Wearable heart monitoring devices market players and analysis by product, type, application and end user - global forecast till 2030
Over the past few years, the wearable heart monitoring devices market has consistently grown. The prevalence of various cardiac diseases and cardiovascular problems is increasing, which is a significant driver of market expansion. There is also a huge need for these heart health monitoring devices due to the rising incidence of risk factors for heart disease, such as obesity, sedentary lifestyle, vascular disorders, and diabetes.
Unquestionably, the market for wearable heart monitoring devices is always expanding due to technological advances. Future-looking wearable heart monitoring gadgets are being introduced to the market on a regular basis. Sales in the market have also been boosted by rising customer demand for self-monitoring of heart health. In the past four years, wearable technology has tripled in size, creating a growing business.
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, stringent government regulations and unfavourable reimbursement policies are the two significant growth impeding factors for the market. However, increasing uptake of wearables with the improving device connectivity would support the market growth over the review period. Moreover, the number of buyers will continue to grow as more accurate wearable sensors are developed, boosting the profitability for the market players.
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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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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