Wearable ECG Devices Market Outlook 2022-2027 - Industry Share, Revenue, Key Players, CAGR, Demand, and Forecast by Arizton

The research study on Wearable ECG Devices Market - Global Outlook & Forecast 2022-2027, recently published by Arizton Advisory & Intelligenceconsiders the present scenario of the wearable ECG devices market and its market dynamics for 2022-2027. Several market growth enablers, restraints, and trends are covered in detail. The industry's supply and demand sides are covered in the study. Additionally, it provides profiles and analyses of several other significant businesses active in the sector. Analysts at Arizton evaluated the obtained material and data, gaining insights and understanding of the industry's workings to provide the data systematically, along with predictions and future insights presented to shareholders based on the past evaluation.  

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The global wearable ECG devices market is one of the fastest-growing segments in the global cardiac monitoring market. The market is growing significantly and is expected to grow similarly during the forecast period. This surge in growth is attributed to the growing prevalence/incidence of AF worldwide. The prevalence of CVDs has increased significantly across the globe over the past few years. For instance, CVDs are the most common disease diagnosed in clinical practice. Estimates of the prevalence of CVDs globally were 271 million in 1990 to 523 million in 2019, while the number of CVDs deaths gradually increased from 12.1 million in 1990 to 18.6 million in 2019, according to the American College of Cardiology Foundation.

Apple, Alphabet, Samsung Electronics, Withings, Boston Scientific, Koninklijke Philips, GE Healthcare, OSI Systems, Hill-Rom Services, and iRhythm technologies are the leading players in the global wearable ECG devices market. The market is concentrated, with key players accounting for significant market shares in the overall market. However, as the market offers tremendous growth opportunities for vendors, especially in long-term supporting devices, several start-ups and small MedTech investigating companies are actively developing next-generation devices.

According to Arizton, several aspects will continue to influence the global wearable ECG devices market growth. For instance, the rising adoption of advanced sensors & AI-based wearable ECG devices with widely available clinical data is expected to drive the market growth of the global wearable ECG devices market. In addition, vendors' growing focus on inorganic growth strategies is likely to drive significant product innovations, thus positively influencing the market growth of the global wearable ECG devices market.

Market Trends & Drivers

Increasing Usage of Advanced Sensors & Artificial Intelligence in Wearable ECG Devices
Artificial intelligence (AI) and wearable sensors are two rapidly evolving healthcare technologies poised to transform cardiac care. These technologies enable high-quality electrocardiogram (ECG) acquisition and automatic signal interpretation with cardiologist-level accuracy. Various arrhythmias, such as atrial fibrillation (AF), are detectable, and their diagnosis has important therapeutic implications and may improve patient outcomes.

Mobile ECG sensors are integrated into wearable devices like smartwatches (Apple Watch, AliveCor Kardia), patches (iRhythm Zio), bands (Fitbit Sense), necklaces (toSense CoVa), clothing, rings, and other wearable forms. Key considerations for device selection include electrode type and configuration, storage capacity, power consumption, battery life, signal processing electronics, and wireless communication capabilities. Most mobile RM devices use a 1-lead ECG configuration for ease of use, but six or more lead configurations (such as the AliveCor KardiaMobile 6L) are also available. The emergence of advanced sensors, AI, ML, and DL in wearable ECG is boosting the wearable ECG devices market.

The Emergence of Smartwatches Equipped With ECG
One of the biggest health features in smartwatches today is the ECG feature. EKG stands for Electrocardiogram and is sometimes abbreviated as EKG. A medical procedure that measures heart activity to check for abnormalities. An electrocardiogram taken in a hospital would require a more detailed reading. Still, the advantage of equipping smartwatches with similar hardware is that the owner can take an electrocardiogram at any time and provide that data to the doctor. The Apple Watch (Series 4, 5, and 6) features an FDA-cleared ECG app that captures 30-second electrocardiogram segments and then analyzes normal rhythm and AF using the user's smartphone.

Similarly, the Fitbit Sense is another smartwatch-type device with FDA clearance for AF detection. The Samsung Galaxy Watch3 and Galaxy Watch Active2 also include an FDA-cleared ECG monitoring function that includes screening for AF. With the help of built-in connectivity technologies and apps, smartwatches frequently combine ECG data with monitoring other physiologic indicators. They also feature streamlined data storage and transmission capabilities. Such integration of ECG with smartwatches contributes to the growth of the wearable ECG devices market.

The Paradigm Shift from Conventional ECG Towards Ambulatory ECG
Ambulatory monitors enable a new paradigm in healthcare by collecting and analyzing long-term data for a reliable diagnosis. These devices are becoming increasingly popular for continuous cardiac monitoring. Advances in hardware and software have created new convenient, and affordable devices. This allows vulnerable people to be monitored from the comfort of their own homes while providing critical alerts about events requiring urgent medical attention or hospitalization. The essential advantage of wearable ECG devices is that one can continue daily activities while the heart is monitored.

Wearable ambulatory monitoring devices, including Holter monitors, are mainly embedded with electrocardiogram sensors for monitoring irregular heartbeats. It is challenging for the HCPs to detect arrhythmic disorders with conventional ECG due to their characteristic of intermittent short episodes. Holter monitors can overcome the challenge faced by conventional ECG devices of low successful diagnosis outcomes. Owing to the benefits of ambulatory monitoring, wearable ECG devices market players are significantly focusing on developing user-friendly, safe & accurate ambulatory ECG devices. For instance, introducing the latest-generation patch-based Holter monitors can be worn for up to a few weeks instead of 24/48 hours while offering the greatest patient comfort.

Recent Developments in The Global Wearable ECG Devices Market

In September 2022, Apple launched Apple Watch Series 8 and the new Apple Watch SE.

In April 2022, Biotricity, a medical diagnostic and healthcare technology player, launched the commercial sales of the Biotres, an FDA-approved wireless wearable extended Holter monitor for Up to 30-day wear duration.

In 2021, Philips acquired BioTelemetry, a leading vendor in the mobile cardiac telemetry segment.

In 2021, Boston Scientific acquired Preventice Solutions.

In December 2021, Baxter International acquired Hill-Rom Services.

Check out Arizton's Research Analysis Report: Wearable ECG Devices Market - Global Outlook & Forecast 2022-2027

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