ECG SENSOR PATCH MARKET ANALYSIS

Ecg Sensor Patch MarketSize and Trends

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).

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

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

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 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 - 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.