Global Wearable Heart Monitoring Device Market is presumed to register 9.86 % CAGR during the forecast period (2017-2023) owing to the rising prevalence of atrial fibrillation, asserts Market Research Future (MRFR).
A wearable heart monitor is a personal monitoring device which enables real-time heart measurement. These devices are available in two forms such as chest straps and wristbands and are designed to work in extreme conditions. The rapid development of information technology and digital revolution has transformed the healthcare industry.
The all-new fourth-generation Apple smartwatch can detect AFib and other heart diseases, providing diagnostic data as well as peace of mind. The device has an electrocardiogram app which can detect heart abnormalities which are often overlooked and leads to heart attack. In 30 seconds, the heart classifies whether it is beating normally or there are signs of AFib.
Competitive Dashboard of key players operating the global market are Kinetec Products UK Ltd. (South America), SUUNTO (Europe), Polar Electro (Europe), Beurer GmbH (Europe), Medisana AG (Europe), Koninklijke Philips N.V. (Europe), Briggs Healthcare (U.S.), Garmin Ltd. (Europe), Medtronic (U.S.), and others
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Global Wearable Heart Monitoring Device Market: Segmental Analysis
The global wearable heart monitoring device market has been segmented on the basis of type, products, application, end-users, and region.
By mode of products, the global wearable heart monitoring device market has been segmented into optical technology based, electric pulse based, and others. Among these, the electric pulse based is further sub-segmented into chest patches, chest straps, and others. The optical technology-based segment is further sub-segmented into earphones, smart watches, and others.
By mode of type, the global wearable heart monitoring device market has been segmented into Bluetooth enabled, chargeable, non-chargeable, and others.
By mode of application, the global wearable heart monitoring device market has been segmented into consumer market, healthcare, and others.
By mode of end-users, the global wearable heart monitoring device market has been segmented into retail pharmacies, hospitals, academic institutes, and others.
Drivers and Constraints Impacting the Market
The emergence of novel devices for wireless monitoring has begun to be integrated with cardiac patient care. This has resulted in the development of wearable heart monitoring devices market. The healthcare sector has been highly affected with rapid development in the IT sector along with digital revolution. Several advanced paradigms of the technology are amalgamated to facilitate the monitoring of medical conditions which require continuous monitoring. This has further facilitated the development of wearable heart devices market. Also, with the growing prevalence of atrial fibrillation, the global market for wearable heart monitoring devices is likely to propel. For instance, according to the Center for Disease Control and Prevention, around 2.7 to 6.1 million people of the total population in the U.S. are suffering from atrial fibrillation. Moreover, growing expenditure on healthcare coupled with increasing geriatric population is anticipated to fuel the market growth in the coming years.
On the flip side, low healthcare expenditure in the developing countries, lack of awareness for the products, and strict approvals by the FDA are some of the major factors likely to retard the market growth in the coming years.
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Geographically, the global wearable heart monitoring device market span across regions namely, America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, the American region is presumed to dominate the global market due to highly developed information technology sector as well as well developed healthcare infrastructure in this region. With the presence of major market players like Briggs Healthcare and Medtronic and developed economies such as Canada and the U.S., the market is likely to foster in the assessment period. Also, increasing healthcare expenditure and increasing prevalence of AFib diseases is presumed to augment the market growth.
Europe is considered to be the second-largest region owing to the availability of funds for research, huge patient population, and well-developed healthcare infrastructure. Also, government support for R&D activities is likely to foster the market globally.
Asia Pacific is presumed to be the fastest growing region owing to the presence of developing countries such as China and India which have rising healthcare expenditure. Also, favorable government policies are expected to augment the market growth in the coming years. Meanwhile, the Middle East and Africa register the least share owing to the presence of poor economies particularly in the African region.
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