Wearable
heart monitoring devices market insights and analysis by product, type, application and end user - global
forecast till 2030
The market for wearable heart
monitoring devices has been steadily expanding over the past few years. The
prevalence of numerous cardiovascular conditions and cardiac disorders is
rising, which is a major force behind market expansion. Because to the
increasing prevalence of risk factors for heart disease such obesity, sedentary
lifestyle, vascular problems, and diabetes, there is also a critical demand for
these heart health monitoring devices.
Without a doubt, because to
advancements in technology, the market for wearable heart monitoring devices is
always growing. Future-looking wearable heart monitoring technology is often
being released on the market. An increase in consumer demand for heart health
self-monitoring has also helped the market's sales. Wearable technology has
tripled in size over the previous four years, fueling a burgeoning industry.
According to Market Research
Future (MRFR), the global wearable heart monitoring devices market is expected
to reach furthered height by 2030, registering over 11.50% CAGR during the
forecast period (2023-2030). Rising pressure to curtail increasing healthcare
expenses per patient is another significant growth driver. Wearable heart health
monitoring devices reduce hospital visits and readmissions due to poor
management of heart-related conditions.
Conversely, the two main market
growth inhibitors are strict government regulations and unfavourable
reimbursement practises. Nonetheless, growing wearable adoption and improved
device connection would promote market expansion during the research period.
Also, when more precise wearable sensors are created, demand will increase,
enhancing market participants' profitability.
Wearable Heart Monitoring Devices Market - Competitive Analysis
Due to the presence of numerous
big and small businesses, the market for wearable heart monitoring devices is
extremely competitive and looks to be fragmented. These firms use tactics like
product launches, mergers and acquisitions, collaboration, and growth to
increase their market share. To introduce advances to their current goods and
clinical studies, they make major investments in new product development.
The growth prospect demonstrated
by the wearable
heart monitoring devices market players is expected to attract several
new entrants, which would further intensify the market competition.
Manufacturers strive to develop comprehensive, efficient, and state-of-the-art
laboratories that can drive their developments in cardiac monitoring and
cardiac rhythm management devices. With the advanced diagnostics and
comprehensive rehabilitation schedule, wearable heart monitoring devices market
players ensure that every patient gets the best care at every stage of the
heart care journey.
Wearable Heart Monitoring Devices Market Major Players:
Kinetec Products UK Ltd. (South America)
Beurer GmbH (Europe)
Medtronic (US)
Briggs Healthcare (US)
Polar Electro (Europe)
Medisana AG (Europe)
Koninklijke Philips N.V. (Europe)
Garmin Ltd. (Europe)
and SUUNTO (Europe)
among others.
Wearable Heart Monitoring Devices Market – Segmentations
MRFR has segmented the report
into five dynamics to widen the scope of understanding,
By Product: Electric Pulse Based
Product (chest patches, chest straps, others), Optical Technology Based Product
(earphones, smartwatches, others.), and others.
By Type: Chargeable &
Non-chargeable, Bluetooth Enabled, and others.
By Application: Healthcare,
Consumer Market, and others.
By End-user: Retail Pharmacies,
Hospitals, Academic Institutes, and others.
By Regions : North America, Europe, APAC, and
Rest-of-the-World.
Wearable Heart Monitoring Devices Market - Regional Analysis
North America is the largest
region in the global wearable heart monitoring devices market. The significant
share of the market attributes to the growing prevalence of various heart
conditions led by cardiovascular
diseases, hypertension, and obesity issues, and the rising geriatric
population. Besides, the increasing numbers of patients suffering from
major/minor heart issues, impact market growth positively.
The region is a hub for advanced
technologies, and there are several futuristic wearable heart monitoring
devices available in the market. Moreover, continual developments in advanced
medical treatment options are substantiating the market growth.
Europe stands second in the
global wearable heart monitoring devices market. Factors fostering the regional
market growth include the increasing healthcare expenditure, availability of
advanced treatment facilities, and government initiatives in the European
region. Also, increasing cardiovascular issues are contributing to the market
growth in the region, becoming paramount concerns.
Over the course of the projection
period, the market for wearable heart monitoring devices is anticipated to
outpace other regions. The regional market is expanding as a result of the
ageing global population and the increased incidence of various heart illnesses
and disorders. The market for APAC wearable cardiac monitoring devices is being
stimulated simultaneously by government initiatives to improve healthcare
quality, the quick uptake of modern technologies for heart care, and favourable
insurance & reimbursement regulations.
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