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(Medical-NewsWire.com, November 14, 2017 ) Digital revolution and rapid developments in the information technology have greatly affected the healthcare sector. Various advanced paradigms of the technology are amalgamated together to facilitate the monitoring of various medical conditions that require extensive and continuous monitoring. This facilitated the development of wearable heart devices market. Additionally, the increasing prevalence of atrial fibrillation (AFib) has further boosted the market. In 2017, according to the Centres for Disease Control and Prevention about 2.7-6.1 million people in the United States have AFib and it is reported that more than 750,000 hospitalizations occur each year in the U.S. because of AFib, estimating the medical costs for people who have AFib to be about USD 8,705 per head. Moreover, increasing healthcare expenditures as well as the geriatric population will fuel the market growth during the forecasted period. However, lack of awareness for the products, high cost of the products and stringent FDA approval will restrain the market growth during the forecasted period.
The global wearable heart monitoring devices market is expected to grow at an approximate CAGR of 9.86% during the forecast period.
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Key Players
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
The Americas dominate the global wearable heart monitoring devices market. Well-developed healthcare sector and highly developed information technology sector has enabled the Americas to be the regional global leader. Moreover, high prevalence of AFib diseases and 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 has the second leading market in global wearable heart monitoring devices market which is followed by Asia Pacific. A 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 market for wearable heart monitoring devices Asia Pacific. Asia Pacific- wearable heart monitoring devices market is majorly driven by India and China owing to a huge patient pool, and continuously developing healthcare sector have fuelled the growth of the market.
The Middle East and Africa contribute the least in the growth of global wearable heart monitoring devices market. The Middle East dominates the market for the Middle East and Africa. Africa holds the least share of the global market due to limited availability of medical facilities and poor economic conditions.
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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 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, others.
LIST OF TABLES
Table 1 Wearable Heart Monitoring Devices Industry Synopsis, 2017 2023
Table 2 Global Wearable Heart Monitoring Devices Market Estimates And Forecast, 2017 2023, (USD Million)
Table 3 Global Wearable Heart Monitoring Devices Market By Region, 2017 2023, (USD Million)
Table 4 Global Wearable Heart Monitoring Devices Market By Products, 2017 2023, (USD Million)
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Table 5 Global Wearable Heart Monitoring Devices Market By Type, 2017 2023, (USD Million)
Table 6 Global Wearable Heart Monitoring Devices Market By Application, 2017 2023, (USD Million)
Table 7 Global Wearable Heart Monitoring Devices Market By End Users, 2017 2023, (USD Million)
Table 8 North America Wearable Heart Monitoring Devices Market By Products, 2017 2023, (USD Million)
Table 9 North America Wearable Heart Monitoring Devices By Types, 2017 2023, (USD Million)
Table 10 North America Wearable Heart Monitoring Devices By Application, 2017 2023, (USD Million)
Table 11 North America Wearable Heart Monitoring Devices By End Users, 2017 2023, (USD Million)
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