Wearable Cardiac Devices Market Analysis And Forecast To 2032: By Product (Holter Monitors, Patch, Defibrillators), By Application (Home Healthcare, Remote Patient Monitoring), And Region

Wearable Cardiac Devices Market Analysis And Forecast To 2032: By Product (Holter Monitors, Patch, Defibrillators), By Application (Home Healthcare, Remote Patient Monitoring), And Region

The global Wearable Cardiac Devices market was valued at USD 1.8 Billion in 2022 and it is anticipated to grow up to USD 9.6 Billion by 2032, at a CAGR of 18.2% during the forecast period.

Wearable cardiac devices are small, portable machines that are worn on the body to monitor heart function. These devices can be used to track heart rate, rhythm, and blood pressure. They can also be used to provide information on heart health and to aid in the diagnosis and treatment of heart conditions.

Global Wearable Cardiac Devices Market Scope and Report Structure

Market Trends and Drivers

Increasing awareness about wearables coupled with preference for homecare devices will augment the market growth. Booming geriatric population base, that is prone to several chronic diseases across the globe will increase the patient pool suffering from cardiac arrhythmias and other CVDs. This will spur the demand for wearable cardiac devices among elderly population. Increasing number of patients suffering from various cardiovascular disorders (CVDs) will primarily drive the market expansion. Wearable cardiac devices such as patches, Holter monitors and wearable ECG devices, assist healthcare professionals and patients in monitoring cardiac parameters. As per the World Health Organization, about 17.9 million people die from CVDs each year. Owing to increased adoption of sedentary and unhealthy lifestyle habits such as excessive consumption of alcohol and smoking, the cases of cardiovascular disorders are increasing at rapid rate.

Market Restraints and Challenges

One of the key restraints in the wearable cardiac devices market is the limited number of indications that are currently approved for these devices. In addition, another key challenge facing the wearable cardiac devices market is the need for long-term data to support the efficacy and safety of these devices.

Global Wearable Cardiac Devices Market Segmental Overview

The report analyses the global Wearable Cardiac Devices market based on product, application, and region

Global Wearable Cardiac Devices Market by Product

Based on product, the market is segmented as Holter monitors, Patch, Defibrillator, and Others. Defibrillators segment in the wearable cardiac devices market is projected to witness significant growth rate through 2031 Wearable defibrillators provide outpatient heart health management, thereby reducing the risk of ventricular tachycardia (VT) and ventricular fibrillation (VF). Further, introduction of wearable technology in defibrillators has increased its application, thereby increasing its acceptance rate.

Global Wearable Cardiac Devices Market by Application

Based on application, the market is segmented as home healthcare, remote patient monitoring, and others. The home healthcare segment held substantial market share in 2022 and is anticipated to witness notable growth to reach highest market share and CAGR by 2032. This large market revenue is primarily due to the rising geriatric population base suffering with cardiovascular disorders. Moreover, wearable trackers providing efficient monitoring of heart rate and allows access to real time data that helps in identifying risks and reduces hospital visits. Therefore, continuous monitoring of cardiac conditions at home through wearable devices will lead to reduced visits to hospitals, thereby increasing its usage during the forecast period.

Geographical Analysis of Global Wearable Cardiac Devices Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. In 2022, North America held significant market share in 2022. This is due to the increasing number of research studies and technological advancement of wearable cardiac devices. Additionally, rising prevalence of cardiovascular diseases significantly contribute to the adoption of wearable monitors among patients, thereby stimulating its demand in the region. The region is showcasing large number of new entrants manufacturing wearables, especially in the U.S. Some of the emerging firms include Qardio, VitalConnect, Proteus Digital Health, Cardiomo and Hemodynamics Company LLC among several others. Furthermore, growing usage of remote monitoring devices will propel the regional revenue in the coming years.

Major Players in the Global Wearable Cardiac Devices Market

The key players in the market ZOLL Medical Corporation, Cardiac Rhythm, iRhtythm Technologies Inc., Proteus Digital Health, Custo Med GmbH, Nuubo, Philips, Welch Allyn, VitalConnect, and Qardio. among others.

COVID-19 Impact

The outbreak of COVID-19 has positively impacted wearable cardiac devices credited to growing awareness and acceptance of digital and remote health technology. Applications developed by integrating artificial intelligence (AI) assist medical professionals for continuous monitoring of the patients. Wearables were vastly used to track and monitor cardiac activities during pandemic. These products aid healthcare professionals and in medical trials to monitor patients effectively. Several healthcare companies are working together on various projects for manufacturing of Holter monitors, smartwatches and patches among others to provide medical aid. Also, with significant rise in COVID-19 cases, scientists and manufacturers collaborated to pool their resources to detect and treat COVID-19 more effectively, thereby meeting contactless necessities.

Recent Developments

In October 2021, Mobvoi and CardieX announced about its plan to launch a novel smartwatch with exclusive cardiac-health benefits SphygmoCor technology in Australia and the U.S. The proprietary technology-based product will offer competitive advantage and customer base to the firm.

in June 2021, LifeQ, world’s highly-dominant provider of biometric and health information derived from wearable devices, announced its partnership with CONNEQT, a consumer health organization that provides wearables and other consumer health apps, to enable the CONNEQT Band that consists of an additional fingertip sensor. The partnership also aimed to further boost the latters heart-health-centric offerings and strengthen its footprint in the competitive market

In November 2020, Royal Philips and African Union announced a partnership to strengthen healthcare infrastructure and enhance access to care in African Union Member States by improving access to medical equipment.

In February 2020, Centers for Disease Control and Prevention discovered a potential solution to track cardiovascular health population trends with the help of consumer wearable.

Frequently Asked Questions

Q1. How big is the wearable cardiac devices market?

Ans. The global wearable cardiac devices market was valued at USD 1.8 Billion in 2022 and it is anticipated to grow up to USD 9.6 Billion by 2032, at a CAGR of 18.2% during the forecast period.

Q2. What is the wearable cardiac devices market growth rate?

Ans. The growth rate of the wearable cardiac devices market is 18.2%.

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the wearable cardiac devices market in 2021.

Q4. Which segment accounted for the largest wearable cardiac devices market share?

Ans. By application the home healthcare segment accounted for the largest wearable cardiac devices market share.

Q5. Who are the key players in the wearable cardiac devices market?

Ans. The global wearable cardiac devices market report includes players such as  ZOLL Medical Corporation, Cardiac Rhythm, iRhtythm Technologies Inc., Proteus Digital Health, Custo Med GmbH, Nuubo, Philips, Welch Allyn, VitalConnect, and Qardio. among others.

Q6. What are the factors driving the wearable cardiac devices market growth?

Ans. The major factors driving the growth of the market are rising prevalence of cardiac disorders across the globe.

Q7. What are the key growth strategies of wearable cardiac devices market players?

Ans. The key growth strategies of wearable cardiac devices market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the wearable cardiac devices market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the wearable cardiac devices market during the forecast period.

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