Global Wearable Electrocardiogram (ECG) Monitors Market – Industry Trends and Forecast to 2029

Global Wearable Electrocardiogram (ECG) Monitors Market, By Type (Wired, Wireless), Application (Atrial Fibrillation, Angina, Atherosclerosis, Cardiac Dysrhythmia, Congestive Heart Failures (CHF), Coronary Artery Disease, Heart Attack, Bradycardia, Tachycardia), End User (Hospitals, Homecare, Diagnostic Centre/Clinics) – Industry Trends and Forecast to 2029.

Wearable Electrocardiogram (ECG) Monitors Market Analysis and Size

The wearable electrocardiogram (ECG) monitor market includes sales of ECG monitors with optical sensors that are designed to be fastened to a limb of a human (patient) body to monitor physiological information at any time and in any location. The market is made up of income earned by businesses that specialize in producing diagnostic wearable ECG monitors. The projected market is expected to be driven by the rising prevalence of atrial fibrillation, aging, and the increasing incidence of cardiovascular illnesses. The pandemic and post-pandemic situation has significantly impacted the wearable electrocardiogram (ECG) monitors market.

Data Bridge Market Research analyses a global wearable electrocardiogram (ECG) monitors market growth in the forecast period 2022-2029. The expected CAGR of global wearable electrocardiogram (ECG) monitors market is tend to be around 23.9% in the mentioned forecast period. The market was valued at USD 2.13 billion in 2021, and it would grow upto USD 11.83 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Wearable Electrocardiogram (ECG) Monitors Market Scope and Segmentation

Market Definition

An electrocardiograph (ECG) is a machine that records the surface potentials of the heart's electrical activity. Metal contacts called electrodes, which are fixed to various regions of the body, conduct the surface potentials of the device. Four limbs and the heart have electrodes linked to them. An ECG records the heart rate, rhythm, status of the conduction system and muscle tissue (heart attacks), and even the level of specific substances in the blood, such as potassium, as well as the medication's effect.

Global Wearable Electrocardiogram (ECG) Monitors Market Dynamics

Drivers

• Increase in R&D and Clinical Activities

Increasing R & D activities for advanced electrocardiograph technology are driving the market. The development and innovation of new products in the design of electrocardiographs is contributing to the market's growth. For instance, in 2020, US-based Company AliveCor launched Kardia Mobile 6L, a personal ECG device in India. In addition, the introduction of single-read remote monitoring devices and portable ECG monitors is also expected to drive wearable electrocardiogram (ECG) monitors market growth.

• Increase in CVD  

According to the Centres for Disease Control and Prevention, cardiovascular disease is the most common health problem faced by people around the world, with 696,962 deaths in the United States in 2020. According to the World Health Organization (WHO), cardiovascular disease is the leading cause of death in the world, killing about 17.9 million people each year. This drives the demand for ECG by increasing the number of ECG tests performed for people prone to heart disease. Other key factors driving growth in ECG market share include technological advances in ECG machines, a global increase in cardiovascular disease, and favorable government regulations on surveillance devices. In addition, an increase in the elderly population is expected to expand the size of the wearable electrocardiogram (ECG) monitors market.

Opportunities

• Easy Feasibility and Convenience

Wearables ECG monitors are non-contact, easy to use, have minimal impact on daily activities, are hygienic because they cannot be reused, are water resistant, and precede initial investment in devices compared to halter monitors. Due to its easy application to the skin and lack of maintenance, the ECG monitors has a high completion rate with improved compliance compared to other short to medium-term devices such as holter monitors.

• Rising Cases of Atrial Fibrillation

Atrial fibrillation (AFib) is a common form of arrhythmia diagnosed in clinics and hospitals. With the population aging, it is expected to increase to 12.1 million by 2030. In addition, this condition has also caused a significant number of deaths. For instance, according to the CDC,  AFib was the root cause of the deaths of about 26,535 people in the United States in 2019. People of European descent are more likely to develop arrhythmias than African Americans. The prevalence of cardiac arrhythmias increases with age, and women live longer than men, so more women suffer from atrial fibrillation than men.

Restraints/Challenges

• High Costs

This technology is definitely helping to outgrow the market size, but one factor limiting the growth is the excessively high price of the technology. It is costly, and thus, it is not applicable everytime to use it tremendously.

• Lack of Skilled Professionals

The lack of skilled and trained professionals to operate electrocardiograph is a challenging factor for the market's growth. A little mistake from their end can make a big blunder and in turn curb the growth of wearable ECG monitors market.

This wearable electrocardiogram (ECG) monitors market provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the wearable electrocardiogram (ECG) monitors market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Global Wearable Electrocardiogram (ECG) Monitors Market

The COVID-19 has left an unprecedented global public health crisis that has impacted practically every business, and its long-term repercussions are expected to influence industry growth during the forecast period. The COVID-19 pandemic places a heavy burden on public health and health care around the world. The disease has a major impact on the cardiovascular system. Various arrhythmias have been reported to patients, complicating the course of COVID-19 due to related treatments. In addition to obtaining approval for innovative products, the market has also seen strategies such as mergers and acquisitions focused on strengthening solution offerings.

Relaxation of restrictions aims to normalize the supply chain and restore production and distribution capacity. Healthcare providers are expected to be able to choose from a technically advanced product portfolio solutions for connected care and remote patient monitoring.

Global Wearable Electrocardiogram (ECG) Monitors Market Scope

The wearable electrocardiogram (ECG) monitors market is segmented on the basis of type, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Wired
• Wireless

Application

• Atrial Fibrillation
• Angina
• Atherosclerosis
• Cardiac Dysrhythmia
• Congestive Heart Failures (CHF)
• Coronary Artery Disease
• Heart Attack
• Bradycardia
• Tachycardia

End User

• Hospitals
• Diagnostic Centers
• Homecare

Wearable Electrocardiogram (ECG) Monitors Market Regional Analysis/Insights

The wearable electrocardiogram (ECG) monitors market is analysed and market size insights and trends are provided by type, application and end user as referenced above.

The major countries covered in the wearable electrocardiogram (ECG) monitors market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the wearable electrocardiogram (ECG) monitors market due to the rising disposable income, growing penetration of smartphones and improving the standard of living and economic conditions in the region. 

North America is expected to grow significantly over the forecast period of 2022 to 2029 due to the rising prevalence of cardiovascular diseases, increased healthcare expenditure, and large geriatric population base.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Global Wearable Electrocardiogram (ECG) Monitors Market Share Analysis

The wearable electrocardiogram (ECG) monitors market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to wearable electrocardiogram (ECG) monitors market.

Key players operating in the wearable electrocardiogram (ECG) monitors market include:

• Medtronic (U.S.)
• Koninklijke Philips N.V (Netherlands)
• OMRON Corporation (Japan)
• Dexcom, Inc (U.S.)
• Abbott (U.S.)
• Masimo (U.S.)
• General Electric Company (U.S.)
• Bio-Beat (U.S.)
• VitalConnect (U.S.)
• Preventice Solutions, Inc (U.S.)
• Contec Medical Systems Co Ltd. (Japan)
• ten3T Healthcare (India)
• Fitbit, Inc (U.S.)
• Huawei Technologies Co., Ltd (China)