Wearable Heart Monitoring Devices Market Overview
The wearable heart monitoring devices market is accruing pervasively mainly due to the growing rate of cardiovascular disorders, worldwide. Currently, the world is witnessing an increasing number of issues related to heart diseases and cardiac disorder cases. Unfortunately, the figure is growing every year. Although a number of procedures and innovative therapies are there in the market, incidents of occurring these diseases are rising continuously and are becoming paramount concerns. Such factors are increasing the growth the wearable heart monitoring devices market, globally.
Accrediting the growth of this fiercely ascending market, Market Research Future (MRFR) in its recently published study report asserts that the global wearable heart monitoring devices market will continue to grow by 2023, registering approximately 9.86% CAGR during the forecast period (2017-2023).
Growing technological advancements in the field of heart care drive market growth, Global wearable heart monitoring devices market are heading with the pervasively rising number of patients suffering from arterial diseases. Moreover, the increasing number of the patient suffering from obesity and diabetes along with the changing lifestyle has been supporting the expansion of the Wearable Heart Monitoring Devices market.
On the other hand, factors such as the stringent government regulations and unfavorable reimbursement policies are obstructing the market growth in some countries, acting as a headwind. Also, the lack of expert healthcare professionals is estimated to impede the growth of the market over the forecast period.
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Wearable Heart Monitoring Devices Market – Segmentations
MRFR has segmented the analysis into five key dynamics for better understanding:
By Product: Electric Pulse Based Product (chest straps, chest patches and others) and Optical Technology Based (smart watches, earphones, and others.)
By Type: Chargeable, Non-chargeable, and Bluetooth Enabled among others.
By Application: Healthcare and Consumer Market among others.
By End-user: Hospitals, Retail Pharmacies, and Academic Institutes among others.
By Regions: Europe, North America, APAC and the Rest-of-the-World.
Wearable Heart Monitoring Devices Market – Geographical Analysis
North America accounts for the global leader for the wearable heart monitoring devices market. Factors positively impacting market growth include the increasing prevalence of cardiovascular diseases, hypertension, and obesity issues that are leading to heart diseases & disorders and the rising geriatric population. The market is continually growing due to the growing number of patients suffering from major/minor heart issues.
Additionally, increasing government initiatives and funding for research, rising demand for technologically advanced cardiac monitoring and cardiac rhythm management devices, and developments in advanced medical treatment options are substantiating the market growth.
The wearable heart monitoring devices market in the European region accounts for the second-largest market. Owing to the increasing healthcare expenditure, availability of advanced treatment facilities, and government initiatives, the European region is likely to register a striking CAGR during the review period. Increasing cardiovascular issues are contributing to the market growth in the region, becoming paramount concerns.
The wearable heart monitoring devices market in the Asia Pacific region is rapidly emerging as a promising market. The increasing number of aging populaces alongside the prevalence of cardiac disorders are driving the market in the region, growing at an alarming rate. Simultaneously, other dominant factors such as the faster adoption of healthcare technology, government initiatives to improve the quality of healthcare, favorable insurance, and reimbursement policies are fostering the growth of the APAC market.
Additionally, eminent key players are increasingly setting up their manufacturing plants in some of the APAC countries such as China, Singapore, Japan, Australia, and Korea which, in turn, is propelling the market growth of wearable heart monitoring devices in this region.
Wearable Heart Monitoring Devices Market – Competitive Landscape
The market appears to be fragmented and fiercely competitive owing to the presence of numerous large and small players, accounting for a substantial market share incorporating strategic initiatives such as partnership, acquisition, collaboration, expansion, and technology launch. Significant investments are getting transpired to bring innovations into clinical trials. The growth potential demonstrated by the market is expected to attract several new entrants, which will intensify the competition in the market further.
Players are developing comprehensive, efficient, and state-of-the-art laboratories to develop cardiac monitoring and cardiac rhythm management devices that can provide tailor-made solutions based on the age, ailments, and other complications. With the advanced diagnostics and comprehensive rehabilitation schedule, these players ensure that every patient gets the best care at every stage of the cardiac management journey.
Major Players:
Some of the leaders of the market include Kinetec Products UK Ltd. (South America), Medtronic (U.S.), Beurer GmbH (Europe), Briggs Healthcare (U.S.), Medisana AG (Europe), Polar Electro (Europe), Koninklijke Philips N.V. (Europe), SUUNTO (Europe), and Garmin Ltd. (Europe).
Industry/Innovations/Related News:
November 14, 2018 – Withings SAS (formerly Nokia Health – France), a health ecosystem of connected devices & apps announced the latest addition to its product line with the Pulse HR, a connected wearable that can track a user’s heart rate using photoplethysmography (PPG) sensors that can measure pulse in 10-minute intervals while offering continuous heart rate measurements for each workout session.
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