ECG sensor patches provide non-invasive cardiac monitoring by adhering small electrode patches to a patient's chest. This allows continuous monitoring of a patient's electrocardiogram (ECG or EKG) and early detection of any abnormalities or irregularities in heart rhythm and activity. ECG sensor patches eliminate the need for wires or bulky holter monitors. The data is wirelessly transmitted to a smartphone app or directly to a doctor, allowing for remote patient monitoring.
The global ECG Sensor Patch Market is estimated to be valued at US$ 1.95 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Remote patient monitoring through ECG sensor patches provides an opportunity for early detection of abnormalities and intervention if needed. This allows monitoring of chronic cardiac patients from the comfort of their home and reduces hospital visits. The growing geriatric population suffering from cardiovascular diseases and the increasing focus on home healthcare are major market drivers boosting the demand for remote patient monitoring through ECG sensor patches. This emerging opportunity in remote cardiac monitoring through wireless ECG patches is expected to witness high growth over the forecast period.
Porter's Analysis
Threat of new entrants: The ECG Sensor Patch market has moderate threat of new entrants due to high costs associated with R&D of new technologies and need for strong distribution network.
Bargaining power of buyers: Individual buyers have high bargaining power due to availability of numerous products but hospitals and diagnostic centers have moderate power due to bulk purchasing.
Bargaining power of suppliers: Suppliers of raw materials and components have moderate bargaining power due to differentiated products and technologies of few players.
Threat of substitutes: Threat of substitutes is low as ECG Sensor Patch provides accurate, continuous and remote monitoring not available through conventional devices.
Competitive rivalry: The market has high competitive rivalry due to presence of global players investing heavily in new product launches and innovations.
SWOT Analysis
Strengths: Advanced embedded sensors for continuous, real-time monitoring. Growing need for remote cardiac monitoring.
Weaknesses: High costs of advanced products limits market growth. Limited medical reimbursements in few countries.
Opportunities: Rising geriatric population susceptible to cardiac conditions. Growing adoption of IoT and wireless technologies.
Threats: Data privacy and security concerns. Reimbursement policies and regulatory approvals affect time to market.
Key Takeaways
The Global ECG Sensor Patch Market Share is expected to witness high growth due to rising cardiac conditions worldwide. The global ECG Sensor Patch Market is estimated to be valued at US$ 1.95 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
North America dominates the market currently due to presence of prominent players, strong healthcare infrastructure and awareness. However, Asia Pacific is expected to grow at fastest pace due to improving healthcare facilities and growing medical tourism in countries like China, India and Japan.
Key players operating in the ECG Sensor Patch market are Sartorius Stedim Biotech, GE Healthcare and Merck. Sartorius Stedim Biotech is a leading supplier of single-use bioprocessing solutions including sensors and monitoring devices. GE Healthcare offers a wide range of ECG monitoring products and solutions for hospitals and diagnostic centers. Merck provides materials and technologies used in manufacturing sensor patches and integrated systems.
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https://www.trendingwebwire.com/ecg-sensor-patch-market-size-share-growth-outlook-2023/
