The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global wearable electrocardiography (ECG) devices market from US$ 14,837.2 Million in 2021 to US$ 58,071.9 Million by 2027. The market is anticipated to grow at 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. Wearable ECG monitoring devices are designed to provide continuous medical grade data while fitting an individual’s lifestyle. It is particularly suited for people with increased health risk caused by family predisposition, history of heart attacks or strokes, high blood pressure, high cholesterol, diabetes and excess weight. 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. Moreover, abnormal ECG, chest pain, palpitations can be a signal of a number of different heart conditions which needs an immediate action. While, on the other hand a normal functioning of the heartbeat on ECG shows the timing of the top and lower chambers.
On the basis of product segment, 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. Moreover, based on brand, apple (series 4,5,6) is anticipated to hold the highest market share during forecast period owing to the rising demand for apple smart watches for ECG monitoring. Whereas, the alivecor (kardialMobile6) and others market segment is expected to witness the highest CAGR over the forecast period. Furthermore, based on frequency, the continuous segment is estimated to hold the largest market share during the forecast period due to its rising demand. Also, by end user segment, individual user dominated the wearable electrocardiography devices market owing to the rising awareness regarding wearable ECG devices among individuals. Moreover, based on region, US is expected to hold the largest market share during the forecast period owing to the presence of major market players in the country.
Market Dynamics and Trends
Drivers
Rising prevalence of atrial fibrillation and declining cost of wearable technologies will boost the global wearable electrocardiography devices market during the forecast period. 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 which can increase the risk of heart failure, stroke and other such fatal heart problems. Moreover, when standard stroke risk factors were accounted for, AFib was associated with a more increased risk of ischemic stroke. Furthermore, there are many cost-effective and efficient wearable ECG devices available in the market which boost the adoption of wireless ECG. 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.
Restraints
Lack of precision in reporting and potential drawbacks of wearable ECGis a restraining factor which inhibits the growth of the market during the forecast period. The risk for false positives and other inaccuracies from wearable devices is one among the major factor that limits its adoption rate across the globe, especially in emerging and underdeveloped economies. Moreover, most of the wearable uses a single lead ECG which does not offer the cardiologist a full picture of the electrical signals in the four chambers of the heart. Therefore, these factor makes the wearable less valuable and relevant which further inhibits the growth in the marketplace.
Regional Analysis
Smartwatch holds a major share in terms of revenue in the US Wearable ECG Monitoring Devices Market in 2021
Among the product type, smartwatch dominated the US wearable ECG monitoring devices market owing to the increase in integration of health tracking features in smartwatch to facilitate user an improved monitoring of health status, coupled with rise in awareness among users to fitness and sports activities. Whereas pocket ECG monitor is expected to register the highest CAGR during the forecast period.
Apple (series4,5,6) is expected to project the highest share in the Europe Wearable ECG Monitoring Devices Market during forecast period
Based on brand, apple (series 4,5,6) segment is expected to witness the highest CAGR during the forecast period owing to the rising demand for apple smart watches for ECG monitoring. Where, the alivecor (kardialMobile6) and others in Europe is growing at the highest CAGR during the forecast period.
Continuous segment contributed the major share in the China Wearable ECG Monitoring Devices Market in 2021
Based on frequency, the continuous segment holds the major share in the China wearable ECG monitoring market in 2021 due to its rising demand in the marketplace. Moreover, the adhoc segment is expected to project the highest CAGR in the global wearable electrocardiography devices market over the forecast period.
Hospitals & Clinics is projected to grow at the highest CAGR during the forecast period in the Japan Wearable ECG Monitoring Devices Market
In terms of end user, the individual user holds the major share in the Japan wearable ECG monitoring devices market owing to the rising awareness regarding wearable ECG devices among individuals. Whereas, hospitals & clinics segment is expected to project the highest CAGR in the Japan wearable ECG monitoring devices market during the forecast period.
Smartwatch holds major share in term of revenue in the ROW Wearable ECG Monitoring Devices Market
Based on product segment, smartwatch holds the largest share in the ROW wearable ECG monitoring market owing to its high product penetration globally. Moreover, on the basis of brand, apple (series 4,5,6) is anticipated to hold the highest market share during forecast period owing to the rising demand for apple smart watches for ECG monitoring.
Competitive Insight
Global Wearable Electrocardiography (ECG) Devices Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global wearable electrocardiography devices market include Apple Inc., Samsung Electronics Co., Ltd., Fitbit, Inc., AliveCor, Inc., Qardio, Inc. and VivaLNK among others.
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:
By Brand segment of the Global Wearable Electrocardiography (ECG) Devices Market is sub-segmented into:
By Frequency segment of the Global Wearable Electrocardiography (ECG) Devices Market is sub-segmented into:
By End User segment of the Global Wearable Electrocardiography (ECG) Devices Market is sub-segmented into:
By Region segment of the Global Wearable Electrocardiography (ECG) Devices Market is sub-segmented into:
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