Global Wearable Cardiac Devices Market: Overview
- Wearable technologies have proven to be innovative solutions for various issues in the healthcare industry. Wearable devices are also used for patient and disease management and can directly impact clinical decision making.
- Wearable cardiac devices are designed to help control irregular heartbeats in people with heart rhythm disorders. These irregularities are caused by issues with the heart’s electrical system, which signals the heart to contract and pump blood throughout the body.
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Key Driver of Global Wearable Cardiac Devices Market
- The global wearable cardiac devices market is expanding at a rapid pace owing to a rise in the cases of cardiac arrhythmia
- According to Medicine Net, each year 850,000 people in the U.S. suffer from arrhythmia, leading to a rise in incidences of cardiac arrhythmia
- Atrial fibrillation is a highly common arrhythmia found in the population of age 60 years and above. Consequently, a rise in the geriatric population is likely to boost the wearable cardiac devices market.
- According to the Centers for Disease Control and Prevention (CDC), 2.7 to 6.1 million patients in the U.S. have atrial fibrillation condition, which in turn is anticipated to boost the wearable cardiac devices market.
- Prevalence of several cardiac diseases, such as stroke, heart failure, arrhythmia, and other heart disorders, is rising due to a rapid increase in the geriatric population.
Rise in incidence of atrial fibrillation, bradycardia, tachycardia, and other cardiac arrhythmia conditions, which is anticipated to drive the demand for better cardiac monitor treatments. This, in turn, is estimated to offer significant opportunities to companies operating in the global wearable cardiac device market.
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Key Restraints of Global Wearable Cardiac Devices Market
- Regions have varied regulatory environment for the medical devices industry, which negatively impacts the nature of progressing, cost, and the intention of development and expansion in this field
- Countries such as the U.S. and those in Europe have enacted stringent regulations in terms of the approval of wearable medical devices
- Stringent data protection and privacy rules enacted in the EU from May 2018 are expected to positively affect patient data usage across the industry but increase the hurdle of product approval process.
North America to Account for Major Share of Global Wearable Cardiac Devices Market
- In terms of region, the global wearable cardiac devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is projected to dominate the global market during the forecast period. This is attributed to an increase in prevalence of cardiac arrhythmia, technological advancements with slimmest wearable cardiac monitor available, robust demand for diagnostics, speedy approval of devices, rise in healthcare expenditure, increase in R&D investments, and high preference for wearable cardiac monitor over implant monitors.
Key Players Operating in Global Wearable Cardiac Devices Market
Major players operating in the global wearable cardiac devices market include:
- ZOLL Medical Corporation
- Cardiac Rhythm
- iRhtythm Technologies Inc
- Proteus Digital Health
- custo med GmbH
Global Wearable Cardiac Devices Market: Research Scope
Global Wearable Cardiac Devices Market, by Device
- Holter Monitor
- Patch Monitor
Global Wearable Cardiac Devices Market, by Application
- Home Healthcare
- Remote Patient Monitoring
Global Wearable Cardiac Devices Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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.