The COVID-19 has had a positive impact on the growth of the global wearable cardiac devices market in 2020. The mounting need for remote patient monitoring technologies and increasing cases of cardiac disorders are thrusting the growth of the market. Increasing investments in research and development activities and invention of advanced wearable devices by foremost market players are estimated to unlock profitable growth opportunities for market amidst the crisis period.
New York, USA, May 31, 2021 (GLOBE NEWSWIRE) -- The new research report on the global wearable cardiac devices market by Research Dive sheds light on the impact of COVID-19 pandemic on the present and future perspective of the market. This report is an exhaustive research articulated by market analysts by scrutinizing top driving factors, growth opportunities, competitive landscape, regional market circumstances, and size & scope of the market in the crisis.
Highlights of the Report
The rise of the COVID-19 pandemic has made an optimistic impact on the global wearable cardiac devices market. According to the report, the global wearable cardiac devices market had gathered $930.0 million in 2019 and is anticipated to hit $7,733.1 million by 2027, at a CAGR of 26.5%. The market size in the present scenario has stretched up to $1,493.9 million owing to the increased demand for wearable cardiac devices by cardiac patients across the world.
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Factors Impacting the Market Growth during COVID-19 Pandemic
The global wearable cardiac devices market is projected to perceive noteworthy growth due to an exponential rise in the number of cases of cardiovascular diseases and growing elderly population across the world. For instance, as per the World Health Organization (WHO), around 7.9 million people pass away each year due to cardiac disorders. Globally, nearly 4 out of 5 cardiac disorder deaths are owing to heart attacks and strokes, and 1/3 of these deaths occur ahead of time in people below 70 years of age.
In addition, the rising demand for wearable cardiac systems for remotely monitoring cardiac patients owing to disrupted healthcare systems and fear of getting COVID-infected during the COVID-19 pandemic is foreseen to be the major boosting factor for the global market growth. However, dearth of awareness and knowledgeable about the uses of wearable cardiac devices among patients is expected to hinder the growth of the market in the forthcoming years.
Current Market Transformation Due to Covid-19:
In the pandemic period, some of the foremost players in the wearable cardiac devices industry are greatly capitalizing in the production of novel wearable devices to help cardiac patients and doctors for delivering advanced healthcare and analysis.
In August 2020, a smart-tech enabled, integrated preventive healthcare platform, GOQii, introduced a smart vital watch equipped with pulse oximeter. As per medical professionals, COVID-19 patients are observed to have lower oxygen rate; therefore the device is vital in analyzing and monitoring COVID-19 symptoms.
In May 2021, Biobeat, a med-tech company with unique health-AI abilities in the patient monitoring space, launched a new wearable and continuous ambulatory blood pressure monitoring (ABPM) device, which is at present the only cuffless ABPM solution across the globe. The device is capable of measuring heart rate, diastolic and systolic BP, cardiac output, mean arterial pressure, and systemic vascular resistance.
Such strategic initiatives undertaken by key market players are estimated to open doors to profitable opportunities for the market growth during the crisis period.
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In addition, government of various regions are significantly investing and supporting medical device producer for the development of cutting-edge and efficient wearable cardiac devices. For instance, in November 2020, the U.S. Food and Drug Administration (FDA) has provided approval for AliveCor's next generation of interpretive artificial intelligence (AI)-based personal electrocardiogram (ECG) algorithms. AliveCor is a medical device and artificial intelligence firm that provides ECG hardware and software for consumer mobile devices
Future Scope of the Market:
According to the report the global wearable cardiac devices is anticipated to experience considerable growth post-coronavirus pandemic. New players and some of the major players including -
ZOLL Medical Corporation
Proteus Digital Health
Hillrom Services Inc.
Proteus Digital Health
custo med GmbH
iRhtythm Technologies Inc.
Key Players are projected to invest in new product invention and production to meet the growing demand for wearable cardiac devices across the world. All these aspects are expected to fuel the market growth in the forthcoming years.
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