Global Wearable Ambulatory Monitoring Device Market Share, by Product Type, 2020 (%)
Source: MRFR Analysis
The global wearable ambulatory monitoring device market has been divided based on product type.
By Product Type
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.
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 (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 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
The global wearable ambulatory monitoring device market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
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.
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.
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.
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.
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:
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
Global Wearable ambulatory monitoring device Market, by Region
|Market Size||2027: USD 6,692.67 Million|
|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|
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.