Wearable Cardiac Devices Market to exceed $6.2 Bn by 2026
Published Date: June 5, 2020 Authors: Sumant Ugalmugale, Rupali Swain
Wearable Cardiac Devices Market size is poised to surpass USD 6.2 billion in 2026; according to a new research report by Global Market Insights, Inc.
Increasing incidence of cardiovascular disorders and growing geriatric population is encouraging medical device manufacturers to develop innovative products such as Holter monitors, wearable ECGs and watches, among others. Rising awareness about advanced products and rising per capita income will act as a major factor driving the global market growth. Moreover, increasing cases of patients due to recent outbreak of COVID-19 will highly impact industry growth as several companies are taking initiatives to develop wearable devices requiring no frequent contact and facilitating smooth remote monitoring.
Rising prevalence of cardiovascular disorders affecting millions globally will escalate the demand for wearable cardiac devices
Cardiovascular disorder (CVD) is one of the leading causes of mortality worldwide. Millions of people around the globe die due to CVDs. Individuals suffering from cardiovascular diseases may demonstrate high glucose, blood pressure and lipids. Moreover, rising awareness among people regarding timely monitoring of physiological factors coupled with availability of technologically advanced products, wearable cardiac devices market will witness significant growth. However, stringent government regulations and data privacy issues will restraint the industry growth.
Growing healthcare expenditure and rising R&D investment by major market players by will expand growth opportunities
Wearable cardiac devices market from holter monitors segment was valued over USD 270 million in 2019. Owing to increasing incidence of various cardiovascular diseases, growing technological advancements and rising geriatric population, the adoption of Holter monitors will upsurge. In addition, change in perspective from effective treatment to preventive care, has resulted in increase in adoption of Holter monitors. Moreover, with rising need of faster and better outcomes, Holter monitors segment will witness lucrative growth in the future.
Browse key industry insights spread across 100 pages with 130 market data tables & 16 figures & charts from the report, “Wearable Cardiac Devices Market Size By Product (Holter Monitors, Patch, Defibrillators), By Application (Home Healthcare, Remote Patient Monitoring), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, China, Japan, India, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing cases of patients due to COVID-19 will foster the adoption of remote patient monitoring technique for the treatment
Remote patient monitoring segment accounted for over 40% revenue share in 2019. Millions of people worldwide are being affected by cardiac disorders, making it one of the main causes of mortality in the world. Moreover, with the recent COVID-19 outbreak, the demand for remote patient monitoring has escalated for better diagnoses and treatment to reduce the mortality rate. Various major market players are investing in research and development to develop advanced products. Therefore, rising disposable income and need to reduce hospital visits amid COVID-19 situation will accelerate market growth in the future.
High healthcare expenditure and adoption of technologically advanced products will augment the market growth in the U.S.
Japan wearable cardiac devices market is forecast to proceed at more than 26% CAGR during projected period. Presence of major market players positively impacts on the market growth. Adoption of advanced technology-based products and high geriatric population concentration will spur demand for wearable technology. Booming technology and high disposable income will further accelerate the business growth in the country.
New product development by major market players will increase industry growth potential
Some of the key players engaged in the wearable cardiac devices market share include ZOLL Medical (Asahi Kasei), VitalConnect, Biotelemetry Inc., and Welch Allyn (Hillrom Services Inc.) among other players. New product launch and strategic alliances are the key business strategies implemented by these firms to strengthen their market position and achieve significant market share. In May 2020, Qardio partnered with a technology provider, neoHealthTech, that will supply NHS with Qardiocore, enabling remote patient monitoring. The strategic partnership will lead to business expansion of the company.