Wearable Ambulatory Monitoring Device Market Regional Analysis, Key Players, Opportunities and Forecast to 2030
Wearable Ambulatory Monitoring Device Market
The Wearable Ambulatory Monitoring Device Market is anticipated to reach USD 4.17 Billion by 2030 at 8.20% CAGR during the forecast period 2022-2030.
Rise of virtual care, home care, and remote monitoring are accountable for pushing the demand for wearable ambulatory monitoring devices. Penetration of the internet and smartphones have facilitated in making these devices a success and monitoring patients with a history of cardiac arrest and people above the age of 50.
But the sensitivity of these devices to motion, changes in temperature and skin color, and data concerns can hamper the market growth.
Wearable ambulatory monitoring devices are medical devices with sensors embedded in them to detect abnormalities in the body. The burden on the healthcare sector has led to its development and its eventual commercialization. The global wearable ambulatory monitoring devices market report by Market Research Future (MRFR) looks at the current state of the healthcare sectors, the need for infusion of novel technology, and other developments for the period.
Major Key Players:
Some of the Wearable Ambulatory Monitoring Device Market players are General Electric Company, ZOLL Medical Corporation, ACS Diagnostics, Preventice Solutions, Inc., iRhythm Technologies, Inc., Hill-Rom Services Inc., BioTelemetry, Medtronic PLC, Medicomp Inc., and Telerhythmics, LLC are key players of the global wearable ambulatory monitoring devices market. New product launches, acquisitions, and collaborations.
Segment Analysis
Based on product type, it has been segmented into mobile cardiac telemetry devices, cardiac event monitors, Holter monitor, and others.
Cardiac event monitors had accounted for the largest market share in 2018. This can be attributed to its ability of recording long periods of monitoring. The electrocardiograms (EKGs) are sent to the doctor’s office for further analysis and used in taking measures in case of recurrence of cardiac arrest or other sudden attacks.
Regional Analysis
The global wearable ambulatory monitoring devices market analysis by region has been divided into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is likely to dominate the global wearable ambulatory monitoring devices market. This can be attributed to the large number cases of cardiovascular diseases (CVD) in the region. According to the American Heart Association (AHA), close to 4 million Americans suffered from recurrent arrhythmias in the U.S. in 2015. Moreover, the towering health expenditure per person and increasing demand for advanced treatment options are also expected to drive demand for wearable ambulatory monitoring devices.
Europe is estimated to be the second-largest during the review period. The high numbers of arrhythmia in the region is expected to boost the growth of the regional market. For instance, according to the statistics published by the National Health Service (NHS), arrhythmia has affected more than 2 million people per year in the UK. Additionally, the prevalence of high blood pressure is another driver in Europe, which is further fueling the market demand for wearable ambulatory monitoring devices. Strict policies pertaining to devices required by the European Society of Hypertension can lead to accurate recordings by Holter monitors.
APAC is anticipated to be the fastest-growing region in the market owing to the launch of various products. For instance, Abbott Laboratories announced the launch of its first smartphone-compatible insertable cardiac monitor to detect arrhythmias in India in 2017. Looming presence of chronic cardiac diseases can fuel the demand in the global wearable ambulatory monitoring devices market.
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