Wearable Cardiac Devices Market size is set to surpass 8 billion by 2027, according to a new research report by Global Market Insights Inc.
Technological advancements in wearable cardiac devices is a major factor fostering the market growth. Market players are focusing on novel solutions for cardiac disorders. For instance, arrhythmia detection has been added to VitalConnect's cardiac remote patient care portfolio. The company partnered with CorVitals to help clinicians monitor, diagnose, and treat patients with heart disease more efficiently, boosting the company's market position. These innovative solutions are aimed to enhance patients’ outcomes and improve stroke management by keeping the track of cardiac activities.
Increasing inclination towards for minimally invasive devices will augment growth opportunities
Rising preference for minimally invasive devices is creating the demand for wearables. Growing use of advanced technology in treating complex diseases is leading to development of minimally invasive devices. Minimally invasive devices result in reduced scarring, minimal blood loss, low pain and faster recovery. Moreover, wearable devices are non-invasive in nature and possess light weight, that increase customer preference.
Growing adoption of patch wearable cardiac device will fortify the segment growth
Patch segment held around 45% of the wearable cardiac devices market share in 2020. Rising usage of patch devices owing to its advantages will drive the product demand. Wearable patches help to enhance mobility in inpatient and outpatient settings due to its benefit of wireless communication. Patches are small and adhesive devices that offer patients and cardiologists with real-time cardiac health data without disrupting the patient's regular routine. Real-time data collection via wearable patches generate large volume of data for analysis and diagnosis of heart rhythm problems.
Browse key industry insights spread 100 pages with 129 market data tables & 13 figures & charts from the report, “Wearable Cardiac Devices Market Size By Product (Holter Monitors, Patch, Defibrillators), By Application (Home Healthcare, Remote Patient Monitoring), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Upsurge in demand for home healthcare among elderly population will spur the product acceptance rate
Remote patient monitoring segment is projected to witness 25.2% growth rate through 2027. It offers access to real time data that can be used to analyze cardiac condition of the patient. Defibrillators and patch wearables enable remote patient monitoring. Further, increasing adoption of wearable devices in remote monitoring of heart-related chronic conditions will provide lucrative growth opportunities to the segment expansion.
Large patient pool along with growing geriatric population in APAC region will fuel the product demand
Asia Pacific wearable cardiac devices market is estimated to attain a CAGR of over 27.8% during 2021 to 2027. Growing geriatric population and rising prevalence of cardiovascular disorders is creating ample opportunities for digital health technologies for remote monitoring in the region. Additionally, weakened mobility and high vulnerability makes wearables suitable for use among elderly population. Further, entry of major market participants and development in cardiac monitoring devices to minimize growing disease burden through continuous monitoring will influence the industry growth during the forecast timeline.
Product augmentation by several companies will stimulate the market progression
Major players operating in the wearable cardiac devices market include iRhythm Technologies Inc, Welch Allyn (Hillrom Services Inc.), VitalConnect, ZOLL Medical Corporation and Biotelemetry Inc. These industry leaders mainly focus on acceptance of several growth strategies such as collaborations, mergers & acquisitions and product launches to expand their product portfolio and gain competitive advantage over others.