The Global Wearable Heart Monitoring Devices Market is expected to grow at an approximate CAGR of 9.86% during the forecast period. 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 2015, 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.
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According to the Centres for Disease Control and Prevention in 2017, 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 Device Market – Key Players
The key players for the global 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)
Wearable Heart Monitoring Device Market – Segmentation
The Global Wearable Heart Monitoring Devices is segmented on the basis of products, type, application, and end users.
On the basis of products, the market is segmented 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, others.
Wearable Heart Monitoring Device Market – Intended Audience
- Pharmaceutical companies
- Biotechnological institutes
- Research and Development (R&D) Companies
- Medical Research Laboratories
- Market Research and Consulting Service Providers
Wearable Heart Monitoring Device Market – Regional Analysis
The Americas dominate the global wearable heart monitoring devices market. Well-developed healthcare sector and highly developed information technology sector has enabled the Americas to be the regional global leader. Moreover, high prevalence of AFib diseases and 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 has the second leading market in global wearable heart monitoring devices market which is followed by Asia Pacific. A well-developed healthcare infrastructure, huge patient population and government support for research & development will drive the market in the Europe. Asia Pacific is the fastest growing market for wearable heart monitoring devices Asia Pacific. Asia Pacific- wearable heart monitoring devices market is majorly driven by India and China owing to a huge patient pool, and continuously developing healthcare sector have fuelled the growth of the market.
The Middle East and Africa contribute the least in the growth of global wearable heart monitoring devices market. The Middle East dominates the market for the Middle East and Africa. Africa holds the least share of the global market due to limited availability of medical facilities and poor economic conditions.
Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
List of Tables
Table 1 Wearable Heart Monitoring Devices Industry Synopsis, 2017 – 2023
Table 2 Global Wearable Heart Monitoring Devices Market Estimates and Forecast, 2017 – 2023, (USD Million)
Table 3 Global Wearable Heart Monitoring Devices Market by Region, 2017 – 2023, (USD Million)
Table 4 Global Wearable Heart Monitoring Devices Market by Products, 2017 – 2023, (USD Million)
List of Figures
Figure 1 Research Process
Figure 2 Segmentation for Global Wearable Heart Monitoring Devices Market
Figure 3 Segmentation Market Dynamics for Global Wearable Heart Monitoring Devices Market
Figure 4 Global Wearable Heart Monitoring Devices Market Share, By Product 2016
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