The global wearable cardiac devices market registered a revenue of nearly $930.0 million in 2019, and is anticipated to grow at 26.5% CAGR, surpassing $7,733.1 million by 2027.
Growing use of smartphones and AI is the major driving factor for the wearable cardiac devices market in the estimated period. Moreover, insufficient data available in the devices is predicted to hinder the market growth in the estimated period.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|24.3%||26.5%||218||USD 1,426.5 Million||USD 1,493.9 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Increasing cases of cardiovascular diseases among the population is predicted to be the major driving factor for the growth of the wearable cardiac devices market in the estimated timeframe. According to world health organization (WHO), 17.9 million people die every year from cardiovascular diseases. Across the globe, four out of 5 cardiovascular disease deaths are due to heart attacks and strokes, and one third of these deaths occur prematurely in people under 70 years of age.
Rise in the geriatric population across the globe is also predicted to be one of the major driving factors for the global market in the forecast period. Wearable cardiac devices provide the basic information to the consumer through his smartphone or any other connected devices. Limited information available to the patients in cardiac devices is predicted to be the biggest restraint for the market growth in the estimated period.
Increasing cases of coronavirus infected patients are predicted to drive the market in the estimated period. Majority of the organizations are focusing on various initiatives to provide solutions to the cardiovascular disease population across the globe, which is predicted to boost the market in the forecast timeframe. For instance, in February 2020, Centers for Disease Control and Prevention found a solution in tracking cardiovascular health population trends using consumer wearables. With the help of big data fitness trackers one can offer a window into regional health disparities and potential causes of cardiovascular disease.
Due to the exploited healthcare systems during the pandemic, millions of people may have higher risk of infections. Most of the manufacturers are focusing more on building new products so that cardiovascular diseases patients are not required to visit hospital frequently. For instance, Nanowear US-based Company built a nanotechnology-powered monitoring platform, which helps to capture more than 15 diseases directly from the patient’s skin.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
Growing geriatric population across the globe is predicted to be the major driving factor for the global market in the estimated period. As per American heart association, among the 60–79-year-old age group in American adults, the cardiovascular diseases patients comprise of 77.2% of males and 78.2% of females. Increasing incidents of cardiovascular diseases across the globe is predicted to be the major driving factor for the market in the forecast period.
Moreover, increasing demand for remote patient monitoring devices and home healthcare devices is predicted to have a positive impact on the growth of the market. Moreover, increasing investment in research and development by majority of the players is predicted to create more growth opportunity for the investors to invest in the forecast period. On the other hand, lack of awareness of products and data privacy issues are predicted to hinder the market in the projected timeframe.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Wearable Cardiac Devices Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity