Wearable Heart Monitoring Device Market Scenario
The reliability of wearable heart rate monitors has helped these devices garner many accolades from patients. These devices are accurate and have proven to be useful for monitoring of cardiac disorders. Market Research Future (MRFR) has studied the trends and patterns governing the global wearable heart monitoring device market and has projected a CAGR of 9.86% in the market over the forecast period of 2017-2023.
Cardiac conditions such as atrial fibrillation (AFib), Arrhythmia, Peripheral artery disease, and others require constant monitoring. Such diseases have become widespread in recent years, which have influenced the wearable heart monitoring device market positively. Plus, these devices are also useful in tracking heart rate during physical activities. In addition, out-of-hospital monitoring has gained precedence in recent years, which has spurred the demand for wearable heart monitoring devices.
Technological advancements in wearable technology and growing focus of MedTech companies to provide products beyond general wellness have augmented the growth of the market. Moreover, a number of IoT startups are bringing in innovative wearable products, which is likely to fuel market growth.
Other factors which underpin the growth of the wearable heart monitoring devices include rigorous R&D effort by MedTech companies, elevating cardiac disease occurrence rate, and acceptance of a preventive healthcare approach. Reduction in the price of these devices and easy availability through online channels also influence market growth.
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Wearable Heart Monitoring Device Market Competitive Landscape
Briggs Healthcare (U.S.), Polar Electro (Europe), Koninklijke Philips N.V. (Europe), Medtronic (U.S.), Medisana AG (Europe), Beurer GmbH (Europe), Garmin Ltd. (Europe), Kinetec Products UK Ltd. (South America), and SUUNTO (Europe) are the key players in the global wearable heart monitoring device market.
Wearable Heart Monitoring Device Market Segmentation
The global wearable heart monitoring device market has been segmented based on products, type, application, and end-user.
By product, the wearable heart monitoring device market has been segmented into electric pulse based, optical technology-based, and others. The electric pulse based segment has been further segemnted into chest patches, chest straps, and others. The optical technology based segment has been further segmented into smartwatches, earphones, and others.
By type, the wearable heart monitoring device market has been segmented into chargeable, non-chargeable, Bluetooth enabled, and others.
By application, the wearable heart monitoring device market has been segmented into healthcare, consumer market, and others.
By end user, the wearable heart monitoring device market has been segmented into hospitals, retail pharmacies, academic institutes, and others.
Wearable Heart Monitoring Device Market Regional Analysis
Region-wise, the wearable heart monitoring device market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas account for the largest portion of the global wearable heart monitoring device market. The growth of the market can be ascribed to the presence of a robust healthcare sector, which is increasingly incorporating healthcare IT in its ecosystem. The adoption of the latest technologies and gadgets is considerably swift in the region as compared to others. The region houses some major market players and is a hub for the medical device industry which facilitates easy accessibility of advanced wearable devices. The surging incidence rate of cardiac issues coupled with high healthcare expenditure is favoring the growth of the North America wearable heart monitoring device market.
Europe has the second most significant share of the global wearable heart monitoring device market. The region has a deep pocket and invests massively in R&D activities which has favored the growth of the market.
The APAC wearable heart monitoring device market is anticipated to capture the highest CAGR over the forecast period. Towering incidences of cardiac diseases coupled with the adoption of wearable technology in the region has supported the growth of the market. Additionally, rise in per capita income has led to an increase in discretionary healthcare spending, which is auguring well for the market growth.
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
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
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