Newark, NJ, Sept. 15, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global wearable cardiac devices market is expected to grow from USD 1.2 billion in 2019 to USD 6.6 billion by 2027, at a CAGR of 23.8% during the forecast period 2020-2027.
Some of the factors that are driving the growth of the market are the growing number of patients with cardiovascular diseases, increasing preference for minimally invasive devices, technological advancements, rising geriatric population, increasing healthcare expenditure, and increasing R&D investment. As per the Centers for Disease Control and Prevention, 2.7 – 6.1 million people in the U.S. have atrial fibrillation disease, which is projected to improve the demand for wearable cardiac devices.
Wearable cardiac devices are medical devices that provide real-time data to doctors & patients for the continuous monitoring of a patient's cardiac health. These devices include Holter monitors, patches, ECG devices, wearable defibrillators, mobile cardiac telemetry etc. Wearable cardiac devices offer various vital health monitoring parameters like blood pressure, pulse rate, ECG and heart rate among other signs. In addition, app-based monitors provide better patient care and lower cost due to fewer hospital visits. Wearable devices have demonstrated to be groundbreaking solutions to numerous healthcare industry problems. Such devices can have a significant effect on healthcare decisions.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the wearable cardiac devices market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Other factors that limit market growth include data privacy issues and stringent regulatory policies in developed countries. Countries like the US and some European countries have adopted strict legislation on wearable medical devices clearance.
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Key players operating in the global wearable cardiac devices market are ZOLL Medical Corporation, custo med GmbH, VitalConnect, NUUBO Smart Solutions Technologies, SL, Biotelemetry Inc., Proteus Digital Health, Cardiac Rhythm, iRhtythm Technologies Inc., and Welch Allyn among others. To gain a significant market share in the global wearable cardiac devices market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Welch Allyn and iRhythm Technologies Inc. are some of the biggest manufacturers and suppliers of wearable cardiac devices in the global market.
- For instance, VitalConnect announced the addition of arrhythmia diagnosis to its portfolio of remote cardiac patient care in February 2020. The firm worked with CorVitals to provide doctors with flexibility in screening, diagnosing, and treating heart attack patients, further improving the organization's market presence.
- Zoll Medical announced the introduction of Zoll HFAMS, a wearable heart management system based on patches, in June 2019. The system is equipped with many extra features to manage heart rate, heart rhythm, and respiratory rate.
Defibrillator is leading the market and is projected to grow at more than 24% CAGR over the forecast period
The device segment comprises of defibrillator, patch monitor, and holter monitor. Defibrillator is leading the market and is projected to grow at more than 24% CAGR over the forecast period. A defibrillator continuously monitors the heart rate of the patient who is prone to heart attack and delivers an electric shock when the heart stops beating in order to restart the heart. These devices assist high-risk patients in the absence of a cardiologist, hence providing high potential for segment growth.
Home healthcare is leading the market and is projected to grow at 25.2% CAGR over the forecast period
Based on application, the market has been segmented into remote patient monitoring and home healthcare. Home healthcare is leading the market and is projected to grow at 25.2% CAGR over the forecast period. The key factors that are driving the growth of this segment are comfortable handling, increasing incidence of cardiovascular conditions among elderly people, lesser cost, high convenience, and active monitoring.
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Regional Segment Analysis of the Wearable Cardiac Devices Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global wearable cardiac devices market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 62.5% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as changing American digital health industry, the launch of new & technologically innovative devices, growing awareness regarding wearable technology, and rising healthcare expenditure. On the other hand, the European region is expected to grow at the highest CAGR during the forecast period from 2020-2027. This growth is due to factors like rising health care expenditure and growing aging populous.
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About the report:
The global wearable cardiac devices market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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