Global Wearable Cardiac Devices Market is expected to grow at a CAGR of 23.8% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Wearable Cardiac Devices Market by Device (Defibrillator, Patch Monitor, Holter Monitor), Application (Remote Patient Monitoring, Home Healthcare), Regions, and Global Forecast 2020-2027.
The global wearable cardiac devices market is expected to grow from USD 1.2 billion in 2019 to USD 6.6 billion by 2027, at a CAGR of 23.8% during the forecast period 2020-2027. The European region is expected to grow at the highest CAGR during the forecast period from 2020-2027. This growth is due to factors like growing aging populous and rising health care expenditure. On the other hand, the North America region accounted for the major market share of 62.5% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as rising healthcare expenditure, growing awareness regarding wearable technology, the launch of new & technologically innovative devices, and changing American digital health industry. Some factors that limit the market growth include stringent regulatory policies & data privacy issues in developed countries. Countries like the US and some European countries have adopted strict legislation on wearable cardac devices clearance.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the global wearable cardiac devices market are ZOLL Medical Corporation, custo med GmbH, VitalConnect, NUUBO Smart Solutions Technologies, SL, Biotelemetry Inc., Proteus Digital Health, Cardiac Rhythm, iRhtythm Technologies Inc., and Welch Allyn among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global wearable cardiac devices market.
The device segment includes defibrillator, patch monitor, and holter monitor. The defibrillator segment is projected to grow at a high rate during the forecasted period owing to its ease of use and automation characteristics. Such devices assist patients in the absence of a cardiologist by automatically delivering an electric shock when the heart stops beating. The application segment includes remote patient monitoring and home healthcare. Home healthcare segment is leading the market and is projected to grow at 25.2% CAGR over the forecast period. The key factors that are driving the growth of this segment are active monitoring, high convenience, lesser cost, increasing incidence of cardiovascular conditions among elderly people, and comfortable handling.
About the report:
The global Wearable Cardiac Devices market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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