Wearable Ambulatory Monitoring Devices Market
The global wearable ambulatory monitoring device market is expected to register a CAGR of 8.14% during the forecast period and hit USD 6,692.67 million by 2027.
A wearable ambulatory monitoring device monitors the patient's heart rates and provide patient data to healthcare professionals through a wireless network. The key factors attributing to the market growth are increasing rate of cardiac diseases, demand for ambulatory monitoring devices, and the rising prevalence of wireless mobile cardiac monitoring devices and enhanced diagnostics. However, product recalls, complications related to devices, and increasing availability of counterfeit products are posing as threats to the growth of the market. Increasing investments in RD for development of technologically advanced products creates an opportunity for the global wearable ambulatory monitoring device market to growth.
Major Key Players
General Electric Company (US), ACS Diagnostics (US), Koninklijke Philips NV (Netherlands), iRhythm Technologies, Inc. (US) and Medicomp Inc. (US) are the key market players.
The global wearable health devices market has been divided based on product type.
Based on product type, the market has been segregated into cardiac event monitor, holter monitor, mobile cardiac telemetry device and implantable cardiac monitor. The Holter monitor segment held the largest market in 2020, owing to its longer assessment period and high adoption rate. The mobile cardiac telemetry devices segment is expected to witness the highest CAGR from 2021 to 2027.
The global wearable ambulatory monitoring device market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East Africa. The Americas is expected to dominate the market due to the presence of major manufacturers such as General Electric Company, iRhythm Technologies, and Boston Scientific Corporation, among others, increasing prevalence of cardiovascular diseases, acquisition, and new product launches to gain a substantial market share. Europe is likely to hold a significant share in the global wearable ambulatory monitoring device market. This can be attributed to recent healthcare developments, increasing disposable income per individual, increased healthcare spending, and governmental support for RD. The Asia-Pacific region is anticipated to witness rapid growth rate owing to low manufacturing labor cost, developing healthcare infrastructure, and growing geriatric population. The market in the Middle East Africa is growing dramatically due to the increasing awareness among the population, demand for better treatments in countries, and rising disposable income.
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