Wearable Heart Monitoring Devices Market Overview
Wearable heart monitoring devices refers to wearable heart monitors that measure and display heart rate, in other words, they provide a real time measurement of heart rate. In addition, these heart monitors measure breathing rate and core temperature of the body.
Innovation in surgical procedures, pain and associated complications during surgery, cost-effectiveness of surgery, increasing healthcare expenditure, increasing prevalence of lifestyle diseases, growing geriatric population, and improvement in minimally invasive surgical procedures are the key factors driving the growth of global wearable heart monitoring devices market.
On the basis of product, the market is fragmented into electric pulse-based, optical technology-based, and other products. The wearable heart monitoring devices market is also parted into chargeable, non-chargeable, Bluetooth enabled and others, on the basis of type. Based on application, the wearable heart monitoring devices market is categorized into healthcare, consumer market, and others.
Grounded in end user, the wearable heart monitoring devices market is fragmented into hospitals, retail pharmacies, academic institutes, and others. Geographically, North America holds the largest share in the global market. This largest share of North America is attributable to increasing research activities, funding and grants from government and organization in the region. Furthermore, increasing prevalence of lifestyle diseases is driving the growth of wearable heart monitoring devices market in the region.
According to the Pew Research Center, approximately 77% of the people in the U.S. are smartphone users, and most of them were expected to have mobile health applications, by 2017. These users include health care professionals, consumers, and patients. Moreover, the penetration of smartphone, and 3G and 4G spectrum has enhanced mobile platforms for providing healthcare services. The wireless monitoring technology is expected to facilitate the growth of wearable heart monitoring devices market.
Wearable Heart Monitoring Devices Market Dynamics
Drivers and Restraints
The pain and associated complications during surgery, innovation in surgical procedures, and cost-effectiveness of surgeries are driving the growth of the wearable heart monitoring devices market.
Innovation in cardiac and vascular surgical procedures include development of various heart monitoring devices that can measure heart and pulse rate, and ECG (electrocardiogram) pattern. Furthermore, the innovation also provides information about breath analysis, that support and increase the chances of success in major surgical procedures.
A study published in 2014, in Circulation journal, titled as “Novel Wireless Devices for Cardiac Monitoring”, which showed the effect of cardiac monitoring devices on surgery. These devices are used for arrhythmia detection, breath analysis, and coronary artery disease. This advancement, in terms of wireless devices, enables medical professionals to capture patients’ ECG data, using a smart phone adapter.
Furthermore, increasing admission of patients with arterial fibrillation in hospitals also supports the growth of wearable heart monitoring devices market. According to the American College of Cardiology, around 2.7–6.1 million population in the U.S. have atrial fibrillation. This number is predicted to increase with increasing old-age population.
In addition, lack of awareness and stringent regulatory norms are expected to hinder the growth of wearable heart monitoring devices market in coming years.
Wearable Heart Monitoring Devices Market – Competitive Landscape
With several technological advancements taking place in the wearable heart monitoring devices industry, the players are launching advanced products to increase their market share. For instance, in December 2018, Abbott Laboratories launched Insertable Cardiac Monitor (ICM) across India, providing patients access to the world's first and only smartphone compatible ICM. The technology is designed to help physicians remotely identify cardiac arrhythmias. This product is intended to monitor patients’ heart rhythm and transmit data via Bluetooth wireless technology to Abbott dedicated mobile app for the product.
Some of the other key players operating in the wearable heart monitoring devices industry are Boston Scientific Corporation, Koninklijke Philips N.V., Johnson & Johnson, Kinetec Products UK Ltd., Beurer GmbH, Medisana GmbH, Polar Electro Oy, Garmin Ltd., Amer Sports Corporation, and Medtronic plc.