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According to the Global ECG Sensor Patch Market Report, by Product Type (Hardware and Software), By Application (Monitoring and Diagnostics), By End User (Healthcare and Fitness and Sports), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), published by Coherent Market Insights, the global ECG sensor patch market was valued at US$ 11.7 million in 2017 and is projected to exhibit a CAGR of 43.7% over the forecast period (2018 – 2026).
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High prevalence of atrial fibrillation is expected to propel growth of the global ECG sensor patch market over the forecast period. For instance, according to Centers for Disease Control and Prevention (CDC), 2017, over 750,000 hospitalizations and 130,000 deaths occur annually in the U.S. due to atrial fibrillation.
Moreover, increasing investment in product development is also expected to aid in growth of the. global ECG sensor patch market. For instance, in September 2017, Cardiac Insight, Inc. raised US$ 4.5 Mn through various funding organizations to bolster the production, sales, and distribution of wearable ECG heartbeat sensor – Cardea SOLO device. Similarly in 2017, Stanford University and Kenzen received funding of US$ 5 million to develop, support, and market ECHO Smart Patch wearable technology that uses sweat to measure vital signs to predict and prevent avoidable injuries and illness in athletes.
To know the latest trends and insights prevalent in the ECG sensor patch market press release, click the link below: https://www.coherentmarketinsights.com/press-release/ecg-sensor-patch-market-to-surpass-us-2993-million-by-2026-1685
Among region, the Middle East is expected to witness significant growth in the global ECG sensor patch market over the forecast period. This is attributed to high incidence of cardiovascular diseases in the region. For instance, according to the World Economic Forum Middle East, 2017, cardiovascular diseases are responsible for one in five deaths in the United Arab Emirates (UAE) and one in four adults in Saudi Arabia are likely to have a heart attack within the next 10 years.
Among product type, the hardware segment is expected to account for the largest market share in the global ECG sensor patch market in 2018. This is attributed to increasing product launches and approvals. For instance, in 2018, LifeSignals, Inc. received the U.S. FDA clearance for its wireless LP1100 Life Signal Patch for enabling the next generation of wearable, healthcare monitoring devices.
Among application, the diagnostics segment is expected to account for the largest market share in the global ECG sensor patch market in 2018. This is attributed to high adoption of ECG sensor patches for the diagnosis of atrial fibrillation.
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Among end-user, the healthcare segment is expected to account for the largest market share in the global ECG sensor patch market in 2018. This is attributed to high adoption of ECG sensor patches in clinics for the treatment of heart rate irregularities such as atrial fibrillation.
Key players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in December 2017, the U.S. Food and Drug Administration (FDA) granted 510(k) clearance for VitalConnect’s wearable biosensor, VitalPatch. Similarly, in January 2019, Lief Therapeutics launched a new smart patch, which easily detects, manages, and aids in the treatment of stress in real-time using haptic biofeedback technology, at the Consumer Electronics Show.
Key players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in January 2019, Medtronic Plc. announced to acquire EPIX Therapeutics, Inc. in order to expand its cardiac ablation portfolio.
Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in June 2018, LifeSignals, Inc. collaborated with INQCEL and Dreamtech to receive support for development and manufacturing of new biosensor wearables based on the Lifesignal Processor (LSP).
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- The global ECG sensor patch market is expected to exhibit a CAGR of 43.7% over the forecast period
- High prevalence of atrial fibrillation is expected to propel growth of the global ECG sensor patch market over the forecast period
- Key players operating in the global ECG sensor patch market include Medtronic Plc., Hill-Rome Holdings, Inc., iRhythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., and Lief Therapeutics.
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