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Wearable Cardiac Devices Market 2020 by industry trends, statistics, key companies growth and regional forecast

Author : Ronak Bora | Published Date : 2020-09-02 

Wearable Cardiac Devices Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

The increasing adoption of wearable technology across the healthcare sector is likely to drive the global wearable cardiac devices market share. In addition to the rising adoption, the rising demand for the use of non-invasive devices is also expected to push product adoption over the coming years. The latest wearable devices, which come as f skin patches, are non-invasive, light-weight, and small. Owing to these characteristics, the patients do not have to endure painful implantation procedures to obtain the capability to record their cardiac parameters continuously.

Additionally, technological advancements towards further amplifying these characteristic through the innovation of new, more efficient products is also augmenting the market share. For instance, in May 2020 an ingenious necklace that is capable of detecting abnormal heart rhythms was showcased for the first time on the EHRA Essentials 4 You, which is a scientific platform of ESC (European Society of Cardiology). Such product innovations are expected to outline the industry trends over the coming years.

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According to a research report by GMI Inc., wearable cardiac devices market was valued at more than $1.2 billion in 2019 and is likely to expand at a healthy CAGR of 24.2% by 2026.

With regards to product, the market is bifurcated into patch, Holter monitors, defibrillators, and others. Of these, the defibrillators segment is slated to expand at an impressive CAGR of more than 22% through the analysis period. As per the WHO (World Health Organization), approximately four out five cardiovascular-related deaths are caused by heart attacks or strokes.

During these situations, wearable devices such as the Zoll LifeVest Wearable Defibrillators, which monitor the heart rate of a patient vulnerable to a stroke or heart attack and gives an electric shock if the patient fails to respond to multiple warnings.

These devices help patients with high heart attack risks by taking timely measures, particularly in the absence of a cardiologist, offering significant potential for segment expansion.

In terms of application, the market is classified into home healthcare, remote patient monitoring, and others. Of these, the home healthcare sector represented a significant revenue share of approximately 25.0% in 2019. Effective monitoring in homes, easy handling, and greater convenience are some of the  most prominent features pushing the use of wearable devices in the segment.

Moreover, growing disposable income levels and fewer visits to healthcare facilities are further adding up to the industry growth, and is likely to greatly influence customer preferences, driving the market outlook.

The wearable cardiac devices industry in North America is slated to observe significant growth through the forecast timeframe, led by the U.S. The regional industry represented more than 60% of the market share in 2019 with projections expecting it to expand exponentially. The increasing number of new industry players and the launch of new, innovative devices is a primary driving factor that is fostering the product demand in the region.

Moreover, the evolving digital health sector in the U.S. would add up to the regional market outlook through the projected time period. Rising awareness regarding wearable technology among the regional population would further fuel deployment of the products over the coming years.

Major market players are using various strategies like partnerships, new product launches, and partnerships to set themselves ahead of the competition. Taking January 2019 for instance, BioTelemetry acquired Geneva Healthcare for $45 million. Geneva is a remote monitoring startup manufacturing remoted monitoring used in implantable cardiac devices. This move significantly consolidates BioTelemetry’s position in the industry.

The competitive landscape of wearable cardiac devices industry is inclusive of players such as Welch Allyn, Philips, BioTelemetry, iRhythm Technologies, and Zoll Medical Corporation among others. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/wearable-cardiac-devices-market

Partial Chapter of the Table of Content 

Chapter 4. Wearable Cardiac devices Market, By Product

4.1. Key segment trends

4.2. Holter monitors

4.2.1.    Market size, by region, 2015 - 2026 (USD Million)

4.3. Patch

4.3.1.    Market size, by region, 2015 - 2026 (USD Million)

4.4. Defibrillators

4.4.1.    Market size, by region, 2015 - 2026 (USD Million)

4.5. Others

4.5.1.    Market size, by region, 2015 - 2026 (USD Million)

Chapter 5. Wearable Cardiac Devices Market, By Application

5.1. Key segment trends

5.2. Home healthcare

5.2.1.    Market size, by region, 2015 - 2026 (USD Million)

5.3. Remote patient monitoring

5.3.1.    Market size, by region, 2015 - 2026 (USD Million)

5.4. Others

5.4.1.    Market size, by region, 2015 - 2026 (USD Million)

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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