Major players in the wearable ECG monitor market are Apple, GE Healthcare, Withings, Samsung, QardioCore, AliveCor, Fitbit, Welch Allyn, Philips Healthcare, and CardioNet.
The global wearable ecg monitors market will 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, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The wearable ecg monitors market is expected to grow to $7.26 billion in 2027 at a CAGR of 21.9%.
The wearable ECG monitors market consist of sales of wired and wireless wearable ECG monitors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Wearable ECG monitors are portable medical devices that record electrical signals from the heart and help in detecting medical conditions related to the heart.
Western Europe was the largest region in the wearable ECG monitor market in 2022.North America was the second-largest region in the wearable ECG monitors market.
The regions covered in the wearable ECG monitor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of wearable ECG monitors are wired and wireless.The wired wearable ECG monitors refer to the devices that keep track of heart rhythm and operated on a wire.
These are of various grades such as consumer and clinical. These are used in applications such as atrial fibrillation, angina, atherosclerosis, cardiac dysrhythmia, congestive heart failure (CHF), coronary artery disease, heart attack, bradycardia, and tachycardia available at various sales channels such as online and pharmacy.
With the increasing incidence of cardiovascular diseases (CVD), there has been a growing interest in developing wearable devices that can continuously monitor cardiac activity.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
Wearable ECG monitors employ electrodes that contact the skin directly to monitor the health state and signal/trigger alarm to the care providers.However, currently, the requirement is the electrodes that are non-contact with the human body.
This is because by using the electrodes that are in contact with the human body, the body’s movement may be easily superimposed on the detected ECG signal, and for steady monitoring of ECG signal, it is necessary to effectively remove the motion artifact from the ECG signal. Therefore, wearable ECG monitors employing electrodes in contact with a human body and causing motion artifacts are likely to challenge the market.
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.
In January 2021, Boston Scientific, a US-based medical technology company, acquired preventice solutions for $925 million.The acquisition would help Boston Scientific in growing its footprint in cardiac diagnostics and services vertical.
Preventice solutions is a US-based company manufacturing wearable cardiac sensors for remote patient monitoring.
The countries covered in the wearable ECG monitor market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
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