Technological advancements are undeniably a major driving force behind the constant growth of the market. The market is increasingly witnessing the launches of futurist wearable heart monitoring devices. Additionally, increasing consumer demand for self-monitoring of their heart health has been propelling the market sales. Wearable technology has grown three-fold in the last four years, generating a booming market.
The wearable heart monitoring devices market is expanding invariably over the past couple of years. Rising rates of various heart conditions and cardiovascular disorders act as a major tailwind for the growth of the market. Also, the growing prevalence of risk factors leading to heart diseases, such as obesity, sedentary lifestyle, arterial diseases, and diabetes, creates a massive demand for these heart health monitoring devices.
Conversely, stringent government regulations and unfavorable 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.
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According to Market Research Future (MRFR), the global wearable heart monitoring devices market is expected to reach furthered height by 2023, registering over 9.86% CAGR during the forecast period (2017-2023). 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.
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.
The Asia Pacific wearable heart monitoring devices market is expected to overgrow over the forecast period. The increasing number of aging populaces and the rising occurrences of various heart diseases and disorders drive the growth of the regional market. Simultaneously, rapid adoption of advanced technology for heart care, government initiatives to improve the quality of healthcare, and favorable insurance & reimbursement policies are fostering the APAC wearable heart monitoring devices market.
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 – Competitive Analysis
Highly competitive, the wearable heart monitoring devices market appears to be fragmented due to the presence of many large and small players. To gain a larger market share, these players incorporate strategies such as product launch, mergers & acquisitions, collaboration, and expansion. They invest significantly in new product development to bring innovations in their existing products and clinical trials.
The growth prospect demonstrated by the 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, these players ensure that every patient gets the best care at every stage of the heart care journey.
Players leading the market include 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.
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