The global heart rate monitoring devices market is segmented into type such as wearable and non-wearable. Among these segments, wearable segment is expected to be the fastest growing segment in the heart rate monitoring devices market. The rise of the wearable segment can be attributed to a number of factors such as technological advancements in medical science and consumer’s inclination towards wearable technologies across the globe.
Global heart rate monitoring devices market is expected to register a 13.5% CAGR over the forecast period. Moreover, the global heart rate monitoring devices market is expected to reach at notable revenue by the end of 2024. The market is expected to expand on the back of increasing health consciousness among people, rising incidence of heart diseases and swelled disposable income of the consumers. Moreover, growing adoption rate of smart healthcare devices is also expected to drive the growth of global heart rate monitoring devices market.
The medical segment by application is likely to grow at remarkable pace during the forecast period. Increasing geriatric population and rising prevalence cardiovascular diseases across the globe are likely to be the dynamic factors behind the growth of global heart rate monitoring devices market over the forecast period.
Increasing Penetration of Smartphones
The health consciousness amongst the consumers is growing which in turn likely to increase demand for connected medical devices such as smart medical wearable, health trackers and others. Further, rising number of smartphone based healthcare apps users is projected to fuel the demand for heart rate monitoring devices during the forecast period. In addition to this, increasing spending by consumer’s on smart wearable is envisioned to bolster the growth of market during the forecast period.
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Awareness regarding fitness and wellness
Rising health concerns amongst the population is a major factor which is increasing the demand for advanced heath tracking devices in every region. Moreover, increasing incidence of heart diseases and growing awareness regarding health and fitness are also predicted to escalate the growth of heart rate monitoring devices market by the end of forecast period.
Although, data privacy related issues and low adoption rate in various under developed countries are some of the factors that are likely to inhibit the growth of the heart rate monitoring devices market in the near future.
The report titled “Heart Rate Monitoring Devices Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global heart rate monitoring devices market in terms of market segmentation by type, by end-user, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global heart rate monitoring devices market which includes company profiling of LG Electronics, Visiomed Group, Nu-Beca & Maxcellent Co., HealthSmart Internationals, Medisana AG, Apple Inc., Polar Electro, Fitbit Inc., Garmin Ltd., Suunto Oy. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global heart rate monitoring devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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