Wearable Electrocardiography (ECG) Devices Market Size to Gain US$ 58,071.9 million by 2027 Globally, at a CAGR of 25.5%
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Electrocardiogram or ECG is a test used to measure the heart's rhythm and overall functioning of the heart in order to analyze the chances of stroke, blood clots, heart attack, high blood pressure, cholesterol level, etc. The device is reusable, and rechargeable and is widely being used to conduct studies, such as AF detection, coronary artery disease, stress and depression, and more. The continuous cardiovascular monitoring ECG systems segment will witness unprecedented growth opportunities due to the growing incidence of cardiovascular diseases and the steadily rising geriatric population.
Factors Influencing the Market
People are becoming more aware of detecting the early signs of cardiovascular diseases in order to combat further risks. The rising focus on healthcare is the primary shaping the scope of the wearable Electrocardiography (ECG) devices market. Additionally, the fact that continuous cardiovascular ECG monitoring systems are easy to carry and offer real-time information about the device by continuously monitoring the heart condition. The real-time information about the patient's heart condition is sent on the connected smartphone via Bluetooth. Users can have a long record of information, which benefits later diagnosis.
Advanced technological aspects of wearable Electrocardiography (ECG) devices will amplify the market growth. The data obtained through the device can be shared easily, which further aids in remote monitoring.
Restraint
The high cost of wearable Electrocardiography (ECG) devices is one of the most significant factors that may limit the growth of the market. The price of portable and wireless ECG devices ranges from low to high; however, effective ECG devices cost significantly higher. In low-income countries, there is a low demand for wireless ECG because of the high-cost factor. Therefore, it is restricting the use of wireless ECG devices.
Opportunities
The coming years are expected to open doors of opportunities for the wireless ECG market due to the high prevalence of cardiovascular diseases along with the growing geriatric population. Additionally, growing knowledge about innovative and advanced wireless ECG devices, along with their easy tracking features, are expected to contribute to the market growth. Further, high government investments in remote healthcare, along with rising R&D activities in the healthcare sector, will contribute to the growth of the Wearable Electrocardiography (ECG) devices market.
Segmentation Analysis
On the basis of product, the smartwatch segment leads with the highest market share
In terms of product, the smartwatch segment is leading with the highest market share because of the high adoption rate of smartwatches across the globe. In India, smartwatch sales grew 274%, wherein domestic manufacturers like Noise and boAt held 75% of the total industry share. Apart from that, smartwatches and pockets are expected to exhibit the highest CAGR over the forecast period.
On the basis of brand, Apple leads with the highest market share
Based on the brand, Apple is leading in the market with the highest industry share due to the upscaling demand for apple smartwatches for ECG monitoring. In 2021, Apple maintained its lead in Counterpoint's list of the top nine smartwatch brands. The brand captures a 30.1% share. Alivecor (kardialMobile6), on the other hand, is expected to exhibit the highest growth rate in the Wearable Electrocardiography (ECG) devices market.
On the basis of frequency, the continuous monitoring segment leads with the highest market share
In terms of frequency, the continuous monitoring segment holds the highest market share, whereas the Adhoc segment will exhibit the highest growth rate over the forecast period during the study period.
On the basis of end-user, the home-based settings segment is likely to exhibit the highest growth rate
On the basis of end-users, the home-based settings segment is expected to exhibit the highest CAGR of 8.5%, whereas the hospitals, clinics, & cardiac centers segment holds the highest market share of 56.5% in 2021. The growth of the home-based settings segment is linked to the growing cases of cardiovascular diseases and increasing knowledge about the solution.
On the basis of region, North America leads with the highest market share
Based on region, North America holds the lion's share of 40.2% share in the wearable Electrocardiography (ECG) devices market due to the upsurging adoption of a sedentary lifestyle, such as an unhealthy diet. Further, high knowledge about technological advancements is further driving the growth of the wearable Electrocardiography (ECG) devices market. However, Asia-Pacific wearable Electrocardiography (ECG) devices market will exhibit the highest CAGR of 6.7% over the forecast period due to growing disposable income and increasing adoption of smart devices.
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Competitors in the Market
Some of the key companies analyzed in the wearable Electrocardiography (ECG) devices market include Apple Inc., Samsung Electronics Co., Ltd., Fitbit, Inc., AliveCor, Inc., Qardio, Inc., and VivaLNK among others.
Market Segmentation
By Product:
Smartwatch
Smart band
Pocket ECG monitor
ECG Patch
Others
By Brand:
Apple
Samsung
Fitbit
Alivecor (kardialMobile6) and others
By Frequency:
Continuous
Episodic
Adhoc
By End User:
Individual User
Hospitals & Clinics
Homecare
Others
By Region:
US
Europe
China
Japan
ROW
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