Global ECG Sensor Patch Market: Overview
Preference for wearable gadgets is rising, particularly for the ones that can monitor vital signs of human health, which is why noticeable growth can be seen in the global ECG sensor patch market. Besides, growing use and popularity of high-end, technologically advanced wireless and mobile wearable gadgets is gaining traction among people of all age groups. Therefore, global ECG sensor patch market is likely to gain impetus from growing popularity of such wearable devices.
The global ECG Sensor Patch market has been segmented on the basis of 4 parameters, namely end use, application, product, and region.
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Global ECG Sensor Patch Market: Notable Developments
The following development in the global ECG sensor patch market reveals the changing market dynamics:
- In January 2019, at the Consumer Electronics Show US-based Lief Therapeutics introduced a smart patch. The patch enables users in easy detection, treatment, and management of stress in real time utilizing technology of haptic biofeedback. This invention has enabled the company to tread on the parallel path of both clinical and consumer interest.
A few of the leading market vendors of the global ECG sensor patch market are as mentioned below:
- Hill-Rome Holdings Inc.
- Cardiac Insight Inc.
- Medtronic Plc.
- Lief Therapeutics
- Vivalnk, Inc.
Global ECG Sensor Patch Market: Key Trends
The following drivers, restrains, and opportunities is expected to shape the future course of the global ECG Sensor Patch market during the study period, from 2019 to 2027.
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Growth of the global ECG sensor patch market is likely to be fuelled by the growing prevalence of atrial fibrillation. In accordance with the findings of Centers for Disease Control and Prevention (CDC), nearly 2.7 to 6.1 million people are affected with atrial fibrillation in the U.S. alone. It is highly likely that this no will increase manifolds over the years. Rise in number of such patients is owing to the expanding base of geriatric population. Nearly 2% of the aging population is affected by atrial fibrillation.
Increased activities for clinical trials together with positive outcome of those trials have demonstrated that asymptomatic atrial fibrillation is possible to be diagnosed early with the help of ECG monitoring patch. This is anticipated to add impetus to the global ECG Sensor Patch Market in forthcoming years. The 67th Annual Scientific Session held at the American College of Cardiology in May 2018. It was there that Janssen Pharmaceutical, subsidiary of Johnson & Johnson, declared the outcome of its home based clinical trial. The outcome of the trial proved that wearable ECG monitoring patch helps in the early identification of people suffering from asymptomatic atrial fibrillation than the other conventional procedures.
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In addition, growing investment by market players and many other organizations is likely to fuel the growth of the global ECG Sensor Patch market. For example, Cardiac Insight Inc. collected US$ 4.5 million from different organizations in order to accentuate distribution, sales, and production of wearable sensor of ECG heartbeat.
Global ECG Sensor Patch Market: Geographical Analysis
Latin America, North America, Europe, Middle East and Africa, and Asia-Pacific are the major regions of the global ECG Sensor Patch market.
From the geographical standpoint, North America is expected to account for a leading position in the global ECG Sensor Patch market in years to come. Much of its market dominance is owing to the growing prevalence of atrial fibrillation and various heart conditions. According to the findings of American Heart Association, in the U.S. stroke emerged as the major reason for death in 2016. Another 2.7 million suffering from atrial fibrillation, which gives the demand for ECG sensor patch market a thrust in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.