ID: MRFR/HC/7268-CR | January 2020 | Region: Global | 106 pages
Wearable Ambulatory Monitoring Devices market is likely to increase at a Compound Annual Growth Rate of 26.8% from 2021 to 2028 due to deteriorating lifestyle, increased cardiovascular diseases, and accessible quality home healthcare. According to CAGR, the wearable ambulatory monitoring market value of USD 21.3 billion would expectedly reach USD 111.9 billion by 2028. Wearable Ambulatory Monitoring Devices are gradually becoming an integral part of the health industry, practitioners and patients alike. The health industry is adopting these Wearable Ambulatory Monitoring Devices to track, analyze and diagnose the data received. Vulnerable individuals prone to health breakdowns adopt Wearable Ambulatory Monitoring Devices as an intrinsic part of their daily life, without rupturing their routine. Furthermore, these hi-tech devices detect and alert health professionals beforehand, seeking immediate medical attention and care. In 2020 the present market of Wearable Ambulatory Monitoring Devices was valued at USD 16.6 billion.
Covid-19 and its Effect on Wearable Ambulatory Monitoring Devices Market:
Amid the Covid-19 pandemic, with the declaration of lockdowns, everything was either shut down or restricted with new rules and regulations. The Covid-19 virus wreaked havoc on the healthcare system. The hospitals were overfilled with the COVID-19 patients. Thus, doctors and nurses, overworked and exhausted, could not effectively attend and diagnose patients with cardiovascular diseases and other ailments. The healthcare staff has limited access to sanitizers, masks, PPE kits, and other necessities. Moreover, the lockdowns have halted numerous resources' production and transportation, which has affected patients' proper diagnosis and treatment.
According to the World Health Organization guidelines, patients with cardiovascular diseases and other comorbidities are susceptible to Covid-19 fatalities. Therefore, the health care staff persistently suggested that individuals adopt Wearable Ambulatory Monitoring Devices with built-in small electrocardiograph machines to access their heartbeat irregularities. Through the use of Wearable Ambulatory Monitoring Devices Market, patients' health could be assessed, monitored, diagnosed, and treated from the comfort of their homes without risking their lives.
This mini portable and affordable device is placed externally on the patient or inserted within the patient, just below the skin. Each monitor possesses unique features like assessing the length of heart rhythm followed by its transmission to the receiver's device.
The drastic increase in the adoption of Wearable Ambulatory Monitoring Devices Market by hospitals, healthcare workers, patients, and individuals has positively affected the market's growth. Swift, efficient and effective diagnosis of cardiovascular diseases would further positively affect the ambulatory monitoring device market. Increased health awareness coupled with the embracement of advanced healthcare technologies to increase accessibility in remote and rural locations has been a driving force for its growth. However, the Wearable Ambulatory Monitoring Devices market is divided into several segments like the mobile cardiac elementary device, cardiac event monitors, Holter monitors, and several others.
Wearable Ambulatory Monitoring Devices have introduced advancements to diagnose more than heartbeat irregularities. Each monitor with its unique features assesses and diagnoses tachycardia, arrhythmias, panic attacks, bradycardia, hypotension, and similar others. With increasing developments, advancements, and acceptance among healthcare professionals, patients, and common people, the ambulatory monitoring device has enormous opportunities.
While the market is growing drastically with the device being adopted and accepted as an integral part of everyday life, the Wearable Ambulatory Monitoring Devices have to be worn cautiously. The patient must avoid over-exercising, precipitating, getting wet by any means, and sleeping on his or her sides to prevent loosening the adhesive and disrupting the essential functions. Lead-based MCTs have a long way to further develop because of lead failure and other disruptions, which tampers its performance in the long run.
However, questions have been raised about the privacy of consumer data. Consistent questions about data ownership and security might potentially become obstructive in the growth of Wearable Ambulatory Monitoring Devices. As the Wearable Ambulatory Monitoring Devices process any change in skin color, temperature, and other vital information in everyday life (at home, work, and recreation), it might challenge the consumer's privacy and affect the market. The Wearable Ambulatory Monitoring Devices market is susceptible to rising consumer concerns.
The increase in deteriorating lifestyle accompanied by cardiovascular diseases have set the alarm within healthcare advocates and experts. More than 48 percent of U.S. citizens have been diagnosed with severe cardiovascular diseases. Hence, Wearable Ambulatory Monitoring Devices are being recommended to everyone, irrespective of their health concerns, to track and alert early signs of deteriorating physiological state. During the review period, the Wearable Ambulatory Monitoring Device would expectantly exhibit a CAGR of 6.48%. Furthermore, the market is likely to grow in folds at a compound annual growth rate of 11.3%.
