Wearable Cardiac Devices Market Analysis & Forecast | 2022-28

Market Insights

The wearable cardiac device market is likely to grow from USD 2.11 billion in 2021 to reach USD 9.27 billion by 2028 at a healthy CAGR of 23.2 % during the forecast period

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What is a Wearable cardiac device?

Wearable cardiac devices are medical devices that are worn on the body to calculate, display, and store heart-related statistics in real-time. These devices are in the form of patches, wristwatches, and fitness monitors.

Drivers

The prime factor that is contributing to the demand for wearable cardiac devices are:

• The rising cases of cardiovascular disorders.
• Due to an increase in cardiac arrhythmia cases, the global market for wearable cardiac devices is growing quickly.
• It is projected that the development of sectors including home healthcare and remote patient monitoring devices will have an impact on market growth.

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Key Players

Some of the major market players in wearable cardiac devices are-?

• VitalConnect
• Qardio Inc.
• Proteus Digital Health
• Welch Allyn
• iRhtythm Technologies Inc.
• Biotelemetry Inc.
• Cardiac Rhythm
• ZOLL Medical Corporation

Segment Analysis

By Product Type

The market is segmented as holter monitors, patch, and defibrillators. The patch segment is projected to maintain its dominance over the forecast period owing to features such as high accuracy, automated calculation, and real time data recording.

By Application Type

The market is segmented as home healthcare, remote patient monitoring, and others. The home healthcare segment accounted for the largest share of the market with a CAGR of 25.1% during the forecast period and is expected to maintain its dominance driven by the growing geriatric population coupled with technological advancements in the field of medical devices.

By Region

North America is projected to be the largest market with a share of >58% in 2021. The North American market is expected to grow with a lucrative CAGR over the forecast period owing to well-developed healthcare infrastructure, high adoption of advanced technology, and high healthcare expenditure.

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Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By Product Type:

• Holter Monitors
• Patch 
• Defibrillators 
• Others 

By Application Type:

• Home Healthcare 
• Remote Patient Monitoring 
• Others 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

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Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.