Market Trends of Wireless ECG Devices Industry
This section covers the major market trends shaping the Wireless ECG Devices Market according to our research experts:
The Monitoring Systems Segment is Expected to be the Fastest Growing Segment During the Forecast Period
The continuous cardiovascular monitoring ECG systems segment is expected to grow over the forecast period, due to the increasing incidence of cardiovascular diseases and a growing geriatric population, which is likely to increase the need for continuous cardiovascular monitoring of patients' hearts during their daily routines. For instance, the MDPI Journal research article published in September 2021 reported that the worldwide prevalence of peripheral arterial disease (PAD) is estimated to be 3-12%, affecting nearly 27 million people in America and Europe. The same source also reported that in Europe, the prevalence of PAD is estimated at around 17.8% between the ages of 45 and 55. Such a high prevalence of cardiovascular diseases is expected to contribute to the growing demand for continuous cardiovascular monitoring ECG systems, thereby fueling segment growth.
Increasing awareness regarding the early detection and management of cardiovascular diseases is augmenting the demand for continuous cardiovascular ECG monitoring devices. For instance, the World Heart Federation (WHF) celebrates World Heart Day on September 29 every year. WHF has planned a campaign to raise awareness of heart health in September 2022.Over 90 countries take part in this international observance every year. As a result, World Heart Day has proven to be an effective means for disseminating information about cardiovascular disorders.
The innovative product launches necessary to meet the growing demand for continuous cardiovascular monitoring ECG systems are also expected to boost segment growth. For instance, in April 2022, Biotricity launched its US FDA-cleared, wireless wearable cardiac monitoring device, Biotres. The product was available for pre-order to physicians, medical offices, hospitals, and individual users as of late February 2022.
North America is Expected to Witness a Growth in Wireless ECG Devices Market Over the Forecast Period
North America holds a major share of the wireless ECG devices market, and it is expected to show a similar trend over the forecast period. Factors such as the growing geriatric population and increasing incidence of cardiovascular diseases fuel the market growth in the studied region. For instance, as per the 2022 Heart Disease and Stroke Statistics Update Fact Sheet, approximately every 40 seconds, a person in the United States is anticipated to have a myocardial infarction. Likewise, the CDC updated in September 2021 reported that approximately 6.5 million people aged 40 and older in the United States have peripheral arterial disease. Also, as per the February 2022 report from the Heart and Stroke Foundation of Canada, 750,000 people are living with heart failure, and 100,000 people are diagnosed with heart failure each year in the country.
Furthermore, the presence of key players and frequent product approvals, launches, and developments are expected to contribute to the growth of the market in this region. For instance, in October 2022, QT Medical received FDA clearance for PCA 500, aresting 12-lead electrocardiogram for use in pediatric patients. This clearance expanded its indication for use to all pediatric populations, including newborns, infants, children and adolescents.
Therefore, the above mentioned factors such as growing geriatric population and increasing incidence of cardiovascular diseases, key product launches are expected to contribute to the growth of the market in this region.
