April 20, 2024
ECG Sensor Patch Market

The ECG Sensor Patch Market Is Driven By Rapid Technological Advancements In Wearable Medical Devices

An ECG sensor patch allows real-time monitoring of heart activity by recording the electrical signals produced with each heartbeat. These patches contain disposable electrodes that adhere to the skin and are small in size, allowing for ease of use and comfort during monitoring. Recent advancements, such as the development of flexible and stretchable patches, have increased their functionality and ability to seamlessly adapt to body movements. Many patches can now transmit readings wirelessly via Bluetooth to a mobile app, online portal, or healthcare provider for remote monitoring of patients. This removes the need for hospital visits or the use of bulky Holter monitors.

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 key trends:

One of the key trends in the ECG sensor patch market is the ongoing research and development of self-powered, flexible patches that can monitor heart activity continuously for extended durations without needing battery replacement. For example, some patches contain mini fuel cells or harvest energy from body movements and breathing motions to power internal components. Researchers are also developing multiparameter patches that can measure vital signs beyond ECG, such as blood pressure, heart rate, breathing rate and body temperature simultaneously. This would allow for comprehensive remote monitoring of patients at risk of cardiac issues. Further, integration of artificial intelligence capabilities is gaining prominence, with some patches able to detect cardiac arrhythmias in real-time and alert physicians of potential issues via automated reports and alerts. Such advances are expected to improve diagnostics and healthcare outcomes.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the ECG Sensor Patch market is moderate as research and development costs associated with the development of ECG sensor patches is high. However, new companies can enter the market with novel technologies that threaten existing players.

Bargaining power of buyers: The bargaining power of buyers in the ECG Sensor Patch market is high. Buyers have the option of selecting from various established players operating in the market. They can negotiate on price and quality of products.

Bargaining power of suppliers: The bargaining power of suppliers in the ECG sensor patch market is moderate. The raw materials required are commoditized and switching costs are low. However, a few suppliers dominate the market.

Threat of new substitutes: The threat of new substitutes in the ECG Sensor Patch market is low. There are limited alternatives that can substitute ECG patches for remote ECG monitoring. However, traditional holter monitors offer substitutes.

Competitive rivalry: The competitive rivalry in the ECG Sensor Patch market is high. Players compete based on product quality, innovation, reliability, and pricing. Market consolidation is also high.

Key Takeaways

The Global ECG Sensor Patch Market Share is expected to witness high growth over the forecast period 2024 to 2031. 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.

Regional analysis: North America dominates the ECG Sensor Patch market currently due to presence of major players and early adoption of new technologies. However, Asia Pacific is expected to grow at fastest pace due to rising healthcare spending and increasing cardiovascular disorders.

Key players operating in the ECG Sensor Patch market are Sartorius Stedim Biotech. Players compete based on product quality, innovation, reliability, and pricing. Market consolidation is also high among key players in the ECG Sensor Patch market.

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