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.
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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.
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