What Is The Current and Historic Market Size Analysis Of The Wearable Heart Monitoring Devices Market?
The wearable heart monitoring devices market has seen considerable growth due to a variety of factors.
• The market size for wearable heart monitoring devices has quickly expanded in the last couple of years. It is projected to increase from $2.4 billion in 2024 to $2.69 billion in 2025, depicting a compound annual growth rate (CAGR) of 11.9%. Various factors have fueled this growth in the historic period, such as the heightened emphasis on preventive healthcare, the surge in chronic cardiovascular diseases, the reduction in size and adaptability towards wearable design, the trending health and fitness fads, and the clinical adoption and validation.
What are the Market Size and Expected Growth Rates for the Wearable Heart Monitoring Devices Market Size?
The Wearable Heart Monitoring Devices market is expected to maintain its strong growth trajectory in upcoming years.
• The market for wearable heart monitoring devices is estimated to experience rapid expansion in the upcoming years. It is projected to rise to $4.59 billion in 2029, reflecting a compound annual growth rate (CAGR) of 14.3%.
The projected growth during the forecast period can be ascribed to factors such as an increasing elderly population, heightening health awareness, smartphone and IoT integration, broadening scope of remote patient monitoring, and a focus on personalized healthcare services. Key trends expected to define the forecast period encompass the miniaturization and wearable design, advancements in sensor technology, the integration of Artificial Intelligence and Machine Learning, remote patient monitoring, and an emphasis on preventative healthcare.
Which Key Drivers Are Propelling The Wearable Heart Monitoring Devices Market's Growth?
The escalating prevalence of cardiovascular diseases (CVD) is anticipated to fuel the expansion of the wearable heart monitoring devices market. CVD, which includes heart abnormalities such as atrial fibrillation, ventricular fibrillation, and atrioventricular block, necessitates long-term supervision. Wearable devices, which facilitate ongoing heart monitoring, are crucial for patients dealing with these diseases, as they assist in tracking heart rate. For instance, in October 2022, the Center for Disease Control and Prevention (CDCP), a government agency in the US, reported that one person passes away from CVD every 34 seconds in the United States. Hence, the surging frequency of cardiovascular diseases is pushing the growth of wearable heart monitoring devices.
What Are The Key Segments Within The Global Wearable Heart Monitoring Devices Market?
The wearable heart monitoring devices market covered in this report is segmented –
1) By Device Type: Diagnostic And Monitoring Devices, Therapeutic Devices
2) By Product Type: Electric Pulse-Based Product, Optical Technology-Based Product
3) By Distribution Channel: Pharmacies, Online Channels, Hyper markets
4) By Application: Sports And Fitness, Remote Patient Monitoring, Home Healthcare
Subsegments:
1) By Diagnostic And Monitoring Devices: ECG Monitors, Heart Rate Monitors, Pulse Oximeters, Wearable Holter Monitors, Smartwatches With Heart Monitoring Features
2) By Therapeutic Devices: Wearable Defibrillators, Cardiac Pacemakers, Wearable Therapeutic Monitors
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How Are New Trends Impacting The Size Of The Wearable Heart Monitoring Devices Market?
The rise of technological innovation is a significant emerging trend in the market for wearable heart-monitoring devices. Key players in this market are launching cutting-edge products to solidify their standing. For instance, UC San Diego engineers, in January 2023, launched a wearable ultrasound instrument for heart imaging. The instrument is designed to monitor heart function and structure during physical movement and can be worn for up to a day. Using AI algorithms, it measures blood flow, a crucial factor in detecting cardio issues. This advancement aims to make ultrasound imaging more readily available, addressing the constraints of traditional echocardiograms that rely on large equipment and skilled personnel. This groundbreaking development offers consistent, non-invasive heart monitoring, even during physical activity, resulting in improved early identification and treatment of cardiac conditions.
Who Are the Key Players In The Wearable Heart Monitoring Devices Market?
Major companies operating in the wearable heart monitoring devices market include:
• Medtronic plc
• Royal Philips
• Boston Scientific Corporation
• Johnson & Johnson Private Limited
• Beurer GmbH
• Chinese Ogawa Smart Healthcare Technology Group Co.Ltd.
• Polar Electro Oy
• Garmin Ltd.
• Abbott India Ltd.
• GE HealthCare Technologies Inc.
• Biotronik SE & Co KG
• Asahi Kasei Corporation
• MicroPort Scientific Corporation
• Nihon Kohden Corporation
• SCHILLER AG
• BPL Medical Technologies Pvt. Ltd.
• AliveCor Inc.
• Bardy Diagnostics Inc.
• BioTelemetry Inc.
• Cardiac Insight Inc.
What Are The Regional Insights Into The Wearable Heart Monitoring Devices Market?
North America was the largest region in the wearable heart monitoring devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the wearable heart rate monitoring devices market report during the forecast period. The regions covered in the wearable heart monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
