Global ECG Sensor Patch Market, By Product Type (Hardware and Software), by Application (Monitoring and Diagnostics), by End User (Healthcare, Fitness and Sports), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The rising government and healthcare spending on remote patient monitoring systems is a major market driver for ECG sensor patches. Remote patient monitoring allows continuous monitoring of patients outside of conventional clinical settings, which is crucial for managing chronic conditions better. It helps reduce hospital visits and lengths of stay, thereby lowering healthcare costs. ECG sensor patches are ideal for remote monitoring as they can transmit heartbeat data to the doctor or care team wirelessly via Bluetooth or Wi-Fi. Several market players are now partnering with telehealth companies and digital health platforms to integrate these patches into their remote patient monitoring offerings. Big players like Philips, Medtronic, iRhythm, etc. are investing heavily in developing patch-based remote ECG monitoring solutions. The growing focus on value-based care and patient-centric healthcare models is further fueling investments and the adoption of remote monitoring technologies, including ECG sensor patches.
Global ECG Sensor Patch Market– Impact of Coronavirus (COVID-19) Pandemic
- The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. The virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
- COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
- However, COVID-19 had a positive impact on the global ECG sensor patch market because the market players were involved and focused on gaining regulatory authorizations for their products for use to monitor the patients undergoing COVID-19 treatment. For instance, in May 2020, VitalConnect, a leader in wearable biosensor technology, announced that it had received Emergency Use Authorization (EUA) status by the U.S. Food and Drug Administration for VitalPatch for use to monitor COVID-19 patients. VitalPatch is a wearable disposable adhesive that can be used continuously for seven days. It can monitor eight vital signs, including single-lead ECG, heart rate and heart rate variability, activity, and respiration rate, in real time (or 11 if suitable third-party devices are used).
Global ECG Sensor Patch Market: Key Developments
- On September 13, 2023, Wellysis, a South Korea-based software company, received clearance from the U.S. Food and Drug Administration (FDA) to market, S-Patch Ex in the U.S. It is a wearable ECG patch that records ECG and heart rate and is used by healthcare professionals and patients both at home and in clinical settings.
- In November 2022, Henkel AG & Co. KGaA, a global chemical and consumer goods company, partnered with Quad Industries, a company manufacturing flexible printed electronics, and user interfaces among others, to develop a novel concept to enable smart health patch technologies to be brought to market faster and at a reduced cost. The companies are offering a demo package of twelve electrodes that customers can order online. Electrocardiographic (ECG) monitoring is the initial area of emphasis for the demo electrode package because it is frequently connected to various illness profiles.
- In December 2021, Shin-Etsu Chemical Co., Ltd., a Japan-based chemical company, developed novel electrophysiological dry electrodes and high-elasticity wiring materials that will be used to help create wearable devices such as patches with improved performance characteristics. A person's electrical bio signals, including vital signs like heart rate and electrocardiogram (ECG) waveform, can be recorded and communicated remotely while they are wearing one of these wearable devices on their body.
- In May 2020, LifeSignals, a U.S.-based healthcare technology company, received a CE mark for its ECG remote monitoring patch. The company’s remote monitoring patch is a disposable wireless remote monitoring system intended for use by healthcare professionals for continuous collection of electrocardiography (ECG) and heart rate monitoring in ambulatory, hospital, healthcare, and home settings.
Browse 35 Market Data Tables and 28 Figures spread through 155 Pages and in-depth TOC on “Global ECG Sensor Patch Market”- Forecast to 2030, Global ECG Sensor Patch Market, By Product Type (Hardware and Software), by Application (Monitoring and Diagnostics), by End User (Healthcare, Fitness and Sports), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
Key Takeaways of the Global ECG Sensor Patch Market:
- The global ECG sensor patch market is expected to exhibit a CAGR of 43.7% during the forecast period. Market players operating in the market are engaged in launching new products in market, which offers lucrative growth opportunities for players in the global ECG sensor patch market .
- Among product type, 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 launched by market players. For instance, in April 2020, Smartcardia, a company manufacturing ECG patch, launched ScaAI patch, an AI (artificial intellegence) platform and patch for real-time patient monitoring. The ScaAI patch is cloud AI and software that measures a complete set of physiological and vital parameters continuously with clinical accuracy.
- Among region, North America is expected to be the dominant region in the global ECG sensor patch market, owing to the key players focus on organic strategies to start new product launches.
- Major players operating in the global ECG sensor patch market are Medtronic Plc., Hill-Rome Holdings, Inc., iRhythm Technologies, Inc., AliveCor, Inc., Vivalnk, Inc., Cardiac Insight Inc., VitalConnect, LifeSignals, Inc., and Lief Therapeutics