Market Definition:
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.
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.
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Market Outlook:
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.
Market Restraints and Challenges
One of the key restraints in the wearable cardiac devices market is the limited number of indications that are currently approved for these devices. In addition, another key challenge facing the wearable cardiac devices market is the need for long-term data to support the efficacy and safety of these devices.
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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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Segmental Overview
The report analyses the global Wearable Cardiac Devices market based on product, application, and region.
Major Players
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
• Market Size in 2022 – $1.8 bn
• Market Size in 2032- $9.6 bn
• CAGR % – 18.2%
• Historic Period – 2016-2021
• Forecast Period – 2023-2032
• Base Year – 2022
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