Wearable Heart Monitoring Devices Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Wearable Heart Monitoring Devices Market is segmented By Product Type (Chest Straps & Patches, Pulse Oximeters, Blood Pressure Monitors, Smartwatches, Others) By Technology (Electric Pulse Based, Optical Technology Based) By Application (Sports and Fitness, Medical Monitoring, Remote Patient Monitoring, Others) By End User (Hospitals, Homecare Settings, Cardiac Centers, Others) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

Global Wearable Heart Monitoring Devices Market reached US$ 2.29 billion in 2023 and is expected to reach US$ 6.22 billion by 2031, growing at a CAGR of 13.9% during the forecast period 2024-2031.

Wearable heart monitor devices are popular tools for tracking heart rate and pulse rate, offering personal use convenience and wireless connectivity to smartphones and computers for easy data access. These devices are available in various forms, including chest straps, wristbands, rings, and smartwatches. Their accuracy depends on the type of detection and user activity while wearing them.

Market Scope

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Market Dynamics: Drivers & Restraints

Rise in technological advancements

Technological advancements have played a significant role in the development of wearable heart rate monitor devices, enhancing their functionality, accuracy, and usability. These advancements include the integration of various sensors, such as electrocardiogram (ECG) sensors, photoplethysmography (PPG) sensors and accelerometers, which provide real-time data on heart rate, blood oxygenation levels, blood pressure and physical activity.

Moreover, in February 2021, RhythMedix launched the newest-generation wearable ECG monitor named 'RhythmStar'. This device has built-in cellular connectivity which can collect ECG recordings by itself and send data wirelessly to physicians without the use of a phone. This simplified and time-saving approach may entice more customers and raise their market potential. 

Thus, the rise in the adoption of advanced technology in wearable devices comprises benefits that help patients and physicians manage heart problems in a better way, thereby contributing to market growth. 

Data security and privacy concerns

Data security and privacy concerns have emerged as critical issues in 2023. The collection and transmission of personal health data via wearable devices have raised questions about the security and protection of this sensitive information. 

As evidence, incidents of data breaches and privacy breaches related to wearable devices have led to increased scrutiny from regulatory bodies and users. These concerns may lead to more stringent data protection regulations and user hesitancy in adopting wearable heart monitoring devices.

Segment Analysis

The global wearable heart monitoring devices market is segmented based on product type, technology, application, end-user and region.

The chest straps & patches from the product type segment accounted for approximately 39.3% of the wearable heart monitoring devices  market share

The chest straps & patches from the product type segment accounted for approximately 39.3%. Wearable devices for ECG monitoring include patches, clothing-based monitors, chest straps, upper arm bands, devices that one can touch with fingers from different arms and wristbands. Patches are popular for long-term ambulatory monitoring. Several recent solutions include patches attached on the left side of the chest that can be monitored for several weeks (e.g., Vital Connect Patch). Others include a small device attached to a strip or two electrodes on the chest (e.g., Body Guardian Heart). Devices often measure temperature and impedance and have accelerometers to detect motion.

For instance, in December 2023, Neuranics launched a magnetic sensor development kit for monitoring the magnetic activity of the heart. The company designed the kit to record heart activity and wirelessly transfer recordings over Bluetooth. It provides live, 24/7 recording and analysis straight to a smartphone, tablet or laptop. 

Geographical Analysis

North America is estimated to hold about 38.4% of the total market share throughout the forecast period

North America is estimated to hold about 38.4% of the total market share throughout the forecast period owing to factors like rising incidences of CVDs, FDA approvals, novel product launches by key players and the presence of major market players and their strategic initiatives. 

For instance, in July 2023, Biostrap USA introduced the new wearable Biostrap Kairos device for stress resilience measurement and insights into heart rate variability (HRV).Biostrap offers a data visualisation of the autonomic nervous system, accompanied by the innovative Vital Science app, for quantifying the sympathetic and parasympathetic branches from a wrist-worn device. The device features a modular design, which enables it to be easily positioned on the forearm or bicep.

Moreover, in June 2023, Lithuanian high-tech company group Teltonika launched the production of TeltoHeart, a multifunctional smart medical wristband designed to help people with heart rhythm problems.

Covid 19 Impact Analysis

The COVID-19 pandemic had a significant impact on wearable heart monitoring devices. The pandemic led to an acceleration in healthcare innovation, with the adoption of telemedicine taking place almost overnight. More wearable patient monitoring devices are applied to help increase the availability of monitoring and treatment of patients and to help address the reduction of healthcare provider exposure to SARS-CoV-2, especially for people with heart disease. They are more likely to experience symptoms and complications when infected with a virus, such as the novel coronavirus that causes COVID-19. 

Competitive Landscape

The major global players in the market include Medtronic, Kinetec Products UK Ltd, Boston Scientific Corporation, Medisana AG, Koninklijke Philips N.V, iRhythm Technologies Inc, Vital Connect, ACS Diagnostics, GE Healthcare, Qardio Inc among others.

Key Developments

• In December 2022, researchers at the University of Missouri College of Engineering designed a breathable new heart health wearable with antimicrobial properties using a USD 2.6 million grant from the National Institute of Health.
• In March 2022, Amrita University, India, launched a wearable health monitoring device for home use. Amrita Spandanam is a wearable device that uses a finger clip to measure six body parameters: blood glucose, blood pressure, heart rate, blood oxygen, respiratory rate, and 6-lead ECG. 

Why Purchase the Report?

• To visualise the global wearable heart monitoring devices market segmentation based on product type, technology, application, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analysing trends and co-development. 
• Excel data sheet with numerous data points of the wearable heart monitoring devices market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global wearable heart monitoring devices market report would provide approximately 64 tables, 61 figures and 186 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies