Market Definition
Wearable cardiac devices are small, portable machines that are worn on the body to monitor heart function. These devices can be used to track heart rate, rhythm, and blood pressure. They can also be used to provide information on heart health and to aid in the diagnosis and treatment of heart conditions.
Market Outlook
The global Wearable Cardiac Devices market was valued at USD 1.8 Billion in 2022 and it is anticipated to grow up to USD 9.6 Billion by 2032, at a CAGR of 18.2% during the forecast period.
Increasing awareness about wearables coupled with preference for homecare devices will augment the market growth. Booming geriatric population base, that is prone to several chronic diseases across the globe will increase the patient pool suffering from cardiac arrhythmias and other CVDs. This will spur the demand for wearable cardiac devices among elderly population. Increasing number of patients suffering from various cardiovascular disorders (CVDs) will primarily drive the market expansion. Wearable cardiac devices such as patches, Holter monitors and wearable ECG devices, assist healthcare professionals and patients in monitoring cardiac parameters. As per the World Health Organization, about 17.9 million people die from CVDs each year. Owing to increased adoption of sedentary and unhealthy lifestyle habits such as excessive consumption of alcohol and smoking, the cases of cardiovascular disorders are increasing at rapid rate.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Wearable Cardiac Devices Market Segmental Overview
The report analyses the global Wearable Cardiac Devices market based on product, application, and region
Global Wearable Cardiac Devices Market by Product
Based on product, the market is segmented as Holter monitors, Patch, Defibrillator, and Others. Defibrillators segment in the wearable cardiac devices market is projected to witness significant growth rate through 2031 Wearable defibrillators provide outpatient heart health management, thereby reducing the risk of ventricular tachycardia (VT) and ventricular fibrillation (VF). Further, introduction of wearable technology in defibrillators has increased its application, thereby increasing its acceptance rate.
Global Wearable Cardiac Devices Market by Application
Based on application, the market is segmented as home healthcare, remote patient monitoring, and others. The home healthcare segment held substantial market share in 2022 and is anticipated to witness notable growth to reach highest market share and CAGR by 2032. This large market revenue is primarily due to the rising geriatric population base suffering with cardiovascular disorders. Moreover, wearable trackers providing efficient monitoring of heart rate and allows access to real time data that helps in identifying risks and reduces hospital visits. Therefore, continuous monitoring of cardiac conditions at home through wearable devices will lead to reduced visits to hospitals, thereby increasing its usage during the forecast period.
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Major Players in the Global Wearable Cardiac Devices Market
The key players in the market ZOLL Medical Corporation, Cardiac Rhythm, iRhtythm Technologies Inc., Proteus Digital Health, Custo Med GmbH, Nuubo, Philips, Welch Allyn, VitalConnect, and Qardio. among others.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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