Wearable Cardioverter Defibrillator Market
Number of pages: 100 | Report Format: PDF | Published date: May 22, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 566.86 million |
|
Revenue Forecast in 2031 |
US$ 1,538.50 million |
|
CAGR |
10.5% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Indication, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global wearable cardioverter defibrillator market was valued at US$ 566.86 million in 2022 and is expected to register a revenue CAGR of 10.5% to reach US$ 1,538.50 million by 2031.
Wearable Cardioverter Defibrillator Market Fundamentals
A wearable cardioverter defibrillator is a portable device worn on the body to monitor and treat abnormal heart rhythms. It is typically used by individuals at high risk of sudden cardiac arrest but is an unsuitable candidate for an implanted defibrillator. The wearable cardioverter defibrillator continuously monitors the heart's electrical activity and can deliver a therapeutic shock if a life-threatening rhythm is detected. It is designed to provide temporary protection until a more permanent treatment option can be implemented. The device is often worn as a vest or belt and is equipped with sensors and electrodes to detect and respond to abnormal heart rhythms.
The research study on the wearable cardioverter defibrillator market overview thoroughly analyzes the market, along with the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The research also analyses how the COVID-19 pandemic has affected society.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide an in-depth wearable cardioverter defibrillator market forecast to the industry stakeholders.
Wearable Cardioverter Defibrillator Market Dynamics
The rising prevalence of cardiovascular conditions, such as arrhythmias and heart failure, is a significant driver for the wearable cardioverter defibrillator market. As the population ages and risk factors like obesity and sedentary lifestyles increase, there is a higher demand for effective monitoring and treatment options. According to the National Center for Biotechnology Information, CVD event instances grew by 77.12% globally, from 31.31 million in 1990 to 55.45 million in 2019. Increased awareness about cardiac conditions and advancements in diagnostic technologies have improved the detection and diagnosis of patients at high risk of sudden cardiac arrest. This has created a larger pool of potential users for wearable cardioverter defibrillators. Wearable cardioverter defibrillators provide a non-invasive and temporary solution for individuals at high risk of sudden cardiac arrest who are not yet eligible for or prefer not to undergo invasive procedures like implantable cardioverter defibrillators. The convenience and ease of use of wearable cardioverter defibrillators make them attractive for patients and healthcare providers. The advancement of technology has led to the development of a more sophisticated and user-friendly wearable cardioverter defibrillator. These devices are becoming smaller, more comfortable to wear, and equipped with advanced algorithms and sensors for accurate rhythm detection and therapy delivery. Wearable cardioverter defibrillators serve as a bridge to long-term treatment options. They provide protection and monitoring during the period between diagnosis and when a decision is made regarding further interventions, such as medication adjustments, cardiac ablation, or implantation of an implantable cardioverter defibrillator.
However, The high cost of wearable cardioverter defibrillators creates a financial obstacle, limiting accessibility for individuals with limited financial resources or inadequate health insurance coverage, restricting the wearable cardioverter defibrillator market growth. There may be concerns regarding the safety and reliability of wearable cardioverter defibrillators, particularly regarding the accurate detection of life-threatening arrhythmias and timely delivery of appropriate therapy, which also restricts the growth of the wearable cardioverter defibrillators market.
Wearable Cardioverter Defibrillator Market Ecosystem
Wearable Cardioverter Defibrillator Market, by Indication
Wearable Cardioverter Defibrillator Market, by End User
Wearable Cardioverter Defibrillator Market by Indication
The inherited arrhythmias segment accounted for the largest wearable cardioverter defibrillator market share 2022. Inherited arrhythmias, such as Long QT syndrome, Brugada syndrome, and hypertrophic cardiomyopathy, are genetic conditions that predispose individuals to life-threatening cardiac arrhythmias. These patients have a significant risk of sudden cardiac arrest, making them ideal candidates for wearable cardioverter defibrillators. Long QT syndrome is one of the most prevalent inherited arrhythmias, affecting about one in every 2,000 people. The average age for symptom onset is 14 years, and SCD is the initial presentation in up to 13% of cases. Wearable cardioverter defibrillators continuously monitor the heart rhythm and can detect potentially dangerous arrhythmias promptly. This early detection allows timely intervention, such as delivering a life-saving shock, which helps prevent sudden cardiac arrest and associated complications. Inherited arrhythmias often require lifelong management and monitoring. Wearable cardioverter defibrillators provide a non-invasive and convenient means of continuous cardiac monitoring without the need for surgical implantation, thus enabling efficient risk management for individuals with these conditions.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as indication, end user, etc. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential wearable cardioverter defibrillator market growth opportunities.
