The global Wearable Cardiac Devices market worth US$ 61 Bn by 2031, growing at a CAGR of 13%
.jpg
"The Global Wearable Cardiac Devices Market 2021-2031 (USD Billion)")
The global wearable cardiac devices market was valued at USD 1.72 billion in 2020 and is projected to grow at a CAGR of 23.7% during the forecast period. Factors driving the growth of the wearable cardiac devices market include increasing incidence of cardiovascular disorders, upsurge in elderly population and growing inclination towards minimally invasive devices.
The global wearable cardiac devices market is segmented based on application and product. On the basis of application, the market is segmented into home healthcare, remote patient monitoring, and others. The home healthcare was the largest market of the wearable cardiac devices market in 2019. By product, the market is segmented into holter monitors, patch, and defibrillators. The patch segment accounted for the largest share of the global wearable cardiac devices market and is projected to sustain its dominance over the forecast period.
Regionally, North America accounted for the largest market share of the global wearable cardiac devices market attributable to the increasing demand for invasive treatment options. Leading players of the global wearable cardiac devices market include iRhtythm Technologies Inc., VitalConnect, Welch Allyn (Hillrom Services Inc.), ZOLL Medical Corporation, Cardiac Rhythm, Biotelemetry Inc., Qardio Inc., Proteus Digital Health among others.
Wearable Cardiac Devices Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | USD 61 Billion |
| Growth Rate | CAGR of 13 % during 2021-2031 |
| Segment Covered | By Product, By Application, By Device Type, By Grade Type, By Distribution Channel, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Medtronic PLC, Koninklijke Philips N.V, GE Healthcare, Fitbit Inc, OMRON Corporation, Abbott Laboratories, Garmin Ltd., Dexcom Inc., and Masimo Corporation. |
Key Segment Of The Wearable Cardiac Devices Market
By Product, (USD Billion)
• Trackers
• Smartwatches
• Pathes
• Smart Clothing
By Application, (USD Billion)
• General Health and Fitness
• Remote Patient Monitoring
• Home Healthcare
By Device Type, (USD Billion)
• Diagnostic and Monitoring Devices
• Vital Sign Monitoring Devices
• ECG/Heart Rate Monitors
• Blood Pressure Monitors
• Wrist Actigraphs
• Polysomnography Devices
• Traditional Diagnostic Tests
By Grade Type, (USD Billion)
• Consumer-grade Wearable Healthcare Devices
• Clinical-grade Wearable Healthcare Devices
By Distribution Channel, (USD Billion)
• Consumer-grade Wearable Healthcare Devices
• Clinical-grade Wearable Healthcare Devices
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of wearable cardiac devices market in 2031 was USD 61 Billion
the wearable cardiac devicesmarket is growing at a CAGR of 13 % during the forecast period.
The base year for the report is 2023 in wearable cardiac devicesmarket
Consumer wearable devices capable of recording heart rate trends, beat-to-beat intervals, and single-lead electrocardiograms are rapidly being employed by patients with known or suspected arrhythmias. Two types of population using such devices are individuals at high risk or those who use them for early detection and prevention purposes and patients already diagnosed or suspected to have an arrhythmia. A common scenario is to employ these devices for patients with known or suspected arrhythmias, either to make an initial diagnosis or to assist in managing the arrhythmia after it has been detected. Individual patient interest in employing these tools varies dramatically, often based upon their comfort with digital technology. Once patients use this technology, they often find themselves forced to figure out how to share the data with their clinical provider. Providers must make accommodations for these patients, such as providing e-mail access, since EHR portals typically do not accommodate attachment of digital health data. The patient perspective of these tools will need to be assessed as these technologies mature.
On the basis of application, home healthcare dominated the market of wearable cardiac devices market in 2019. The healthcare requirement for the growing older American population continue to be a challenge for the healthcare providers. United States is expected to experience a rapid rise in its old aged population in the coming future. By 2050, the total number of American in the age bracket of 65 and above is expected to reach 88.5 million which is mostly due to baby boomers, as they would begin to enter into old age category. The rapid growth of the old aged population over 65 age and most importantly the 75-84 year old cohort is expected to fuel the growth of the wearable cardiac devices market.
Home healthcare represents a cost-effective alternative to facility-based care. The wearable cardiac devices are expected to better match patient acuity with service needs, likely resulting in increased downstream patient flow from hospitals. Home healthcare also benefits from shorter hospital and post-acute care facility stays driven by the growth of wearable cardiac devices.
North America dominated the market for wearable cardiac devices in 2019. The growing elderly population, especially the ones above 65 years of age are creating opportunities for companies selling wearable cardiac devices. Other factors powering the growth of this industry include up surging demand in developing markets due to better infrastructure, advanced new treatments, improved affordability owing to climbing per-capita GDP and a mounting dominance of lifestyle diseases such as obesity owed to urbanization. The wearable cardiac devices represents a substantial opportunity, in Asian region. There has been a wave of industry innovation continuing as various operating procedures have shifted to robotic platforms or less-invasive techniques. Meanwhile, diffusion in evolving markets still offers benefits, as local government policies are supporting higher healthcare spending. Wearable cardiac devices companies can benefit from rising affordability in these markets.