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

 Wearable Heart Monitoring Devices Market Analysis and Size

The market for wearable heart monitoring devices is expected to grow rapidly over the forecast period. According to the Centers for Disease Control and Prevention, 2.7 million to 6.1 million people in the United States had AFib in 2017. It further revealed that approximately 750,000 people in the country require hospitalization annually due to AFib. Hence, an increase in the frequency of atrial fibrillation and rising geriatric population enhance the demand for wearable heart monitoring devices in the market.

Data Bridge Market Research analyses that the wearable heart monitoring devices market which is USD 1.88 billion in 2022, is expected to reach USD 4.28 billion by 2030, at a CAGR of 10.8% 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 Heart Monitoring Devices Market Scope and Segmentation  

Market Definition

A wearable heart rate monitor is an instance of a personal monitoring device. It allows for real-time heart rate monitoring. Wearable heart rate monitors come in wrist bands and chest straps. These are small and lightweight devices designed to work in harsh environments. Advanced features of heart rate monitors include activity, heart rate variation, breathing rate, and core temperature. The wrist band is a more popular heart rate monitoring device because it is comfortable and simple to use.

Wearable Heart Monitoring Devices Market Dynamics

Drivers

• Rise in the number of geriatric and obese population

Because life expectancy has increased over time, more people are in their 60s and older. According to the United Nations Database on World Population Ageing 2020, there will be 1.5 billion elderly people worldwide by 2050, up from 727 million in 2020. Elderly people are more likely to sustain fall-related injuries, which can lead to a range of functional restrictions and a dependence on mobility aids. As a result, it is anticipated that the global geriatric population would grow dramatically, driving up the demand for patient handling and mobility equipment. The prevalence of obesity in the population is rising quickly. In 2020, 39 million kids under the age of five will be overweight or obese.

Opportunities

• Growing adoption rate of artificial intelligence and 5G 

Furthermore, the increasing adoption of artificial intelligence and 5G will provide favourable opportunities for the wearable heart monitoring devices market growth. 5G can use artificial intelligence (AI) to determine a patient's potential diagnosis and treatments. Furthermore, AI can help healthcare systems predict which patients are likely to have postoperative complications, allowing for early intervention. Furthermore, the growing emphasis of manufacturers on the adoption of advanced technologies, as well as the increase in the number of emerging markets, will provide beneficial opportunities for the growth of the wearable heart monitoring devices market during the forecast period.

Restraints/Challenges

• Unfavorable standards and regulations

The presence of unfavourable standards and regulations will slow the market's growth rate. National authorities play an important role in determining compensation for mobile healthcare. National regulations in several EU member states define medical care in terms of the patient's and doctor's physical presence, which affects reimbursements for mobile and remote healthcare solutions. Such regulations impede the adoption of wearables in the healthcare field.

This wearable heart 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 heart 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 Heart Monitoring Devices Market

The pandemic has increased demand for remote monitoring and patient engagement solutions. COVID-19 has resulted in an increase in demand for patient monitoring systems, with manufacturers increasingly focusing on increasing production to meet the rising demand for respiratory monitoring devices, hemodynamic/pressure monitoring devices, blood glucose monitoring devices, multi-parameter monitoring devices, temperature monitoring devices, cardiac monitoring devices, and fetal/neonatal monitoring devices. Demand for respiratory monitors, multi-parameter monitoring solutions, and point-of-care cardiac monitoring products such as pulse oximeters and blood pressure monitors increased in the first quarter of 2020. Other items and services, on the other hand, that are not critical to COVID-19 response activities have seen a decrease in demand and procurement delays. COVID-19 has also increased public awareness of fitness, which has increased demand for fitness.

Recent Developments

• In 2021, RhythMedix announced the launch of RhythmStar, a wearable cardiac monitoring device for arrhythmia detection. The new RhythmStar is a discreetly worn device that enables long-term remote monitoring without using a phone or other communication equipment. The technology enables the company's team of certified technicians in the United States to quickly analyse ECGs and diagnose cardiac irregularities, alerting clinicians when a potentially dangerous arrhythmia is detected.

Global Wearable Heart Monitoring Devices Market Scope

The wearable heart monitoring devices market is segmented on the basis of product, device type, application, distribution channel, type, end-user and 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

• Electric Pulse Bases Product
• Optical Technology Based Product

Device Type

• Diagnostic and Monitoring Devices
• Therapeutic Devices

Application

• Sports and Fitness
• Remote Patient Monitoring
• Home Healthcare

Type

• Activity Monitors
• Smartwatches
• Smart Clothing
• Patches

Distribution Channel

• Pharmacies
• Online Channels
• Hypermarkets

End Use

• Retail Pharmacies
• Hospitals
• Academic Institutes
• Others

Wearable Heart Monitoring Devices Market Regional Analysis/Insights

The wearable heart monitoring devices market is analyzed and market size insights and trends are provided by country, product, device type, application, distribution channel, type, end-user and application as referenced above.

The countries covered in the wearable heart 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 heart monitoring devices market because of the region's well-established healthcare sector and highly developed information technology. Furthermore, the increasing prevalence of AFib diseases will boost the market's growth rate in this region.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 due to rising incidences of heart diseases and increasing number of population in this region.

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 heart 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 heart monitoring devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the wearable heart monitoring devices market. The data is available for historic period 2011-2021.

Competitive Landscape and Wearable Heart Monitoring Devices Market Share Analysis

The wearable heart 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 heart monitoring devices market.

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

• Medtronic (Ireland)
• Johnson & Johnson Private Limited (U.S.)
• Zimmer Biomet (U.S.)
• 3M (U.S.)
• Smith+Nephew (U.K.)
• Boston Scientific Corporation (U.S.)
• Integra LifeSciences (U.S.)
• Abbott (U.S.)
• Stryker (U.S.)
• CONMED Corporation (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• Cardinal Health (U.S.)
• NuVasive, Inc. (U.S.)
• BIOTRONIK SE & Co KG (Germany)
• LivaNova PLC (U.K.)
• William Demant Holding A/S (Denmark)
• Nurotron Biotechnology Co. Ltd. (China)
• Sonova Holding AG (Switzerland)
• C.R. Bard Inc. (U.S.)
• Microport Scientific Corporation (China)
• Globus Medical, Inc. (U.S.)
• MED-EL (Austria) 

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