(PharmaNewsWire.Com, February 23, 2018 ) Wearable Heart Monitoring Devices Market is expected to grow at an approximate CAGR of 9.86% during the forecast period. Digital revolution and the rapid development of the information technology has transformed virtually every industry and healthcare industry is no exception. Recently, novel devices for wireless monitoring have emerged and begun to be integrated with cardiac patient care. This has led to the development of wearable heart monitoring devices market. By set-up, a majority of the wearable heart monitoring devices consists of wearable monitoring device and a portable data transmission device which transmits real time medical data for analysis. According to the National Health Service in 2015, an average American is constantly connected via high bandwidth to a vast network of data and sophisticated digital platforms with over 90% of American adults owning a cell phone and 55% having smart phones.
According to the Centres for Disease Control and Prevention in 2017, 2.7-6.1 million people in the United States have AFib. Moreover, it is reported that more than 750,000 hospitalizations occur each year in the U.S. because of AFib, accounting to the estimated medical cost for people who have AFib to be about USD 8,705 per person. Such trends in the prevalence of AFib along with high per capita healthcare expenditures in the developed countries and growing geriatric population is estimated to boost the market growth during the forecasted period. However, lack of awareness for the products, low healthcare expenditures in the developing countries and stringent FDA approvals will restrain the market growth during the forecasted period.
Key players for global wearable heart monitoring devices market:
The key players for the global wearable heart monitoring devices market are Medtronic (U.S.), Kinetec Products UK Ltd. (South America), Beurer GmbH (Europe), Medisana AG (Europe), Briggs Healthcare (U.S.), Polar Electro (Europe), SUUNTO (Europe), Koninklijke Philips N.V. (Europe), Garmin Ltd. (Europe), and others.
Regional Analysis:
America dominates the global wearable heart monitoring devices market owing to a well-developed healthcare sector and a highly developed information technology sector. Moreover, high prevalence of AFib diseases, increasing healthcare expenditure have boosted the growth of the market in America. Moreover, the presence of developed economies like the U.S. and Canada and global players such as Medtronic, Briggs Healthcare within the regional boundaries fuels the market growth.
Europe is the second largest market for wearable heart monitoring devices, which is followed by Asia Pacific. Availability of funds for research, well developed healthcare infrastructure, huge patient population and government support for research & development will drive the market in the Europe.
Asia Pacific is the fastest growing region for the market due to the presence of developing economies like India and China within the region which have increasing healthcare expenditures. This along with favourable government policies will boost the market growth in the presence of huge opportunity for the untapped market within the region.
The global wearable heart monitoring devices is segmented on the basis of products, type, application, and end users. On the basis of products, the market is segmented as electric pulse based, optical technology based, and others. The electric pulse based segment is sub-segmented into chest straps, chest patches and others. The optical technology based segment, by product, is further segmented into smart watches, earphones, and others. On the basis of type, the market is categorised into chargeable, non-chargeable, bluetooth enabled, and others. On the basis of application, the market is segmented into healthcare, consumer market, and others. On the basis of end users, the market is segmented into hospitals, retail pharmacies, academic institutes, and others.
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