Wearable Cardiac Devices Market Size By Product (Holter Monitors, Patch, Defibrillators) By Application (Home Healthcare, Remote Patient Monitoring), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Industry trends

Wearable Cardiac Devices Market size was estimated over USD 1.2 billion in 2019 and the industry will grow by a CAGR more than 24.2% up to 2026. Wearable technology offers effective health monitoring based on parameters such as blood pressure, heart rate, ECG and pulse rate with several other vital signs. Wearable cardiac devices include patches, Holter monitors, ECG devices, mobile cardiac telemetry and wearable defibrillators among others.
 

These monitors provide real-time data to patients as well as doctors leading to continuous out-of-hospital monitoring of cardiac health. Furthermore, app-based heart monitors have improved patient care with minimization of cost and hospital visits for cardiac monitoring.

 

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Growing prevalence of cardiovascular diseases, leading to increasing risk of sudden heart failure coupled with continuous device improvements will offer ample opportunities for market expansion. According to the World Health Organization, approximately 17 million patients die due to chronic cardiac diseases.
 

Also, several companies are focused on development of wearable devices with integration of novel biosensors. Thus, rising R&D expenditure leading to technological advancements will boost growth potential of wearable cardiac devices industry.
 

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Launch of advanced wearable ECG monitoring device will escalate the wearable cardiac devices market demand

Increasing risk of arrhythmias among patients with cardiovascular diseases will create need for wearable cardiac devices. According to the American Heart Association, arrhythmias affect over 4 million people each year in the U.S. Electrocardiography is one of the effective means to diagnose arrhythmia. Wearable ECG monitoring devices offer observation for extended period of time for atrial fibrillation and post-coronary artery bypass graft procedure.
 

Innovation in cardiac wearable through research providing extended memory and developed sensors to monitor and store ECG data will drive the demand for these devices in the future. NeuroSky company has developed a customizable ECG biosensor wearable, the LifeBeat band with its proprietary biosensor technology.
 

LifeBeat also has features including accelerometer, vibration motor, rechargeable battery, microcontroller, etc. within a combined wristband with flexible, convenient rubber arms. Such benefits and ease-of-use will influence customer adoption and thereby increase demand for wearable cardiac devices.
 

Rising adoption of convenient and small-sized cardiac monitoring patches will lead to unprecedented market growth

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Patches are small, adhesive devices that provide patients and cardiologists with timely cardiac health data without disturbing daily routine and normal activities of patient. Real-time data recording through wearable patches generate significant amount of data for analysis and detection of abnormalities in cardiac rhythm.
 

Patch market accounted for over 48% share in 2019 and will foresee momentous growth during analysis timeframe. Automated calculation of atrial fibrillation through AI will increase its ability to detect risk of stroke that will stimulate its demand. Integration of artificial intelligence (AI) further leads into higher accuracy and fidelity of ECG reporting in real-time.
 

Significant demand for home healthcare among elderly-base population will stimulate industry growth

Home healthcare segment will grow at lucrative 24.9% CAGR during projection period. Prevalence of cardiovascular diseases among elderly age population will escalate the demand for patient monitoring at home. Hospital admissions can be cost-intensive and may persist for longer period. Adoption of wearable cardiac devices at home result into reduced hospitalizations, lesser cost burden and convenient monitoring of physiological factors necessary for cardiac health.
 

Growing geriatric population among European countries will stimulate demand for remote patient monitoring in the region

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Europe wearable cardiac devices market held more than USD 260 million market size in 2019 and is expected witness robust growth rate in the forthcoming years. As per the European Commission, the cost of ageing among European countries is anticipated to increase by 1.7% in coming years. Among total cost of ageing, health care and long-term care costs are expected to contribute significantly in ageing related spending. Hence the region will foresee escalating demand for wearable cardiac devices for remote patient monitoring and home healthcare.
 

Germany wearable cardiac devices market is projected to foresee over 25.5% CAGR throughout the forecast timeframe. As per the European Commission, approximately 48,000 bypass surgeries were conducted in 2017. Wide application of wearable defibrillators and patches in continuous monitoring of post-procedural heart conditions will boost the market growth in forecast years.
 

Eminent industry players are focusing on new product launches that will enhance market potential

Some of the prominent business players operating in the wearable cardiac devices industry share include ZOLL Medical (Asahi Kasei), VitalConnect, Biotelemetry Inc., and Welch Allyn (Hillrom Services Inc.) among other players. These market players are adopting various inorganic growth strategies to gain considerable market share and achieve competitive advantage.
 

Some of the recent industry developments:

• In February 2020, VitalConnect announced the launch of arrhythmia detection to its cardiac remote patient care portfolio. The company partnered with CorVitals to offer efficiency to physicians in monitoring, diagnosis and treatment of patients with heart disease, thereby strengthening company’s position in the market.
   
• In June 2019, Zoll Medical announced the launch of Zoll HFAMS, patch-based wearable heart management system. The device is designed to manage heart rhythm, respiratory rate and heart rate with several other functions.
   

The wearable cardiac devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:

By Product

• Holter monitors
• Patch
• Defibrillator
• Others

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
  • Italy
  • Spain
  • Russia
  • Poland
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE