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

Industry trends

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.
 

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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.
 

High adoption rate of defibrillators will offer lucrative growth opportunities

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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.
 

Growing preference for home healthcare among geriatric population will fuel the demand for the wearable cardiac devices

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.
 

Technological advancements in wearable cardiac devices in North America will foster the market progression

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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.

Product innovations and collaborations to strengthen product offerings are assisting the industry players in their business expansion

The global market consists of numerous players including iRhythm Technologies Inc, Welch Allyn (Hillrom Services Inc.), VitalConnect, ZOLL Medical Corporation, Biotelemetry Inc, and 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