The sudden outburst of COVID-19 has positively impacted the growth of the global wearable cardiac devices market. The rising demand for remote patient monitoring and growing cases of cardiac disorders are fueling the growth of the market. Growing investments in R&D and development of novel wearable devices by leading companies is expected to offer lucrative opportunities for the growth of the global market during the pandemic period.
The recent research report on the global wearable cardiac devices market by Research Dive deliberates the impact of COVID-19 pandemic on the current and future growth of the market. This report is an in-depth research formulated by expert analysts by analyzing major regional market conditions, key driving factors, and size & scope of the market during the crisis.
The unexpected outbreak of the COVID-19 disease has shown a positive impact on the global wearable cardiac devices market.
According to the report, the global wearable cardiac devices market had garnered a revenue of $930.0 million in 2019 and is expected to surpass $7,733.1 million by 2027, growing at a CAGR of 26.5% during the crisis period.
The size of the market in the current scenario has reached $1,493.9 million due to the augmented use of wearable cardiac devices by heart patients.
• Factors Impacting the Market Growth during COVID-19 Pandemic
The global wearable cardiac devices market is expected to experience momentous growth owing to the rising cases of cardiovascular diseases and rising geriatric population across the globe. Furthermore, the rising demand for wearable cardiac devices for remote monitoring of patients during the COVID-19 pandemic is predicted to be the major driving factor for the global market growth.
• Current Market Transformation Due to Covid-19:
In the course of this pandemic period, some of the leading players in the wearable cardiac devices sector are profoundly investing in the development of novel wearable devices to aid patients and physicians for offering advanced care and monitoring. For example, in August 2020, GOQii, a smart-tech enabled, integrated preventive healthcare platform, has launched a smart vital watch with integrated pulse oximeter. Such initiatives by market players are anticipated to bring in rewarding opportunities for the market growth during the crisis period.
Moreover, government bodies all over the world are encouraging medical device manufacturing companies for the development of advanced and effective wearable cardiac devices. For instance, in April 2019, Food and Drug Administration (FDA) has offered approval for “KardiaMobile”, an ECG device for detecting the three most common heart arrhythmias, which is developed by AliveCor, a leader in FDA-cleared consumer electrocardiogram technology (ECG).
• Future Scope of the Market:
As per the report the global wearable cardiac devices market is projected to undergo substantial growth post-coronavirus pandemic. New players and some of the major players including ZOLL Medical Corporation, Nuubo, Cardiac Rhythm, Biotelemetry Inc., Proteus Digital Health, Hillrom Services Inc., iRhtythm Technologies Inc, Proteus Digital Health, custo med GmbH, Qardio Inc., and others are expected to come up with lucrative opportunities for the market growth in the upcoming years.