New York, July 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wearable Heart Monitoring Devices Global Market Report 2023" - https://www.reportlinker.com/p06457518/?utm_source=GNW
, Baxter International Inc., Briggs Healthcare, Zimmer Biomet, 3M, Smith & Nephew Plc., Integra LifeSciences, Abbott Laboratories, and Stryker Corporation.
The global wearable heart monitoring devices market is expected to grow from $1.95 billion in 2022 to $2.19 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The wearable heart monitoring devices market is expected to reach $3.43 billion in 2027 at a CAGR of 11.8%.
The wearable heart rate monitoring devices consists of sales of pulse oximeters, smartwatches, chest straps, patch recorders, and other product types.Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A wearable heart monitor refers to a personal monitoring device that records and tracks heart rate using an electrical detection band that wraps around the chest. It is primarily used to collect heart rate data while engaging in various types of physical activities and other exercises.
North America was the largest region in the werable heart monitoring devices market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in wearable heart rate monitoring devices report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of wearable heart monitoring devices are diagnostic and monitoring devices and therapeutic devices.Diagnostic and monitoring devices are used to diagnose and monitor vital parameters derived from the heart or the body.
The various product types include electric pulse-based products and optical technology-based products that are distributed through various distribution channels such as pharmacies, online channels, and hypermarkets. It is used in various applications such as sports and fitness, remote patient monitoring, and home healthcare.
The increasing incidence of cardiovascular diseases (CVD) is expected to propel the growth of the wearable heart monitoring devices market going forward.Cardiovascular diseases that include abnormalities in the heart such as atrial fibrillation, ventricular fibrillation, and atrioventricular block require long-term monitoring.
Patients suffering from cardiovascular diseases would be in need of wearable devices that enable continuous heart monitoring which is very crucial to track the heart rate.For instance, in October 2022, according to the Center For Disease Control and Prevention (CDCP), a US-based government agency, in the United States, one person dies from cardiovascular disease every 34 seconds.
Further, in 2020, approximately 697,000 people in the United States died from heart disease, with adults under the age of 65 accounting for two-tenths of CAD deaths. Therefore, the increasing incidence of cardiovascular diseases (CVD) drives wearable heart monitoring devices.
Technological advancements are a key trend gaining popularity in the wearable heart monitoring devices market.Major companies operating in wearable heart monitoring devices are introducing innovative products with advanced technologies to strengthen their position in the market.
For instance, in February 2021, RhythMedix, a US-based producer of medical equipment, introduced next-generation RhythmStar, a wearable heart monitoring device for arrhythmia detection with built-in-cellular connectivity technology.This new RhythmStar is a discreetly worn device that enables long-term remote monitoring without using a phone or other communication equipment.
The technology allows the company’s team of certified technicians in the United States to analyze and diagnose cardiac irregularities quickly by alerting clinicians when a potentially dangerous arrhythmia is detected.
In January 2021, Boston Scientific, a US-based medical technology company, acquired Preventice Solutions for approximately $925 million.The acquisition would help Boston Scientific in growing its footprint in the heart diagnostics and services vertical.
Moreover, with this acquisition, Boston Scientific expanded its business segment of core cardiac rhythm management and electrophysiology which in turn strengthened its position in this market. Preventice solutions is a US-based company that manufactures wearable heart sensors for remote patient monitoring.
The countries covered in the wearable heart rate monitoring devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The wearable heart monitoring devices market research report is one of a series of new reports that provides wearable heart monitoring devices market statistics, including wearable heart monitoring devices industry global market size, regional shares, competitors with a wearable heart monitoring devices market share, detailed wearable heart monitoring devices market segments, market trends and opportunities, and any further data you may need to thrive in the wearable heart monitoring devices industry. This wearable heart monitoring devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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