July 25, 2024
Ecg Sensor Patch Market

The Development Of Smart Wearable Ecg Sensor Patch Is Anticipated To Openup The New Avenue For Ecg Sensor Patch Market

An Ecg sensor patch is a medical device that is used to monitor electrocardiogram activity of the heart. It comprises electrodes that are placed on the chest skin to record the heart’s electrical activity or pulses. The recorded data is then sent to a display device wirelessly via Bluetooth technology. This portable patch offers real-time ECG monitoring and reporting capabilities. It is widely used for cardiac monitoring, arrhythmia detection, ischemia monitoring and stress testing.

The global Ecg Sensor Patch Market is estimated to be valued at US$ 1.69 Bn in 2023 and is expected to exhibit a CAGR of 40% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growth in geriatric population: The risk of heart diseases increases with age. According to WHO, by 2050 approximately 16% of the global population will be over 65 years of age. This growing geriatric population is more prone to develop cardiovascular diseases which is expected to drive the demand for Ecg sensor patches for continuous monitoring.

Advancements in wearable technology: Manufacturers are focusing on developing advanced wearable Ecg sensor patches that are integrated with sensors, processors and wireless technologies. This allows miniaturization of devices along with enhanced functionality. Ongoing technological innovations are expected to supplement the growth of Ecg sensor patch market over the forecast period.

Segment Analysis

Ecg Sensor Patch Market is dominating by monitoring segment, which held around 60% market share in 2022. Monitoring segment deals with continuous monitoring of patient’s heart functioning using wireless ecg sensor patches. These patches are lightweight, wearable devices that can be easily adhered to patient’s chest and transmit real-time ECG readings to connected mobile applications. They help identify any abnormalities and arrhythmias in heart rhythm early. Continuous remote monitoring allows quick medical intervention and better management of cardiovascular diseases and conditions.

PEST Analysis

Political: Recent regulatory approvals and recommendations by FDA for use of wireless ecg patches in home monitoring is driving the market growth.

Economic: Rising healthcare costs have increased demand for remote patient monitoring solutions like ecg patches that can help lower costs of treatment and hospital visits.

Social: Growing awareness about heart conditions and early detection is making patients prefer convenient solutions like ecg patches for continuous monitoring.

Technological: Integration of advanced sensors, connectivity and data analytics capabilities in ecg patches is enhancing their accuracy and usability.

Key Takeaways

The global Ecg Sensor Patch Market Demand is expected to witness high growth, exhibiting CAGR of 40% over the forecast period, 2023 to 2030, due to increasing prevalence of cardiovascular diseases. The market size is projected to reach US$ 12.99 Bn by 2030 from US$ 1.69 Bn in 2023.

Regional analysis: North America dominated the global market with around 35% share in 2022 owing to rising healthcare spending and early technology adoption. Asia Pacific is expected to be the fastest growing region exhibiting 45% CAGR during the forecast period due to large patient population, increasing medical tourism and developing healthcare infrastructure in countries like China and India.

Key players operating in the Ecg Sensor Patch Market are Abbott Laboratories (US), Medtronic PLC (Ireland), DexCom, Inc. (US), iRhythm Technologies, Inc. (US), and Texas Instruments Inc. (US). Major players are focusing on new product launches with advanced features and partnerships with hospitals and healthcare providers for customer acquisitions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it