Global Wearable Ambulatory Monitoring Devices Market – Industry Trends and Forecast to 2030

Wearable Ambulatory Monitoring Devices Market Analysis and Size

One of the major factors are the increasing prevalence of cardiac diseases, the demand for ambulatory monitoring devices, rising prevalence of wireless mobile cardiac monitoring devices and enhanced diagnostics are driving market growth. Increasing R&D investments for the development of technologically advanced products creates an opportunity for the global wearable ambulatory monitoring devices market to grow.

Data Bridge Market Research analyses that the wearable ambulatory monitoring devices market, which was USD 2.00 billion in 2022, is expected to reach USD 3.88 billion by 2030, at a CAGR of 8.64% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Wearable Ambulatory Monitoring Devices Market Scope and Segmentation

Market Definition

A wearable ambulatory monitoring device monitors the patient's heart rate and transmits patient data to healthcare professionals via a wireless network. Wearable health devices (WHDs) are a new technology that allows for continuous ambulatory monitoring of vital human signs in daily life (at work, at home, during sports activities, or in a clinical setting, with the advantage of minimizing discomfort and interference with normal human activities.

Global Wearable Ambulatory Monitoring Devices Market Dynamics

Drivers

• High prevalence of cardiovascular diseases

Continuous monitoring of patients with heart diseases is critical. Cardiac monitoring devices are essential in monitoring patients and avoiding heart failure and other risks. Over 795,000 Americans have a new or recurring stroke each year. Among these patients, 90% had a stroke due to modifiable risk factors, and 74% had a stroke due to behavioral risk factors. Wearable ambulatory monitoring devices can detect these risk factors earlier by tracking physiologic changes to detect CVDs early. As a result, the rising prevalence of cardiac diseases is expected to boost demand for and use ambulatory monitoring devices, creating a favorable environment for the market to expand during the forecast period.

Opportunities

• Technological advancements in ambulatory monitoring devices

The growing innovation in the wearable ambulatory monitoring device market is expected to impact market growth during the forecast period significantly. For instance, Biobeat (Israel) launched chest monitoring devices and wearable continuous ambulatory blood pressure (ABPM) in May 2021. The device will allow doctors to detect disorders early on and treat patients accordingly. Similarly, RhythMedix (U.S.) launched a wearable cardiac monitor for arrhythmia detection in February 2021. The device is a cardiac telemetry monitor with 4G cellular connectivity, which is also used for remote monitoring. The device is supported by certified technicians who monitor ECG analysis and report cardiac abnormalities to the appropriate technicians. As a result, the growing global demand for precise monitoring devices encourages key players to develop more and more innovations shortly. As a result, the market for wearable ambulatory monitoring devices will expand.

Restraints/Challenges

• Product recalls will impede the growth

An increasing number of manufacturing flaws resulting in product recalls have harmed brand image and eroded consumer trust. For example, Medtronic plc announced the recall of its Reveal LINQ Insertable Cardiac Monitor (ICM) in Australia in February 2016. This recall was classified as Class II because it could result in temporary or medically reversible adverse health effects in patients. Such incidents have a negative impact on sales and slow the overall market's growth.

This wearable ambulatory monitoring devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the wearable ambulatory monitoring devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Wearable Ambulatory Monitoring Devices Market

COVID-19 has pushed healthcare companies to evolve their business models to perform efficiently. The changing healthcare needs have highlighted the importance of R&D activities in developing wearable ambulatory monitoring products. During the early stages, labs were closed, and ongoing research was halted. Medical device researchers were compelled to remain at home due to mobility restrictions. This harmed the market during the initial phase of the lockdown. On the other hand, existing cardiac patients require 24-hour monitoring, and those undergoing immediate cardiac surgery require regular monitoring. As a result, the government authorities permitted the research facilities to operate with a limited workforce.

Recent developments

• In July 2020, Medtronic plc received FDA clearance in the United States and CE Mark in the European Union for the LINQ II Insertable Cardiac Monitor. This device will allow patients to monitor their heartbeat for up to 4.5 years wirelessly. This approval will expand the company's product portfolio.
• In February 2021, Philips completed the acquisition of BioTelemetry, Inc. (U.S.), establishing a leadership position in patient care management solutions.
• In January 2021, Boston Scientific Corporation acquired Preventice Solutions (US), Inc. in order to broaden its rhythm management diagnostics portfolio and capabilities. This acquisition will give Boston Scientific a foothold in the rapidly growing ambulatory electrocardiography market.

Global Wearable Ambulatory Monitoring Devices Market Scope

The wearable ambulatory monitoring devices market is segmented on the basis of product,  application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Cardiac Event Monitors
• Holter Monitor
• Mobile Cardiac Telemetry Devices
• Implantable Cardiac Monitor
• Others

Application

• Hospital Inpatient Monitoring
•  Ambulatory Patient Monitoring
• Smart Home Healthcare

Wearable Ambulatory Monitoring Devices Market Regional Analysis/Insights

The wearable ambulatory monitoring devices market is analysed and market size insights and trends are provided by country, product, application as referenced above.

The countries covered in the wearable ambulatory monitoring devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the wearable ambulatory monitoring devices market because of an increase in the number of cases of arrhythmic diseases, favourable reimbursement policies for patients, a high demand for advanced treatment methods and the region's developed healthcare infrastructure.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the high prevalence of cardiovascular diseases, increased adoption of advanced digital devices, large population, and launch of new innovative products.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The wearable ambulatory monitoring devices market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for wearable ambulatory monitoring devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the wearable ambulatory monitoring devices market. The data is available for historic period 2011-2021.

Competitive Landscape and Wearable Ambulatory Monitoring Devices Market Share Analysis

The wearable ambulatory monitoring devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to wearable ambulatory monitoring devices market.

Some of the major players operating in the wearable ambulatory monitoring devices market are:

• General Electric (U.S.)
• ACS Diagnostics (U.S.)
• Koninklijke Philips NV (Netherlands)
• iRhythm Technologies, Inc. (U.S.)
• Medicomp Inc. (U.S.)
• Medtronic (Ireland)
• Boston Scientific Corporation (U.S.)
• G Medical Innovations Holdings Ltd.  (Israel)
• Hill-Rom Services Inc. (U.S.)
• Asahi Kasei Corporation (Japan)
• BioTelemetry (U.S.)
• Preventice Solutions Inc. (U.S.)
• Telerhythmics LLC (U.S.)
• ZOLL Medical Corporation (U.S.) 

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