Market Challenges And Opportunities
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.
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.
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