Wearable Ambulatory Monitoring Devices Market Scenario, Business Overview and Forecast to 2025
Wearable Ambulatory Monitoring Devices Market Scope
The global wearable ambulatory monitoring devices market can reach a value of USD 4,990.8 million by 2025. It can exhibit a CAGR of 6.48% over the forecast period. The market is primarily driven by diagnosis of arrhythmic disorders. High prevalence of cardiovascular disorders is likely to induce heavy demand in the market due to the large geriatric populace and a patient pool susceptible to heart diseases due to their current lifestyles. According to the American College of Cardiology report of 2019, coronary diseases affect close to 1 million people in the U.S. Rapid diagnosis of these conditions can work in favor of the market.
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Emergence of various mHealth startups as well as its subsequent adoption by patients has demonstrated the comfort of these devices. This can trigger the adoption of Wearable Ambulatory Monitoring Devices Market in large hospitals and fuel market demand. The large geriatric populace, rise in numbers of obese people, and huge strides in diagnostic technologies are projected to fuel the market demand. But concerns of data theft can hamper the growth of the global wearable ambulatory monitoring devices market.
Wearable Ambulatory Monitoring Devices Market Segmentation
The global wearable ambulatory monitoring devices market is segmented by product type. Based on product type, the wearable ambulatory monitoring devices market is segmented into mobile cardiac telemetry devices, cardiac event monitors, Holter monitor, and others.
Wearable Ambulatory Monitoring Devices Market Regional Analysis
Regionally, the global wearable ambulatory monitoring devices market is segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas are touted to dominate the global market owing to high incidence of arrhythmic conditions. According to the American Heart Association, nearly 4 million Americans suffered from arrhythmia in 2015. This can induce the demand for wearable ambulatory monitoring devices in the region. Allocation of healthcare expenditure for patients and demand for advanced treatment methods will bode well for the market. Other factors include advanced healthcare infrastructure and favorable reimbursement policies for patients can drive the procurement of devices among hospitals.
Europe is the second-biggest region for the global Wearable Ambulatory Monitoring Devices Market due to large number of arrhythmia cases. According to the National Health Service (NHS), close to 2 million are diagnosed with arrhythmia in the U.K. Increasing cases of high blood pressure is expected to augur favorably for the market.
APAC is projected to grow at an agile pace during the assessment period owing to a large patient pool and launch of new innovative products. For instance, Abbott has launched the very first smartphone compatible insertable cardiac monitor for patients in India in 2017. High prevalence of cardiovascular diseases can also act as a catalyst for the market to expand successfully in the region. Adoption of advanced digital devices can bode well for the region.
Wearable Ambulatory Monitoring Devices Market Competition Outlook
Hill-Rom Services Inc., ACS Diagnostics, General Electric Company, ZOLL Medical Corporation, Preventice Solutions, Inc., BioTelemetry, Medicomp Inc., iRhythm Technologies, Inc., Telerhythmics, LLC, and Medtronic PLC are major players of the global wearable ambulatory monitoring devices market. Acquisitions, collaborations, and new product launches are new strategies to sustain their foothold in the market.
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