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The Wearable Heart Monitoring Devices Market Size is valued at USD 2.10 Bn in 2023 and is predicted to reach USD 5.24 Bn by the year 2031 at a 12.25% CAGR during the forecast period for 2024-2031.
Wearable heart monitoring technologies possess significant utility for persons seeking to monitor their cardiovascular well-being, enhance their physical fitness, and adopt a more engaged way of life. These devices offer valuable information regarding heart rate patterns, levels of physical activity, and sleep habits, empowering individuals to make well-informed choices regarding their overall health and wellness.
The increased prevalence of heart failure, expanding awareness of wearables-based cardiac monitoring, and technological developments in wearable devices are all driving market expansion. According to the CDC update issued in October 2022, coronary heart disease is the most frequent type of heart disease, with around 20.1 Bn persons aged 20 and older suffering from coronary artery disease (roughly 7.2%). As a result, the high prevalence of coronary artery disease is propelling market expansion.
Furthermore, more than 100,000 Canadians are diagnosed with heart failure yearly, according to the 2022 Spotlight on Heart Failure report. According to the same report, heart failure will cost Canada more than USD 2.8 billion annually. As a result of the rising number of cases of heart failure and rising healthcare costs, heart monitoring devices based on wearable technology are required to cut costs and improve heart monitoring.
Competitive Landscape:
Some Major Key Players In The Wearable Heart Monitoring Devices Market:
- Zoll Medical Corporation
- Cardiac Rhythm
- iRhythm Technologies Inc.
- Proteus Digital Health
- Custo Med GmbH
- Nuubo
- Medtronic plc
- Koninklijke Philips N.V. (BioTelemetry, Inc.)
- Boston Scientific (Preventice Solutions, Inc.)
- Baxter
- Braemar Manufacturing, LLC,
- Cardiac Science Corporation,
- NIHON KOHDEN CORPORATION,
- GENERAL ELECTRIC COMPANY,
- SCHILLER,
- ABIOMED,
- Biotronik, Inc.
Market Segmentation:
The Wearable Heart Monitoring Devices market has been segmented based on Product, Application and End-User. The Product segment comprises Chest Straps & Patches, Pulse Oximeters, Blood Pressure Monitors, Smartwatches, Others (Wrist Monitors, ECG Finger Sensors, etc.), Whereas the Application segment includes Healthcare Monitoring, Consumer Wellness, Others (Research, etc.). At last, By End-user, the market is divided into Hospitals, Specialty Centers, Academic & Research Institutes, Home Use, and Others (Ambulatory Service Centers, Nursing Homes, etc.).
Based On Product, The Wrist monitors Segment Is Accounted As A Major Contributor In The Wearable Heart Monitoring Devices Market
This segment is likewise expected to grow at the fastest rate over the projection period. Factors such as technological breakthroughs in wearables, and a greater emphasis on allowing public access are all contributing factors.
The Healthcare Monitoring Segment Witnessed Growth At A Rapid Rate
Wearable cardiac monitoring devices provide remote patient monitoring, allowing healthcare providers to track patients' heart health in real-time and therefore driving market growth. As a result, the increase in patient compliance is predicted to drive the wearable heart monitoring devices market size in the coming years.
In the region, the North America Wearable Heart Monitoring Devices market holds a significant revenue Share
North America is expected to account for a sizable portion of the market for wearable heart monitoring devices. This is because of reasons such as increased CVD rates and the existence of significant market competitors and their strategic activities. According to the CARES 2021 annual report, 62.5% of males in the United States had Out-Of-Hospital Cardiac Arrest (OHCA). According to the same source, 97.6% of adults and 2.4% of children in the United States will have OHCA by 2021. As the frequency of cardiac issues rises, so will the need for wearable heart monitoring devices, driving market expansion throughout the forecast period.
Wearable Heart Monitoring Devices Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 2.10 Bn |
|
Revenue forecast in 2031 |
USD 5.24 Bn |
|
Growth rate CAGR |
CAGR of 12.25 % from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
By Product, Application, End-User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Zoll Medical Corporation, Cardiac Rhythm, iRhythm Technologies Inc., Proteus Digital Health, Custo Med GmbH, Nuubo, Medtronic plc, Koninklijke Philips N.V. (BioTelemetry, Inc.), Boston Scientific (Preventice Solutions, Inc.), Baxter, Braemar Manufacturing, LLC, Cardiac Science Corporation, Nihon Kohden Corporation, General Electric Company, Schiller, Abiomed, Biotronik, Inc. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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