Global Wearable Heart Monitoring Devices Market Analysis Report 2023: Diagnostic and Monitoring Devices Lead the Market with Multiple Applications - Forecasts to 2032
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 wearable heart monitoring devices market is expected to reach $3.43 billion in 2027 at a CAGR of 11.8%.
The research report on the wearable heart monitoring devices market presents comprehensive statistics and insights into this industry. It includes global market size, regional market shares, competitor analysis, detailed market segments, trends, opportunities, and other relevant data to assist businesses in thriving within the wearable heart monitoring devices sector.
One prominent trend in the wearable heart monitoring devices market is the adoption of advanced technologies. Leading companies in this space are introducing innovative products with cutting-edge technologies to enhance their market positions. For example, in February 2021, RhythMedix, a US-based medical equipment manufacturer, launched the next-generation RhythmStar, a wearable heart monitoring device designed for arrhythmia detection.
This device incorporates built-in cellular connectivity technology, allowing long-term remote monitoring without the need for a phone or additional communication equipment. It enables certified technicians to quickly analyze and diagnose cardiac irregularities by alerting clinicians when potentially dangerous arrhythmias are detected.
In January 2021, Boston Scientific, a US-based medical technology firm, acquired Preventice Solutions for approximately $925 million. This strategic acquisition has enabled Boston Scientific to expand its presence in the heart diagnostics and services vertical. It has also strengthened Boston Scientific's position in core cardiac rhythm management and electrophysiology, further solidifying its standing in the market. Preventice Solutions, the acquired company, specializes in manufacturing wearable heart sensors for remote patient monitoring.
The increasing prevalence of cardiovascular diseases (CVD) is anticipated to drive the growth of the wearable heart monitoring devices market in the future. CVDs encompass a range of heart abnormalities, such as atrial fibrillation, ventricular fibrillation, and atrioventricular block, which require long-term monitoring. Patients with cardiovascular conditions require wearable devices for continuous heart monitoring, which is crucial for tracking heart rate and detecting any irregularities.
For instance, in October 2022, the Center for Disease Control and Prevention (CDCP), a US-based government agency, reported that in the United States, one person dies from cardiovascular disease every 34 seconds. Moreover, in 2020, approximately 697,000 people in the United States succumbed to heart disease, with adults under the age of 65 accounting for a significant portion of these deaths. Therefore, the rising incidence of cardiovascular diseases (CVD) is a key driver for wearable heart monitoring devices.
Wearable heart monitoring devices can be categorized into 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. These devices include products based on electric pulse technology and optical technology, and they are distributed through various channels such as pharmacies, online platforms, and hypermarkets. They find applications in sports and fitness, remote patient monitoring, and home healthcare.
In 2022, North America held the largest share of the wearable heart monitoring devices market. However, Asia-Pacific is projected to be the fastest-growing region in the forecast period. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa.
Major players in the wearable heart monitoring devices market are
3. Wearable Heart Monitoring Devices Market Trends And Strategies
4. Wearable Heart Monitoring Devices Market - Macro Economic Scenario 4.1. COVID-19 Impact On Wearable Heart Monitoring Devices Market 4.2. Ukraine-Russia War Impact On Wearable Heart Monitoring Devices Market 4.3. Impact Of High Inflation On Wearable Heart Monitoring Devices Market
5. Wearable Heart Monitoring Devices Market Size And Growth 5.1. Global Wearable Heart Monitoring Devices Historic Market, 2017-2022, $ Billion 5.1.1. Drivers Of The Market 5.1.2. Restraints On The Market 5.2. Global Wearable Heart Monitoring Devices Forecast Market, 2022-2027F, 2032F, $ Billion 5.2.1. Drivers Of The Market 5.2.2. Restraints On the Market
6. Wearable Heart Monitoring Devices Market Segmentation 6.1. Global Wearable Heart Monitoring Devices Market, Segmentation By Device Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Diagnostic And Monitoring Devices
Therapeutic Devices
6.2. Global Wearable Heart Monitoring Devices Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Electric Pulse-Based Product
Optical Technology-Based Product
6.3. Global Wearable Heart Monitoring Devices Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Pharmacies
Online Channels
Hypermarkets
6.4. Global Wearable Heart Monitoring Devices Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Sports And Fitness
Remote Patient Monitoring
Home Healthcare
7. Wearable Heart Monitoring Devices Market Regional And Country Analysis 7.1. Global Wearable Heart Monitoring Devices Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion 7.2. Global Wearable Heart Monitoring Devices Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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