Value Chain Analysis:
The development of technologies has made devices effectively use sensors and algorithms to process and analyze physiological data and provide the best health care even at a remote or rural location, providing clinical diagnosis and significantly reducing the enormous hospitalization expenses. Wearable Ambulatory Monitoring Devices have opened the doorway to personalized healthcare while understanding and analyzing the patients' everyday life and pathophysiological state without hospital supervision. Hence Wearable Ambulatory Monitoring Devices are going to be adopted more for affordable and better healthcare and making it accessible for everyone
Wearable Ambulatory Monitoring Devices Market Segments:
The Wearable Ambulatory Monitoring Devices market is classified into segments based upon the product type and region.
he Wearable Ambulatory Monitoring Devices' product types are classified into Holter monitors, Cardiac event monitors, and mobile cardiac telemetry devices, and others.
In the mobile cardiac telemetry system, lead-based sections hold a dominant revenue of 65% as lead-based MCTs are incredibly lightweight, portable, and user friendly. Moreover, patch-based Continuous Cardiac Rhythm Monitoring has also gained medical clinics' confidence to monitor tachyarrhythmia and bradyarrhythmia. According to research, these patch-based devices are preferred by patients over traditional wearable ambulatory monitoring Holter devices because of feasibility in early detection of a clinical arrhythmia.
The Wearable Ambulatory Monitoring Devices is divided into segments by regions. The segments are based in America, consisting of North America and Latin America, Europe consisting of Western Europe, including France, the U.K, Germany, Italy, Spain, and Eastern Europe. The segments are also based in Asia-Pacific, consisting of countries like India, Japan, China, Australia, South Korea, and South Pacific countries. The segment region also included the Middle East region.
Regional Market classification and Analysis:
According to statistics and data, North America leads the market to adopt Wearable Ambulatory Monitoring Devices. The Wearable Ambulatory Monitoring Device's market in North America is based on factors like the citizen's deteriorating health and increasing arrhythmic and cardiovascular diseases, advancement in healthcare technologies, and reimbursement policies on these devices, advanced medical treatments, and healthcare investment, which fueled the market. Moreover, the Wearable Ambulatory Monitoring Devices market in European countries is likely to increase as more than 2 million people in the U.K suffer from severe cardiovascular diseases drastically. Nonetheless, the Wearable Ambulatory Monitoring Devices market is expected to grow in folds in countries in the Asia-Pacific region positively. The Analysis is based on primary research on increased cardiovascular and arrhythmic diseases and increased technology adoption in every aspect of life.
The prominent companies in the Wearable Ambulatory Monitoring Devices market started growing through product collaborations, launches, acquisitions, and product approvals.
BioTelementry is a key player in the Wearable Ambulatory Monitoring Devices market.
The prominent companies rising in the Wearable Ambulatory Monitoring Devices market are companies from the U.S. like
Company from Europe
Recent Development and Adaptations in the technologies
Thus, the increased adaptations and expansion of capability have further boosted production. Awareness and benefits about Mobile Cardiac telemetry, along with its accessibility, portability, and affordability, have garnered significant attraction.
Report Overview and Scope:
Wearable Ambulatory Monitoring Devices and their consistent technological advancement have astonishingly affected and changed the healthcare system. The report examines and analyses the market's segments, its growth, challenges, and restraints. The Wearable Ambulatory Monitoring Devices' innumerable benefits outweigh the market challenges and fuel the Wearable Ambulatory Monitoring Devices market's rapid growth. In the upcoming years, ambulatory surgical centers would garner attention due to the increasing demands of outpatient services accompanied by budget-friendly treatments. The information and analysis presented in the report is gathered from numerous primary and secondary researches
|Market Size||USD 111.9 Billion|
|CAGR||26.8% (2021 to 2028)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||General Electric Company (US), ACS Diagnostics (US), BioTelemetry (US), iRhythm Technologies, Inc. (US), Medicomp Inc. (US), Medtronic PLC (Europe), Preventice Solutions, Inc. (US), Telerhythmics, LLC (US), Hill-Rom Services Inc. (US), and ZOLL Medical Corporation (US).|
|Key Market Opportunities||
|Key Market Drivers||The drastic increase in the adoption of Wearable Ambulatory Monitoring Devices Market by hospitals, healthcare workers, patients, and individuals has positively affected the market's growth|
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 6.48% 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.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.