ECG SENSOR PATCH MARKET ANALYSIS

The global ECG sensor patch market is estimated to be valued at US$ 103.0 Mn in 2023 and is expected to exhibit a CAGR of 43.7% during the forecast period (2023-2030).

Analysts’ Views on Global ECG Sensor Patch Market:

The market is also benefiting from growing demand for continuous remote monitoring, especially post-COVID. Wireless and portable ECG monitoring enable increased access while reducing the burden on hospitals. Innovation in patch form factors and wearable sensors is making technology less intrusive. The rising popularity of telehealth may drive prescription of monitoring devices. Regulatory approvals for diagnostic capabilities could expand the eligible patient base multifold. Competition is intensifying among innovators to provide the smallest, most accurate, and longest-lasting patches. Overall, the market is expected to witness a significant growth over forecast period.

Figure 1. Global ECG Sensor Patch Market Share (%), By Product Type, 2023

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Global ECG Sensor Patch Market– Drivers

• Increasing prevalence of Heart Diseases: The increasing prevalence of heart diseases worldwide is expected to drive market growth over the forecast period. For instance, according to the data published by U.S. Department of Health & Human Services in May 2023, about 695,000 people in the U.S. died from heart disease in 2021. According to the same source, heart disease is the leading cause of death in both men and women in the U.S.
• Increasing research and development activities: Increasing research and development activities regarding ECG sensor patches by market players is also expected to boost the global ECG sensor patch market growth over the forecast period. For instance, in September 2023, Verily, a research company, initiated a clinical study to evaluate the performance of the company’s Vivalink ECG patch. The study is expected to be completed in March 2024.

Figure 2. Global ECG Sensor Patch Market Share(%), By Region, 2023

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Global ECG Sensor Patch Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global ECG sensor patch market over the forecast period. North America is estimated to hold 40% of the market share in 2023. An increasing number of product approvals in the North America region is expected to boost market growth. For instance, in January 2020, VivaLNK received U.S. FDA (Food and Drug Administration) approval. It consists of a reusable wearable electrocardiogram (ECG) sensor patch and a related software development kit (SDK). The sensor platform, which offers developers and providers complete control over data, is the first of its kind to be approved by the U.S. FDA.

Global ECG Sensor Patch Market– Impact of Coronavirus (COVID-19) Pandemic

• Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization (WHO) declared it a public health emergency on January 30, 2020.
• COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems regarding transportation of things from one place to another.
• However, the COVID-19 pandemic impacted positively on the global ECG sensor patch market. The pandemic has led to a surge in demand for remote patient monitoring devices, including ECG sensor patches. For instance, according to an article published in Sensors, a peer-reviewed journal, in August 2021, the use of wearable devices during the COVID-19 pandemic has risen.

Global ECG Sensor Patch Market Segmentation:

The global ECG sensor patch market is segmented by product type, application, end user,  and region.

• By product type, the market is segmented into hardware and software. Out of which, the hardware segment is expected to hold a dominant position in the global ECG sensor patch market during the forecast period due to increasing product launches such as ECG sensor patches.
• By application, the market is segmented into monitoring and diagnostics. Out of which, monitoring segment is expected to dominate the market over the forecast period due to the increasing prevalence of cardiovascular diseases, as sensor patches are used to monitor the ECG and heart rate in cardiovascular diseases.
• By end user, the market is segmented into healthcare, fitness and sports. Out of which, healthcare segment is expected to dominate the market over the forecast period due to rising use of ECG sensor patches in monitoring and diagnosis of diseases in the healthcare facilities.
• By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Out of which, North America region is expected to dominate the region, and this is attributed to the increasing number of product approvals by regulatory authorities in the region.
• Among all the segmentation, the hardware segment is expected to dominate the market over the forecast period due to increasing product approvals by the regulatory authorities. For instance, in June 2022, Medicalgorithmics, a medical technology company announced that the company’s Qpatch ECG monitoring device received U.S. FDA approval.

Global ECG Sensor Patch Market- Cross Sectional Analysis:

In the product type, hardware segment is expected to dominate the market in the North America region due to increasing product launches by key market players. For instance, in November 2020, VitalConnect, a U.S.-based healthcare technology company, announced the launch of VitalPatch RTM for patients who require extended Holter monitoring.        

Global ECG Sensor Patch Market: Key Developments

• On September 19, 2023, SmartCardia, a medical technology company, announced that it had received U.S. FDA clearance for its 7-lead real-time ECG monitoring patch and cloud platform. It is easy-to-wear, cable-free, waterproof, and can be used for continuous monitoring for up to 14 days.
• In May 2023, Vivalink Inc. announced the launch of its wearable, multi-parameter electrocardiogram (ECG) patch with a 14-day continuous live broadcast. The new patch from Vivalink makes it possible to undertake extended-duration remote ECG monitoring with just one patch application, lessening the strain on both patients and clinicians. Additionally, the real-time streaming features enable clinicians to view a patient's live ECG from any location at any time.
• In May 2023, VTT Technical Research Centre of Finland Ltd., a research and technology company and research center conducting applied research, developed a sustainable, biodegradable ECG patch. The newly launched device is fully recyclable and made of biomaterials. The device is modular, so electronic components can be easily removed from the disposable patch and used again.
• In July 2020, LifeSignals, Inc., a U.S.-based healthcare technology company, received U.S. Food and Drug Administration (FDA) 510(k) clearance for the LifeSignals ECG Remote Monitoring Patch platform.

Global ECG Sensor Patch Market: Trends

• Increasing number of product launches by key market players: An increasing number of product launches by market players is expected to boost market growth over the forecast period. For instance, in October 2022, Dozee, an India-based emote Patient Monitoring (RPM) company, announced the launch of an ambulatory electrocardiogram (ECG) patch to monitor patients with cardiovascular disease (CVD). This patch will monitor the electrical activity of the heart continuously over multiple days and will help detect critical cardiac arrhythmias.

Global ECG Sensor Patch Market: Restraint

• Privacy and Security Concerns around Wireless Transmission of Health Data: Privacy and security concerns around the wireless transmission of sensitive health data is restraints on the ECG sensor patch market’s growth. ECG sensor patches require wireless connectivity for real-time data transmission to monitoring systems or cloud servers. However, this wireless mode of data transfer introduces cybersecurity risks like data interception, breaches of privacy, and hacking of connected medical devices. Any compromise of the privacy and confidentiality of patient cardiac records can severely damage consumer trust in such remote monitoring technologies. Stringent regulatory norms and compliance requirements around data safety and privacy are further major challenges for the companies providing ECG sensor patch-based solutions.
• Counterbalance: Addressing privacy concerns through advanced encryption protocols and compliance with security standards will be crucial for alleviating this restraint over time.

Global ECG Sensor Patch Market - Key Players

Major players operating in the global ECG sensor patch market include Medtronic Plc., Hill-Rome Holdings, Inc., iRhythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., and Lief Therapeutics

*Definition: ECG sensor patches are disposable medical devices that can be used for continuous heart rate and electrocardiogram monitoring. The patch is attached to the chest area using sticky gel pads and connected to a mobile device using Bluetooth technology. This allows continuous monitoring of heart activity and early detection of cardiac arrhythmias or abnormalities.