Wearable ambulatory monitoring devices are medical devices with sensors embedded in them to detect abnormalities in the body. The burden on the healthcare sector has led to its development and its eventual commercialization. The global wearable ambulatory monitoring devices market report by Market Research Future (MRFR) looks at the current state of the healthcare sectors, the need for infusion of novel technology, and other developments for the period of 2019 to 2025 (forecast period). The sudden outbreak of the COVID-19 pandemic and its impact has been included as part of the report.
Wearable Ambulatory Monitoring Devices Market Scope
The global wearable ambulatory monitoring devices market size is projected to hit a value of USD 4,990.8 million by 2025. It is expected to reach that benchmark by displaying a CAGR of 6.48% over the forecast period. The huge prevalence of cardiovascular diseases is one of the primary drivers fueling market growth. According to the American College of Cardiology Foundation report of 2019, coronary heart disease can affect close to 1 million in the U.S.
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Rise of virtual care, home care, and remote monitoring are accountable for pushing the demand for wearable ambulatory monitoring devices. Penetration of the internet and smartphones have facilitated in making these devices a success and monitoring patients with a history of cardiac arrest and people above the age of 50.
But the sensitivity of these devices to motion, changes in temperature and skin color, and data concerns can hamper the market growth.
Wearable Ambulatory Monitoring Devices Market Segmentation
The global wearable ambulatory monitoring devices market is been segmented by product type. Based on product type, it has been segmented into mobile cardiac telemetry devices, cardiac event monitors, Holter monitor, and others.
Cardiac event monitors had accounted for the largest market share in 2018. This can be attributed to its ability of recording long periods of monitoring. The electrocardiograms (EKGs) are sent to the doctor’s office for further analysis and used in taking measures in case of recurrence of cardiac arrest or other sudden attacks.
Wearable Ambulatory Monitoring Devices Market Regional Analysis
The global wearable ambulatory monitoring devices market analysis by region has been divided into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is likely to dominate the global wearable ambulatory monitoring devices market. This can be attributed to the large number cases of cardiovascular diseases (CVD) in the region. According to the American Heart Association (AHA), close to 4 million Americans suffered from recurrent arrhythmias in the U.S. in 2015. Moreover, the towering health expenditure per person and increasing demand for advanced treatment options are also expected to drive demand for wearable ambulatory monitoring devices.
Europe is estimated to be the second-largest during the review period. The high numbers of arrhythmia in the region is expected to boost the growth of the regional market. For instance, according to the statistics published by the National Health Service (NHS), arrhythmia has affected more than 2 million people per year in the UK. Additionally, the prevalence of high blood pressure is another driver in Europe, which is further fueling the market demand for wearable ambulatory monitoring devices. Strict policies pertaining to devices required by the European Society of Hypertension can lead to accurate recordings by Holter monitors.
APAC is anticipated to be the fastest-growing region in the market owing to the launch of various products. For instance, Abbott Laboratories announced the launch of its first smartphone-compatible insertable cardiac monitor to detect arrhythmias in India in 2017. Looming presence of chronic cardiac diseases can fuel the demand in the global wearable ambulatory monitoring devices market.
Wearable Ambulatory Monitoring Devices Market Competitive Outlook
General Electric Company, ZOLL Medical Corporation, ACS Diagnostics, Preventice Solutions, Inc., iRhythm Technologies, Inc., Hill-Rom Services Inc., BioTelemetry, Medtronic PLC, Medicomp Inc., and Telerhythmics, LLC are key players of the global wearable ambulatory monitoring devices market. New product launches, acquisitions, and collaborations are key strategies adopted by players for sustaining their hold on the market.
Recently, Philips gained clearance from reputed regulatory bodies for the launch of its latest wearable, Philips Biosensor BX100 for monitoring COVID-19 patients in hospitals.
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