Wearable Heart Monitoring Devices Market Research Report – Global Forecast till 2027

Wearable Heart Monitoring Devices Market Research Report, By Product (Electric Pulse Based Product, Optical Technology-Based), Type (Chargeable, Bluetooth Enabled), Application (Healthcare, Consumer Market), End User (Hospital) - Global Forecast till 2027

ID: MRFR/HCIT/3292-HCR | February 2021 | Region: Global | 90 pages

Wearable Heart Monitoring Devices Market Scenario


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. 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. 


Wearable heart monitoring devices market is expected to grow at an approximate CAGR of 10.50% during the forecast period.


wearable heart monitoring devices market share, by Region
wearable heart monitoring devices market


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. 


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. 


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. 


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. 


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. 


Research Methodology


Wearable Heart Monitoring Device Market


Sources: WHO, annual reports, press release, white paper, and company presentation 


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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Frequently Asked Questions (FAQ) :


A majority of wearable heart monitoring devices consist of a wearable monitoring device and a portable data transmission device which transmits real-time medical data for analysis.

The market is expected to exhibit a strong 10.50% CAGR over the forecast period from 2018 to 2023.

The growing prevalence of heart conditions in the urban population is the major driver for the market.

The Americas hold the largest share in the Global Wearable Heart Monitoring Devices Market.

Leading players in the wearable heart monitoring devices market include Polar Electro, Medtronic, and Medisana AG.