Global ECG Sensor Patch Market, by Product Type (Hardware and Software), by Application (Monitoring and Diagnostics), by End User (Healthcare and Fitness and Sports), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 11.7 million in 2017, and is projected to exhibit a CAGR of 43.7% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Maket Insights.
Increasing product approvals and product launch by market players to augment the market growth
Key players in the market are focused on product launch and product approval, in order to address the critical unmet needs of cardiac patients. For instance, in December 2017, VitalConnect announced its 5th 510(k) market clearance from the U.S. Food and Drug Administration (FDA). This clearance extends the wear duration of its wearable biosensor, VitalPatch, by four days to five days. Furthermore, in January 2019, Lief Therapeutics launched a newly developed smart patch at the Consumer Electronics Show. The patch allows users to easily detect, manage, and treat stress in real-time using haptic biofeedback technology.
Moreover, rising investment and funding by market players and other organizations is expected to boost the market growth. For instance, in September 2017, Cardiac Insight, Inc. raised US$ 4.5 Mn through various funding organizations to bolster the production, sales, and distribution of wearable ECG heartbeat sensor - Cardea SOLO device. Similarly in 2017, Stanford University and Kenzen received funding of US$ 5 million to develop, support, and market ECHO Smart Patch wearable technology that uses sweat to measure vital signs to predict and prevent avoidable injuries and illness in athletes.
Browse 31 Market Data Tables and 24 Figures spread through 156 Pages and in-depth TOC on ‘ECG Sensor Patch Market’- Global Forecast to 2026, by Product Type (Hardware and Software), by Application (Monitoring and Diagnostics), by End User (Healthcare and Fitness and Sports), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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Furthermore, rise incidences of atrial fibrillation, is expected to drive the market growth. For instance, according to Centers for Disease Control and Prevention (CDC), 2017, over 750,000 hospitalizations and 130,000 deaths occur annually in the U.S. due to atrial fibrillation. Key players in the market are focused on adopting strategies such as partnerships and acquisitions to enhance their product portfolio. In January 2019, Medtronic Plc. announced to acquire EPIX Therapeutics, Inc. The acquisition is expected to expand Medtronic’s cardiac ablation portfolio for treating patient with cardiac arrhythmia. Similarly in June 2018, LifeSignals, Inc. collaborated with INQCEL and Dreamtech to receive support for development and manufacturing of new biosensor wearable’s based on the Lifesignal Processor (LSP).
Key Takeaways of the ECG Sensor Patch Market: