Wearable ECG Monitors Market:
The global wearable ECG monitors market is expected to decline from $1.58 billion in 2019 to 1.54 billion in 2020 at a compound annual growth rate (CAGR) of -2.68%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to stabilize and reach $1150.7 billion in 2023 at CAGR of 30.67%.
The wearable ECG monitor market consists of sales of ECG monitors embedded with optical sensors and designed to be affixed to a limb of human (patient) body to monitor physiological information anytime and anywhere. The market consists of revenues generated by establishments that are primarily engaged in the manufacturing of diagnostic wearable ECG monitors. An ECG records the tiny electrical signals that are generated by the beating of patient’s heart. An ECG provides data on the heart rate, the rhythm, the state of the conduction system and muscle tissue (heart attacks), and even the level of certain chemicals like potassium in the blood, and the effect of medication.
North America was the largest region in the wearable ECG monitors market in 2019. Asia-Pacific is expected to be the fastest growing region in the forecast period.
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Prolonged ambulatory rhythm monitoring is crucial for the diagnosis of intermittent arrhythmia. Conventional technologies for non-invasive rhythm monitoring include Holter monitoring or external cardiac event recorders. However, these traditional technologies have limitations in term of low sensitivity, low diagnostic yield, and poor patient compliance. Although implantable cardiac monitors (ICMs) help in long-term monitoring, it is an invasive method as it requires minor surgery and is also associated with significant costs. Therefore there is an increasing demand for non-invasive ambulatory rhythm monitoring. Smart clothing technology is a novel, alternative tool for non-invasive ambulatory rhythm monitoring.
The wearable ECG monitors market covered in this report is segmented by type into wired, wireless and by application into atrial fibrillation, angina, atherosclerosis, cardiac dysrhythmia, congestive heart failures (CHF), coronary artery disease, heart attack, bradycardia, tachycardia.
Wearable ECG monitors employ electrodes that contact the skin directly in order to monitor the health state and signal/trigger alarm to the care providers. However, currently the requirement is the electrodes that are non-contact with the human body. This is because by using the electrodes that are in contact with human body, the body’s movement may be easily superimposed on the detected ECG signal, and for a steady monitoring of ECG signal, it is necessary to effectively remove the motion artefact from the ECG signal. Therefore, wearable ECG monitors employing electrodes in contact with human body and causing motion artifacts is likely to challenge the market.
BioTelemetry, Inc., the leading remote medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care, today announced that it has acquired ADEA Medical AB, an early-stage Swedish medical technology company that delivers remote health services in the Nordics. The acquisition is aligned with BioTelemetry’s longer-term strategy to increase its international footprint and offer its products and services to physicians and patients in the Nordics and other parts of Europe.
With the increasing incidence of cardiovascular diseases (CVD), there has been a growing interest in developing wearable devices that can continuously monitor cardiac activity. According to American Heart Association statistical report (2018) on heart disease and stroke statistics, there are around 17.9 million deaths annually worldwide, and this number is expected to rise about 23.6 million by 2030. CVD account for nearly 836,546 deaths in the US alone. Cardiovascular diseases that include abnormalities in heart rhythm such as atrial fibrillation, ventricular fibrillation, and atrioventricular block require long-term monitoring. Additionally, since the mortality rate is high in CVD patients, the need for wearable devices that enable continuous heart monitoring is critical. The increasing incidence of cardiovascular diseases is therefore driving the market for wearable ECG monitors for a quick emergency response and earlier detection of heart malfunctioning.
Major players in the wearable ECG monitors market are Apple, GE Healthcare, Withings, Samsung, QardioCore, AliveCor, Fitbit, Welch Allyn, Philips Healthcare, and CardioNet.
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