Wearable heart monitoring devices market players 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 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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