PUBLISHER: The Business Research Company | PRODUCT CODE: 1409892
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409892
“Wearable Heart Monitoring Devices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wearable heart monitoring devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wearable heart monitoring devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The wearable heart monitoring devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The wearable heart monitor is a personal tracking device employing an electrical detection band wrapped around the chest, dedicated to recording and tracking heart rate during physical activities and exercises.
Categorized into diagnostic and monitoring devices as well as therapeutic devices, these wearable heart monitoring devices serve purposes including diagnosing and monitoring vital parameters from the heart or body. These devices utilize electric pulse-based and optical technology-based products, distributed across pharmacies, online platforms, and hypermarkets. They find application in sports and fitness, remote patient monitoring, and home healthcare.
The wearable heart monitoring devices market research report is one of a series of new reports from The Business Research Company that provides wearable heart monitoring devices market statistics, including wearable heart monitoring devices industry global market size, regional shares, competitors with a wearable heart monitoring devices market share, detailed wearable heart monitoring devices market segments, market trends and opportunities, and any further data you may need to thrive in the wearable heart monitoring devices industry. This wearable heart monitoring devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The wearable heart monitoring devices market size has grown rapidly in recent years. It will grow from $2.19 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period was fueled by several factors, including an increased emphasis on preventive healthcare, a rise in chronic cardiovascular conditions, advancements in miniaturization and wearable design, growing health and fitness trends, as well as the increased adoption and validation of these devices in clinical settings.
The wearable heart monitoring devices market size is expected to see rapid growth in the next few years. It will grow to $4.04 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The anticipated growth in the forecast period is expected due to several factors, including a growing aging population, increasing health consciousness among individuals, the integration of wearable devices with smartphones and IoT (Internet of Things), the expansion of remote patient monitoring, and a heightened emphasis on personalized healthcare. Major trends in this period are likely to encompass miniaturization and enhanced wearable design, advancements in sensor technology, the integration of AI (Artificial Intelligence) and machine learning, remote patient monitoring, and a significant focus on preventive healthcare.
The wearable heart monitoring devices market is anticipated to experience significant growth due to the escalating incidence of cardiovascular diseases (CVD). Conditions such as atrial fibrillation, ventricular fibrillation, and atrioventricular block necessitate prolonged monitoring, emphasizing the need for wearable devices that facilitate continuous heart monitoring. This continuous monitoring is crucial for tracking heart rates in patients with cardiovascular diseases. In October 2022, the Center for Disease Control and Prevention (CDCP), a US-based government agency, reported that in the United States, a person succumbs to cardiovascular disease every 34 seconds. Furthermore, in 2021, approximately 695,000 individuals in the United States lost their lives to heart disease, with adults under 65 accounting for a significant portion of coronary artery disease (CAD) fatalities. The rising prevalence of cardiovascular diseases is a key driver propelling the adoption of wearable heart monitoring devices.
The wearable heart monitoring devices market is poised for growth owing to the increasing awareness of healthy lifestyles. A healthy lifestyle, characterized by habits that positively impact physical, mental, and social health, is gaining prominence. Wearable heart monitoring devices play a pivotal role in promoting overall well-being by providing real-time insights into cardiovascular health. A survey conducted in January 2021 by Public Health England, an executive agency for public health in England, revealed that approximately 80% of adults over 18 have chosen to adopt a healthy lifestyle, with 40% focusing on maintaining a healthy diet. The growing consciousness regarding healthy lifestyles is a significant driver propelling the expansion of the wearable heart monitoring devices market.
Technological advancements emerge as a prominent trend shaping the landscape of the wearable heart monitoring devices market. Leading companies in this sector are actively introducing cutting-edge products equipped with advanced technologies to enhance their market standing. An illustrative example is RhythMedix, a US-based medical equipment producer, which unveiled the next-generation RhythmStar in February 2021. The RhythmStar is a discreet wearable heart monitoring device designed for arrhythmia detection and incorporates built-in cellular connectivity technology. Offering long-term remote monitoring without the need for additional communication equipment, this device enables prompt analysis and diagnosis of cardiac irregularities. The technology empowers certified technicians to swiftly identify potentially dangerous arrhythmias, providing timely alerts to clinicians.
Major players in the wearable heart monitoring devices market are strategically focused on the development of innovative products to gain a competitive advantage. Notably, electrocardiogram (ECG) patches have emerged as a key product in this endeavor. Vivalink, a US-based provider of remote patient monitoring services, exemplifies this strategy by launching a multi-parameter wearable ECG patch in May 2023. This patch, offering 14-day live stream capabilities, records the heart's electrical activity and continuously monitors the patient's heart rhythm. The live-streamed data is transmitted to a mobile device or the cloud, making it suitable for both in-hospital and remote patient monitoring applications. Particularly beneficial for patients with a history of heart disease or atrial fibrillation, the ECG patch positions companies for a competitive edge in the dynamic wearable heart monitoring devices market.
In January 2021, Boston Scientific, a US-based medical technology company, executed a strategic move by acquiring Preventive Solutions for an approximate sum of $925 million. This acquisition plays a pivotal role in Boston Scientific's expansion within the heart diagnostics and services vertical. The integration of Preventive Solutions enhances Boston Scientific's business segment in core cardiac rhythm management and electrophysiology, fortifying its overall position in the wearable heart monitoring devices market. Preventive Solutions, a US-based company specializing in wearable heart sensors for remote patient monitoring, contributes valuable assets and expertise to Boston Scientific's endeavors in this dynamic market.
Major companies operating in the wearable heart monitoring devices market report are Medtronic plc, Royal Philips, Boston Scientific Corporation, Johnson & Johnson Private Limited, Kinetec Products UK Ltd., Beurer GmbH, Chinese Ogawa Smart Healthcare Technology Group Co.Ltd., Polar Electro Oy, Garmin Ltd., Baxter International Inc., Briggs Healthcare Corp., Zimmer Biomet Holdings Inc., Minnesota Mining and Manufacturing Company, Smith & Nephew Plc, Integra LifeSciences Holdings Corporation, Abbott India Ltd., Stryker Corporation, GE HealthCare Technologies Inc., Biotronik SE & Co KG, Asahi Kasei Corporation, MicroPort Scientific Corporation, Nihon Kohden Corporation, SCHILLER AG, BPL Medical Technologies Pvt. Ltd., ACS Diagnostics Inc., AliveCor Inc., Bardy Diagnostics Inc., Becton Dickinson and Company, BioTelemetry Inc., Cardiac Insight Inc.
North America was the largest region in the wearable heart monitoring devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the wearable heart rate monitoring devices market report during the forecast period. The regions covered in the wearable heart monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the wearable heart monitoring devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The wearable heart rate monitoring devices consists of sales of pulse oximeters, smartwatches, chest straps, patch recorders, and other product types. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.