April 22, 2024
ECG Sensor Patch Market

ECG Sensor Patch Market Set To Revolutionize Healthcare By Remote Patient Monitoring

The ECG Sensor Patch market has experienced significant growth over the past few years owing to the increasing prevalence of cardiovascular diseases worldwide and growing need for continuous patient monitoring. ECG sensor patches are wearable medical devices that continuously record electrocardiograms and transmit the data to monitoring devices such as smartphones via wireless connectivity. They allow for remote monitoring of heart activity without restricting the patient’s mobility.

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 from 2024 to 2030.

Key Takeaways

Key players: Key players operating in the ECG Sensor Patch market are Sartorius Stedim Biotech, Merck KGaA, Pall Corporation, Cobetter Filtration Equipment, Toxikon Corporation, DOC S.r.l., MEISSNER FILTRATION PRODUCTS, Thermo Fisher Scientific, SGS SA, Eurofins Scientific, Lonza Group, ProBioGen AG, Charles River Laboratories, Pacific BioLabs, Gibraltar Laboratories, Nelson Laboratories, BioProcess Technology Consultants, CMIC HOLDINGS Co., Ltd, Cytovance Biologics, Wuxi Biologics.

Growing demand: The growing incidence of cardiac conditions and increasing focus on patient monitoring is fueling the demand for ECG sensor patches across hospitals and healthcare facilities. Remote monitoring allows continuous surveillance of patients’ health outside of clinical settings.

Global expansion: Major players in the market are expanding their global footprint by entering emerging markets to tap the healthcare needs of developing nations. Increasing accessibility and acceptance of remote monitoring services will support the market growth worldwide over the coming years.

Market key trends: One of the key trends gaining attention in the ECG Sensor Patch market is the development of next-generation patches with advanced features like arrhythmia detection, integrated pulse oximetry, fall detection etc. This allows the devices to continuously monitor multiple health vitals remotely. Technology improvements are expanding the potential of ECG sensor patches.

Porter’s Analysis

Threat of new entrants: Low startup costs coupled with growing demand make the ECG Sensor Patch Market Demand attractive for new companies. However, established brands have significant customer loyalty and economies of scale which create barriers.

Bargaining power of buyers: Individual customers have limited bargaining power due to availability of several ECG sensor patch options at different price points. However, large volume buyers like hospitals can negotiate on price and demand additional services.

Bargaining power of suppliers: A few key sensor manufacturers supply to various ECG patch makers. This concentrates supplier power which they can leverage on price and minimum order quantities.

Threat of new substitutes: No direct substitute exists for ECG sensor patches. Other cardiac diagnostics like holter monitors offer alternatives but lack versatility and convenience of patches.

Competitive rivalry: Presence of numerous global and local players makes this a competitive market. Companies compete on technology, features, customer support and pricing to increase market share.

Geographical Regions

North America accounts for the largest share in the ECG sensor patch market currently due to supportive reimbursement policies and growing adoption among the rising elderly population.

Asia Pacific region is poised to grow at the fastest pace during the forecast period with nations like China and India emerging as top markets. Favorable government programs, increasing affordability and growing health awareness will drive high double digit gains in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it