Wearable Cardioverter Defibrillator Market by Region
The North America region has a significant wearable cardioverter defibrillator market size in terms of revenue generation accounting for about 38.6% of the market share. North America has a significant burden of cardiac diseases, such as coronary artery disease, heart failure, and arrhythmias. The rising prevalence of these conditions creates a larger pool of patients who may benefit from wearable cardioverter defibrillators, driving the market growth. According to the CDC, in U.S. AFib was mentioned on 183,321 death certificates in 2019 and was the cause of death in 26,535 of those cases. It is estimated that in 2030 AFib will affect around 12.1 million people. Growing awareness among patients, physicians, and healthcare organizations about the benefits of wearable cardioverter defibrillators is contributing to market growth. Increased education and advocacy efforts regarding sudden cardiac arrest and the role of wearable cardioverter defibrillators in preventing it have resulted in higher acceptance and adoption rates in North America. North America has a robust healthcare infrastructure, including advanced cardiac care facilities and skilled healthcare professionals. This infrastructure supports the effective integration and utilization of wearable cardioverter defibrillators, driving market growth in the region. Continuous advancements in wearable cardioverter defibrillator technology, including improved monitoring capabilities, enhanced algorithms for arrhythmia detection, and smaller, more comfortable designs, are driving the adoption of wearable cardioverter defibrillators in North America.
Based on the regions, the global wearable cardioverter defibrillator market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding the wearable cardioverter defibrillator market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Wearable Cardioverter Defibrillator Market Competitive Landscape
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats, keeping in mind the wearable cardioverter defibrillator industry trends.
Wearable Cardioverter Defibrillator Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
A wearable cardioverter defibrillator is a portable device worn on the body to monitor and treat abnormal heart rhythms. It is typically used by individuals at high risk of sudden cardiac arrest but is an unsuitable candidate for an implanted defibrillator.
North America has the largest market share in terms of revenue. Asia Pacific has the fastest growth rate, and it can be considered the critical growth region due to the surge in wearable cardioverter defibrillator industry trends.
The wearable cardioverter defibrillator market is expected to register a revenue CAGR of 10.5% during the forecast period from 2023 to 2031.
There is still significant untapped potential in terms of raising awareness about wearable cardioverter defibrillators and their benefits among patients, healthcare professionals, and the general public. Increased education and promotional efforts can increase adoption rates and present an opportunity in the market.
Market leaders focus on continuous product development and innovation to enhance wearable cardioverter defibrillators' features, performance, and user experience. This includes advancements in monitoring capabilities, size reduction, longer battery life, connectivity options, and improved algorithms for arrhythmia detection. By offering innovative and technologically advanced products, companies can attract new customers and retain existing ones.
The wearable cardioverter defibrillator market was valued at US$ 566.86 million in 2022
The estimated size of the global wearable cardioverter defibrillator market in 2031 is US$ 1538.50 million.
The key players operating in the global wearable cardioverter defibrillator market are Kestra Medical Technologies, Inc., ZOLL Medical Corporation (Asahi Kasei Corporation), Element Science, Inc., Stryker Corporation, and Koninklijke Philips N.V.
The inherited arrhythmias segment dominated the wearable cardioverter defibrillator market.
*Insights on financial performance are subject to the availability of information in the public domain