (FAQ) :
Global wearable ambulatory monitoring devices market is estimated to hold a market value of USD 4,990.8 million by the end of 2025.
Global wearable ambulatory monitoring devices market is estimated to grow at a CAGR of 8.18% by the end of 2025.
The Americas are estimated to dominate the global wearable ambulatory monitoring devices market.
The APAC region is expected to be the fastest growing regional market in the global wearable ambulatory monitoring devices market.
iRhythm Technologies, Inc. (the US), Medtronic PLC (Europe), BioTelemetry (US), ZOLL Medical Corporation (US), and a few more are some of the established players of the global wearable ambulatory market.
