Major wearable cardiac devices market players include Welch Allyn, iRhythm technologies, VitalConnect, ZOLL medical corporation, Biotelemetry Inc., Quardio Inc., Cardiac Rhythm and Proteus Digital Health
SELBYVILLE, Delaware, Nov. 15, 2021 /PRNewswire/ -- The wearable cardiac devices market size is anticipated to record a valuation of USD 8 billion by 2027, according to the most recent study by Global Market Insights Inc. The market growth is attributed to the increase in the prevalence of cardiovascular diseases across various regions.
The industry is witnessing an escalation in the launch of technological innovations by leading market participants. These companies are focusing on the adoption of growth strategies such as partnerships, collaborations, mergers, and acquisitions for gaining market share and expanding their customer base.
To quote an instance, in November 2021, Philips announced the acquisition of a French startup, Cardiologs, which is focused on the development of AI-powered diagnostics. The software provided by Cardiologs will be folded in with Philips' wearable heart monitor devices and electrocardiograms for use in hospitals and other settings.
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Citing another instance, in May 2021, Biobeat rolled out its ambulatory blood pressure monitoring device for measuring cardiac output, BP, and heart rate, in turn strengthening the position of the company.
The outbreak of COVID-19 has led to a positive impact on wearable cardiac devices market expansion owing to the surging adoption of smart technologies and the increasing requirement for remote patient monitoring across home settings.
Here are some of the key trends that are potentially set to drive the industry expansion in the coming years:
Surging demand for Holter monitors
Holter monitors are fitted with advanced sensors that assist in the provision of real-time data for the purpose of patient monitoring. An increase in technological advancements coupled with an upsurge in the number of product offerings by the number of market players is estimated to boost product demand over the forecast period.
Owing to these aspects, the Holter monitors segment in the wearable cardiac devices market is expected to grow at a CAGR of 15.6% between 2021 and 2027.
Growing awareness about smart technologies in Europe
Europe is witnessing the surging prevalence rate of cardiovascular disorders and increasing awareness regarding the deployment of smart technologies in healthcare monitoring. The market progression is further propelled by escalating investments in new product development by numerous business players.
The region has further recorded the entry of numerous firms in the digital health space and an upsurge in investments. Driven by these factors, Europe wearable cardiac devices market share exceeded 300 million in 2020 and will exhibit substantial growth through the forthcoming years.
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Increasing deployment of small and non-invasive devices
The wearable cardiac devices market has registered an escalation in the adoption of small and non-invasive devices for patient monitoring. This rise is due to the soaring usage of advanced technology in tracking cardiac parameters.
Moreover, wearable devices are lightweight and non-invasive in nature and this has been instrumental in escalating customer preference. The products provide continuous and efficient diagnosis, leading to better treatment outcomes.
In addition, a major number of patients and healthcare professionals have shifted their preference towards wearable devices, in turn reducing the length of stay at hospitals. These parameters have been instrumental in boosting product demand in the ensuing years.
In a nutshell, the escalating adoption of wearable technology among the population is expected to propel the demand for wearable cardiac monitor devices over the estimated period.
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