Wearable ECG Monitors Market Forecast 2023-2027 By The Business Research Company
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s wearable ECG monitors market report forecasts the wearable ECG monitors market size to grow to $7.26 Billion by 2027, with a CAGR (compound annual growth rate) of almost 22%.
Learn More On The Wearable ECG Monitors Market Report 2023 – https://www.thebusinessresearchcompany.com/report/wearable-ecg-monitors-global-market-report
Wearable ECG Monitors Market Size Forecast
The global wearable ECG monitors market is expected to grow from $2.70 billion in 2022 to $3.29 billion in 2023 at a compound annual growth rate (CAGR) of 21.7%. 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 global wearable ECG monitors market size is expected to grow to $7.26 billion in 2027 at a CAGR of 21.9%.
Western Europe held the largest wearable ECG monitors market share.
Key Wearable ECG Monitors Market Driver – Increase In The Incidence Of Cardiovascular Diseases
According to According to the Centers for Disease Control and Prevention, one person dies every 36 seconds in the USA from CVD. CVD account for nearly 836,546 deaths in the US alone. In 2020, about 697,000 people in the US died due to heart disease. Cardiovascular diseases that include abnormalities in heart rhythm such as atrial fibrillation, ventricular fibrillation, and atrioventricular block require long-term monitoring. Additionally, since the mortality rate is high in CVD patients, the need for wearable devices that enable continuous heart monitoring is critical. The increasing incidence of cardiovascular diseases is therefore driving the market for wearable ECG monitors for quick emergency response and earlier detection of heart malfunctioning.
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Key Wearable ECG Monitors Market Trend – Adopting Prolonged Ambulatory Rhythm Monitoring
Prolonged ambulatory rhythm monitoring is crucial for the diagnosis of intermittent arrhythmia. Conventional technologies for non-invasive rhythm monitoring include Holter monitoring or external cardiac event recorders. However, these traditional technologies have limitations in terms of low sensitivity, low diagnostic yield, and poor patient compliance. Although implantable cardiac monitors (ICMs) help in long-term monitoring, it is an invasive method as it requires minor surgery and is also associated with significant costs. Therefore, there is an increasing demand for non-invasive ambulatory rhythm monitoring. Smart clothing technology is a novel, alternative tool for non-invasive ambulatory rhythm monitoring.
Wearable ECG Monitors Market Segment
1) By Type: Wired, Wireless
2) By Application: Atrial fibrillation, Angina, Atherosclerosis, Cardiac dysrhythmia, Congestive heart failures (CHF), Coronary artery disease, Heart attack, Bradycardia, Tachycardia
3) By Grade: Consumer, Clinical
4) By Sales Channel: Online, Pharmacy
Wearable ECG Monitors Market Major Players and Strategies
Major players in the wearable ECG monitors market are Apple, GE Healthcare, Withings, Samsung, QardioCore, AliveCor, Fitbit, Welch Allyn, Philips Healthcare, and CardioNet.
In January 2021, Boston Scientific, a US-based medical technology company, acquired preventice solutions for $925 million. The acquisition would help Boston Scientific in growing its footprint in cardiac diagnostics and services vertical. Preventice solutions is a US-based company manufacturing wearable cardiac sensors for remote patient monitoring.
The Wearable ECG Monitors Global Market Report 2023 covers regional data on wearable ECG monitors market size, wearable ECG monitors market trends and drivers, opportunities, strategies, and wearable ECG monitors market competitor analysis. The countries covered in the wearable ECG monitors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Wearable ECG monitors are portable medical devices that record electrical signals from the heart and help in detecting medical conditions related to the heart.
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