Global Heart Rate Monitor Market is expected to grow at a CAGR of 8.2% during forecasted period of 2017-2023.
Heart rate monitors are the devices used for the continuous monitoring of heart rate or pulse. These devices can be wearable or non-wearable, embedded with sensors, the device tracks heart rate of a person during physical activities or rest. Heart rate monitoring is one of the major processes in disease management. Owing to increasing trend for using wearable medical devices and rising emphasis on health and fitness the demand for these devices is found to be increasing from last few years. Growing awareness across the globe regarding health and prevention of various cardiovascular diseases is increasing the demand for these trackers. Moreover, diabetes and obesity reportedly increase the risk of heart diseases. According to the findings from the World Health Organization (WHO) in 2014 approximately 422 million people suffered from diabetes across the globe.
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According to the WHO, in 2015, over 17.7 million people died from cardiovascular diseases, representing 31% of all global deaths. It also stated that, in 2015, 82% of the total deaths occurred were in the low- and middle-income countries. The global heart rate monitors market is expected to show significant growth during the forecast period owing to the increasing prevalence of various heart diseases, and growing trend of using wearable heart rate monitor such as smartwatch among the adults. However, the high cost of wearable heart rate monitors restrains the growth of the market across the globe.
The major key player for the global heart rate monitor market are Visiomed Group (France), LG Electronics (South Koera), nu-beca & maxcellent co (Taiwan), HealthSmart International (US), Medisana AG (Germany), Apple (US), Polar Electro (Finland), Beurer GmbH (Germany), Fitbit, Inc. (US), Garmin (US), Omron Healthcare (Japan), LifeBEAM Technologies (US), Mio Global (Japan), Suunto (Finland)
The global heart rate monitors market is segmented on the basis of types, application and end users.
On the basis of the types, the global heart rate monitors market is segmented into wearable, and non-wearable devices. The wearable devices is further segmented into chest strap, wrist strap, and strapless.
Non-Wearable devices is further segmented into analogue, and digital.
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Based on the application, it is segmented into sports, medical, and others.
On the basis of the end user, the market is segmented into hospital & clinics, sport medicine centers, professionals, individuals, and others.
In the Americas, the market exhibits tremendous growth owing to an extensive use of heart rate monitors by the people and healthcare providers in hospitals and clinics. The U.S. is the largest market in the Americas owing to increasing patient population suffering from chronic diseases such as cardiovascular diseases and diabetes. The key players are engaged in product differentiation and geographical expansion to maintain their position in the market.
Europe is the second largest market followed by Asia Pacific. In Europe, the market shows growth opportunities in Germany, the U.K, and France. This growth is due to increasing availability of funds for research and development activities and rising prevalence of diabetes. Strong government support and high healthcare expenditure are driving the growth of the market.
Asia Pacific is the fastest growing market owing to increasing prevalence of diabetes and obesity and high geriatric population in developing regions such as India, China, and Japan, Additionally, increasing demand for technologically advanced wearable medical devices such as smartwatches and chest strap is further boosting the market growth. Moreover, increasing government support and presence of huge opportunity in medical device industry have together fueled the growth of the market in Asia Pacific region.
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