Wearable Electrocardiography (ECG) Devices Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

Market Scenario 

The Global Wearable Electrocardiography (ECG) Devices Market is estimated to witness a rise in revenue from US$ 14,837.2 Mn in 2021 to US$ 58,071.9 Mn by 2027. The market is registering a CAGR of 25.5% during the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 19.4% during the forecast period. An electrocardiogram (ECG) is a test that is used to check the functioning of the heart by measuring the heart's rhythm in order to detect the risk of stroke, heart attack, blood clots, high blood pressure, and high cholesterol among others. A wearable electrocardiography device is basically used to monitor the electric activity of the heart, the device can be worn as a band or watch or can be attached as a patch to the body. Wearable ECG monitors are designed for in-clinic and remote patient monitoring applications, the multi-function cardiac patch can live stream multiple parameters to a mobile device or the cloud. It is reusable, rechargeable, and can record data even in the event of a network disruption. It is used in multiple studies including AF detection, coronary artery disease, stress and depression, and more.

The major factors responsible for the growth of the wearable electrocardiography (ECG) devices market include the rising prevalence of atrial fibrillation and the declining cost of wearable technologies. Atrial fibrillation, often called AFib or AF, is the most common type of treated heart arrhythmia. An arrhythmia is when the heart beats too slowly, too fast, or in an irregular way. The demand for wearable ECG monitoring devices is gaining significant traction in developed and emerging nations such as the US, China, and others. Moreover, there are many cost-effective and efficient wearable ECG devices available in the marketplace. The availability of such devices has pushed the adoption of wireless Electrocardiography. Therefore, with the rise in disposable income and rising health consciousness, the adoption rate of wearable ECG monitoring devices will increase globally in the near future. However, the lack of accuracy in precision reporting and potential drawbacks of wearable ECGs makes the wearable less valuable and relevant, which further hamper the growth of the ECG devices market during the forecast period. 

Different products of Wearable Electrocardiography (ECG) Devices 

• The ECG app on Apple Watch Series 4, Series 5, or Series 6 generates an ECG that is similar to a single-lead (or Lead I) ECG.
• Samsung Galaxy Watch 3- The device has an electrocardiogram feature and can measure blood oxygen levels on demand.

Samsung Galaxy Active 2- ­­It has a built-in ECG app that monitors heart rate. Also, it supports new tools such as running analysis, VO2 Max, and trip detection. 

• Fitbit Sense- The Fitbit ECG app is used to create and record an ECG when a user takes a 30-second reading on its Fitbit wrist-worn product. Apart from the ECG sensor, the smartwatch also comes with an EDA sensor that is used in managing stress. Fitbit had received regulatory approval for the ECG feature in the US and Europe.
• KardiaMobile 6L- KardiaMobile is a medical-grade personal ECG device that lets a user monitor heart at the ease of home. It is regulated per federal and international regulations. It has been recognized as one of the most promising technology pioneers by the World Economic Forum for accurately recording heart rate and ECG at any place or time.
• QardioCore Chest - Medical grade EKG/ECG- Packed with proprietary sensor technology, QardioCore records more than 20 million data points, streaming the user's live medical-grade data to their smartphones. QardioCore is worn as a chest strap and seamlessly records continuous ECG, heart rate, heart rate variability, respiratory rate, temperature, and activity data.

Report Summary

The Global Wearable Electrocardiography (ECG) Devices Market report discusses the analysis for the period 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the Global Wearable Electrocardiography (ECG) Devices Market across 5 Chapters and 107 pages. The report includes data presentation across 37 tables and 42 statistical figures. 

The subsequent section provides details of the market analysis based on different segments such as product, brand, frequency, end-user, and region. The report also covers extensively the key competitors in the market for wearable electrocardiography (ECG) devices market. 

The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.  The market estimates are presented in terms of value (US$ Mn) and Volume (Thousand Units). The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.  

Key Takeaways from the Global Wearable Electrocardiography (ECG) DevicesMarket Report

• Based on product, the smartwatch segment is expected to project the highest market share in the global wearable electrocardiography devices market during the forecast period owing to its high product penetration globally. Whereas, both smartwatch and pocket ECG monitor is expected to grow at the highest CAGR over the forecast period.
• On the basis of brand, apple (series 4,5,6) is anticipated to hold the highest market share during the forecast period owing to the rising demand for apple smartwatches for ECG monitoring. Whereas, Alivecor (kardialMobile6) and other market segments are expected to witness the highest CAGR over the forecast period owing to their low cost as compared to other brands available in the marketplace.
• By frequency, the continuous segment is estimated to hold the largest market share during the forecast period due to its rising demand. Moreover, the Adhoc segment is expected to project the highest CAGR in the marketplace over the forecast period.
• In terms of end-user, individual users dominated the wearable electrocardiography devices market owing to the rising awareness regarding wearable ECG devices among individuals.
• By region, the US is expected to hold the largest market share during the forecast period owing to the presence of major market players in the country. Whereas, China is projected to grow at the highest CAGR over the forecast period due to the growing demand for these devices in the country.

Competitive Landscape

The key players in the Global Wearable Electrocardiography (ECG) Devices Market are Apple Inc., Samsung Electronics Co., Ltd., Fitbit, Inc., AliveCor, Inc., Qardio, Inc., and VivaLNK among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview 

Global Wearable Electrocardiography (ECG) Devices Market is segmented based on product, brand, frequency, end-user, and region. The industry trends in the global wearable electrocardiography (ECG) devices market are sub-divided into different categories in order to get a holistic view of the global marketplace. 

Following are the different segments of the Global Wearable Electrocardiography (ECG) Devices Market:

By Product segment of the Global Wearable Electrocardiography (ECG) Devices Market is sub-segmented into:

• Smartwatch
• Smart band
• Pocket ECG monitor
• ECG Patch
• Others

By Brand segment of the Global Wearable Electrocardiography (ECG) Devices Market is sub-segmented into:

• Apple (series 4,5,6)
• Samsung (galaxy watch 3, active 2)
• Fitbit (sense)
• Alivecor (kardialMobile6) and others

By Frequency segment of the Global Wearable Electrocardiography (ECG) Devices Market is sub-segmented into:

• Continuous
• Episodic
• Adhoc

By End User segment of the Global Wearable Electrocardiography (ECG) Devices Market is sub-segmented into:

• Individual User
• Hospitals & Clinics
• Homecare
• Others

By Region segment of the Global Wearable Electrocardiography (ECG) Devices Market is sub-segmented into:

• US
• Europe
• China
• Japan
• ROW