Wearable ECG Monitors Global Market Opportunities And Strategies To 2031

This report describes and evaluates the global wearable ECG monitors market. It covers 2016-2021, termed the historic period, 2021-2026 forecast period, and 2026-2031 forecast period.

The global wearable ECG monitors market reached a value of nearly $1924.6 million in 2021, having increased at a compound annual growth rate (CAGR) of 13.4% since 2016. The market is expected to grow from $1924.6 million in 2021 to $6272.3 million in 2026 at a rate of 26.7%. The market is expected to grow to $18247.9 million in 2031 at a compound annual growth rate (CAGR) of 23.8%.

Growth factors in the historic period include rising prevalence of atrial fibrillation, rising awareness among general population regarding health and fitness and a rapid growth in elderly population. Factors that negatively affected growth in the historic period were challenges due to regulatory changes and data security.

Going forward, increasing incidence of cardiovascular disease, increasing demand for non-invasive ambulatory rhythm monitoring and rapid technological advances initiatives will drive the market for wearable ECG monitors. Factors that could hinder the growth of the wearable ECG monitors market in the future include inaccuracies of wearable devices.

The wearable ECG monitors market is segmented by type into wired and wireless. The wired market was the largest segment of the wearable ECG monitors market segmented by type, accounting for 59.2% of the total in 2021 and going forward the wireless market is expected to be the fastest growing segment in the wearable ECG monitors market, at a CAGR of 29.6%.

The wearable ECG monitors market is segmented by application into atrial fibrillation, angina, atherosclerosis, cardiac dysrhythmia, congestive heart failures (CHF), coronary artery disease, angina and heart attack, bradycardia and tachycardia. The coronary artery disease, angina and heart attack market was the largest segment of the wearable ECG monitors market segmented by application, accounting for 27.4% of the total in 2021, and going forward, the bradycardia market is expected to be the fastest growing segment in the wearable ECG monitors market by application, at a CAGR of 29.5%.

The wearable ECG monitors market is segmented by grade into consumer and clinical. The clinical market was the largest segment of the wearable ECG monitors market segmented by grade, accounting for 78.9% of the total in 2021, and going forward, the consumer market is expected to be the fastest growing segment in the wearable ECG monitors market by grade, at a CAGR of 28.1%.

The wearable ECG monitors market is segmented by sales channel into online and pharmacy. The pharmacy market was the largest segment of the wearable ECG monitors market segmented by sales channel, accounting for 42.4% of the total in 2021, and going forward, the online market is expected to be the fastest growing segment in the wearable ECG monitors market by sales channel, at a CAGR of 38.3%.

North America was the largest region in the global wearable ECG monitors market, accounting for 32.4% of the total in 2021. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the wearable ECG monitors market will be Asia-Pacific, and North America, where growth will be at CAGRs of 31.8% and 28.3% respectively. These will be followed by Western Europe and South America, where the markets are expected to grow at CAGRs of 24.9 % and 17.9% respectively.

The wearable ECG monitors market is highly fragmented, with a large number of large players dominating the market. Major players in the market include iRhythm, Koninklijke Philips N.V (Philips healthcare), General Electric Company (GE Healthcare), Nihon Kohden Corporation, Medtronic, CardioComm Solutions, Inc., Withings, QardioCore, AliveCor Inc. and Aerotel Medical Systems Ltd.

The top opportunities in the wearable ECG monitors market segmented by type will arise in the wired market segment, which will gain $2,257 million of global annual sales by 2026. The top opportunities in the wearable ECG monitors market segmented by application will arise in the coronary artery disease, angina and heart attack market segment, which will gain $1,147.7 million of global annual sales by 2026. The top opportunities in the wearable ECG monitors market segmented by grade will arise in the clinical market segment, which will gain $3,350.3 million of global annual sales by 2026. The top opportunities in the wearable ECG monitors market segmented by sales channel will arise in the pharmacy market segment, which will gain $1,638.5 million of global annual sales by 2026. The wearable ECG monitors market will gain the most in the USA at $1,366.2 million.

Market-trend-based strategies for the wearable ECG monitors market include the use of artificial intelligence, technological advancement in wearable ECG devices, technology and analytics in patient care, investment in wearables and mobile applications and advances in the use of cardiovascular monitoring technologies.

Player-adopted strategies in the wearable ECG monitors market include focus on investing in new product launches, technological advancements and the use of artificial intelligence to strengthen product offerings.

To take advantage of the opportunities, the publisher recommends the wearable ECG monitors companies to focus on artificial intelligence (AI), develop technologically advanced products, expand in emerging markets, offer competitive pricing, continue to use B2B promotions, focus more on direct-to-consumer (DTC) advertising, continue to participate in events and conferences and focus on fast-growing applications.