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Wearable Cardiac Devices Market - By Product (Holter Monitors, Patch, Defibrillators), By Application (Home Healthcare, Remote Patient Monitoring) & Forecast, 2021-2027

  • Report ID: GMI4711
  • Published Date: Nov 2021
  • Report Format: PDF

Wearable Cardiac Devices Market Size

Wearable Cardiac Devices Market size exceeded USD 1.5 billion in 2020 and is anticipated to grow at a CAGR of over 24.7% between 2021 and 2027. Increasing awareness about wearables coupled with preference for homecare devices will augment the market growth. Booming geriatric population base, that is prone to several chronic diseases across the globe will increase the patient pool suffering from cardiac arrhythmias and other CVDs. This will spur the demand for wearable cardiac devices among elderly population.
 

Wearable Cardiac Devices Market Overview

 

Increasing number of patients suffering from various cardiovascular disorders (CVDs) will primarily drive the market expansion. Wearable cardiac devices such as patches, Holter monitors and wearable ECG devices, assist healthcare professionals and patients in monitoring cardiac parameters. As per the World Health Organization, about 17.9 million people die from CVDs each year. Owing to increased adoption of sedentary and unhealthy lifestyle habits such as excessive consumption of alcohol and smoking, the cases of cardiovascular disorders are increasing at rapid rate.
 

The outbreak of COVID-19 has positively impacted wearable cardiac devices credited to growing awareness and acceptance of digital and remote health technology. Applications developed by integrating artificial intelligence (AI) assist medical professionals for continuous monitoring of the patients. Wearables were vastly used to track and monitor cardiac activities during pandemic. These products aid healthcare professionals and in medical trials to monitor patients effectively.
 

Several healthcare companies are working together on various projects for manufacturing of Holter monitors, smartwatches and patches among others to provide medical aid. Also, with significant rise in COVID-19 cases, scientists and manufacturers collaborated to pool their resources to detect and treat COVID-19 more effectively, thereby meeting contactless necessities.
 

Wearable Cardiac Devices Market Analysis

Wearable Cardiac Devices Market Size  

Defibrillators segment in the wearable cardiac devices market is projected to witness 22.9% growth rate through 2027. Wearable defibrillators provide outpatient heart health management, thereby reducing the risk of ventricular tachycardia (VT) and ventricular fibrillation (VF). Further, introduction of wearable technology in defibrillators has increased its application, thereby increasing its acceptance rate.
 

Home healthcare segment is estimated to attain a CAGR of 25.4% till 2027, led by the rising geriatric population base suffering with cardiovascular disorders. Moreover, wearable trackers providing efficient monitoring of heart rate and allows access to real time data that helps in identifying risks and reduces hospital visits. Therefore, continuous monitoring of cardiac conditions at home through wearable devices will lead to reduced visits to hospitals, thereby increasing its usage during the forecast period.
 

North America Wearable Cardiac Devices Market

 

North America wearable cardiac devices market captured over 60% of revenue share in 2020 impelled by the increasing number of research studies and technological advancement of wearable cardiac devices. Additionally, rising prevalence of cardiovascular diseases significantly contribute to the adoption of wearable monitors among patients, thereby stimulating its demand in the region.
 

The region is showcasing large number of new entrants manufacturing wearables, especially in the U.S. Some of the emerging firms include Qardio, VitalConnect, Proteus Digital Health, Cardiomo and Hemodynamics Company LLC among several others. Furthermore, growing usage of remote monitoring devices will propel the regional revenue in the coming years.

 

Wearable Cardiac Devices Market Share

The global market consists of numerous players including:

  • iRhythm Technologies Inc
  • Welch Allyn (Hillrom Services Inc.)
  • VitalConnect
  • ZOLL Medical Corporation
  • Biotelemetry Inc
  • Philips.

These companies are adopting several growth strategies such as collaborations, acquisitions & mergers, partnerships, and product launches to strengthen their market share.
 

Some of the recent industry developments:

  • In October 2021, Mobvoi and CardieX announced about its plan to launch a novel smartwatch with exclusive cardiac-health benefits SphygmoCor technology in Australia and the U.S. The proprietary technology-based product will offer competitive advantage and customer base to the firm.
     

The market research report on wearable cardiac devices includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

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Market, By Product

  • Holter monitors
  • Patch
  • Defibrillator
  • Others

Market, By Application

  • Home Healthcare
  • Remote Patient Monitoring
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
    • Poland
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
       
Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Market size of wearable cardiac devices reached USD 1.5 billion in 2020 and should witness a 24.7% CAGR through 2027 led by the increasing CVD occurrence, growing geriatric population, rising awareness towards wearables, and growing preference towards homecare.

The wearable defibrillators segment could expand at a 22.9% CAGR up to 2027 as these devices offer outpatient heart health management and reduce the risk of ventricular tachycardia (VT) and ventricular fibrillation (VF).

The home healthcare segment will grow at around 25.4% CAGR till 2027 led by a large geriatric population base suffering from CVDs.

North America captured more than 60% of revenue share in 2020 owing to increasing R&D and technological innovations around wearable technology.

COVID-19 pandemic has had a positive impact on wearable cardiac devices market due to increased awareness towards digital and remote healthcare technologies.

Wearable Cardiac Devices Market Scope

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 8
  • Tables & Figures: 143
  • Countries covered: 19
  • Pages: 100
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