PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454105
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454105
Wearable Cardiac Devices Market size was valued at USD 3,270 Million in 2023, expanding at a CAGR of 24.5% from 2024 to 2032.
Wearable Cardiac Devices is the device that monitors certain physiological functions, providing biometric data such as heart rate, movement, sleep, ECG analysis, blood pressure, energy expenditure and various other parameters.
Wearable Cardiac Devices Market- Market Dynamics
Increasing cases of cardiovascular disease drive market growth
One of the major factors that propel the wearable cardiac devices market is the growing prevalence of cardiovascular disease across the globe. According to the recent data published by the World Heart Federation, cardiovascular illnesses continue to impact over half a billion people worldwide, and in 2021 they were responsible for 20.5 million fatalities, or almost one-third of all deaths worldwide and a rise from the anticipated 121 million deaths from CVDs. Therefore, the aforementioned statistics support the wearable cardiac devices market expansion during the forecast period.
Wearable Cardiac Devices Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 24.5% over the forecast period (2024-2032)
Based on product segmentation, the patch segment is expected to grow at a rapid rate over the projected period
Based on application segmentation, the home healthcare segment is expected to hold the largest market share during the forecast period
Based on region, North America held the largest market share in 2023
The Global Wearable Cardiac Devices Market is segmented based on Product, Application and Region.
Based on the product, the wearable cardiac devices market is bifurcated into Holter Monitors, Patch, Defibrillator and Others. The patch segment is expected to grow at a rapid rate over the projected period. The segment expansion is attributed to the high efficiency of the ECG patch monitor. For instance, in symptomatic patients, the ECG patch monitor's effectiveness in diagnosing AT/AF was five times better than that of the Holter test (51.7% vs. 10.3% in the patch monitor and Holter test, respectively).
Based on the application, the global wearable cardiac devices market is segmented into Home Healthcare, Remote Patient Monitoring and Others. The home healthcare segment is expected to hold the largest market share during the forecast period owing to the rising geriatric population.
Wearable Cardiac Devices Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to hold the largest market share during the forecast period. This can be attributed to several variables, including the prevalence of CVDs growing and the existence of significant market participants and their strategic activities. For example, the CARES 2021 annual report states that in the United States, 62.5% of males were reported to have experienced an out-of-hospital cardiac arrest (OHCA). According to the same report, 2.4% of children and 97.6% of adults in the US have OHCA in 2021. Therefore, during the projected period, the demand for cardiac devices will expand in tandem with the rise in cardiac problems.
The key players operating in the market are Boston Scientific (Preventice Solutions, Inc.), Koninklijke Philips N.V. (BioTelemetry, Inc.), Medtronic plc, Asahi Kasei Corporation (ZOLL Medical Corporation), ACS Diagnostics, Inc., iRhythm Technologies, Inc., Baxter, General Electric Company (GE Healthcare, Inc.), Hemodynamics Company LLC, Heartbit Holdings Plc., Qardio, Inc. and Vital Connect, Inc. These players adopted various types of strategies to remain competitive in the market such as product launches, acquisitions, expansion, approvals, agreements and others.
In October 2023, MicroPort CRM, a leader in the field of cardiac rhythm management with global operations and a French headquarters, is delighted to announce the release of the INVICTATM defibrillation lead and ULYSTM implantable cardioverter defibrillator (ICD) in Japan. When implanted as a system, the devices are MRI conditional at 1.5T and 3T.
GLOBAL WEARABLE CARDIAC DEVICES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Boston Scientific (Preventice Solutions, Inc.)
Koninklijke Philips N.V. (BioTelemetry, Inc.)
Medtronic plc
Asahi Kasei Corporation (ZOLL Medical Corporation)
ACS Diagnostics, Inc.
iRhythm Technologies, Inc.
Baxter
General Electric Company (GE Healthcare, Inc.)
Hemodynamics Company LLC
Heartbit Holdings Plc.
Qardio, Inc.
Vital Connect, Inc.