Wearable Cardiac Devices Market Size

Wearable Cardiac Devices Market Size

Wearable Cardiac Devices Market size exceeded USD 1.5 billion in 2020 and is anticipated to grow at a CAGR of over 24.7% between 2021 and 2027. Increasing awareness about wearables coupled with preference for homecare devices will augment the market growth. Booming geriatric population base, that is prone to several chronic diseases across the globe will increase the patient pool suffering from cardiac arrhythmias and other CVDs. This will spur the demand for wearable cardiac devices among elderly population.

Increasing number of patients suffering from various cardiovascular disorders (CVDs) will primarily drive the market expansion. Wearable cardiac devices such as patches, Holter monitors and wearable ECG devices, assist healthcare professionals and patients in monitoring cardiac parameters. As per the World Health Organization, about 17.9 million people die from CVDs each year. Owing to increased adoption of sedentary and unhealthy lifestyle habits such as excessive consumption of alcohol and smoking, the cases of cardiovascular disorders are increasing at rapid rate.

The outbreak of COVID-19 has positively impacted wearable cardiac devices credited to growing awareness and acceptance of digital and remote health technology. Applications developed by integrating artificial intelligence (AI) assist medical professionals for continuous monitoring of the patients. Wearables were vastly used to track and monitor cardiac activities during pandemic. These products aid healthcare professionals and in medical trials to monitor patients effectively.
 

Several healthcare companies are working together on various projects for manufacturing of Holter monitors, smartwatches and patches among others to provide medical aid. Also, with significant rise in COVID-19 cases, scientists and manufacturers collaborated to pool their resources to detect and treat COVID-19 more effectively, thereby meeting contactless necessities.