Heart Rate Monitor Market – Key Findings
- The Heart Rate Monitors Market is expected to grow at a CAGR of 14.12%
- According to the application, sports is the largest segment valued at USD 682.30 million in 2016
- According to the end user, the sport medicine centers is the fastest growing segment at a CAGR of 14.01%
Heart Rate Monitor Market – Segmentation
The Global Heart Rate Monitors Market has been 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 are sub-segmented into chest strap, wrist strap, and strapless. Non-wearable devices are sub-segmented into analog and digital. Based on the application, it is segmented into sports, medical, and others. On the basis of the end users, the market is segmented into hospital & clinics, sport medicine centers, professionals, individuals, and others.
Heart Rate Monitor Market – Key Players
Some of the major players in this market are Apple (U.S.), Garmin Ltd.(U.S.), Visiomed Group (France), SAMSUNG ELECTRONICS Co. Ltd. (South Korea), Nike (U.S.), Fitbit Inc. (U.S.), Mio Global (South Korea), Beurer GmbH (Germany), Omron Healthcare (Japan), Inc., LG Electronics (South Korea), nu-beca & maxcellent co. (Taiwan), Motorola, Polar Electro (Finland), TomTom International BV (The Netherlands), Motorola Solutions, Inc. (U.S.), Sony (Japan), and others. Other players are SUUNTO (Finland), MYZONE (U.S.), Wahoo Fitness (U.S.), Moov Inc. (U.S.), Nokia (Finland), Bragi (Germany), Jabra (Germany), Decathlon (France), and Scosche Industries. (U.S.)
Heart Rate Monitor Market – Overview
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. The Global Heart Rate Monitors Market is expected to grow at a CAGR of 13.50% during the Forecast Period 2018-2023.
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.
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 smart watch among the adults. However, the high cost of wearable heart rate monitors restrains the growth of the market across the globe.
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Heart Rate Monitor Market – Regional Analysis
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 smart watches 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.
In the Middle East & Africa, the market exhibits steady growth owing to an increasing demand for healthcare services and positive growth of healthcare industry. The Middle East & African market is governed by increasing availability of tertiary healthcare services and growing awareness about cardiovascular diseases. In Africa, the market shows steady growth due to the limited availability of medical facilities, demand for primary care services, and poor economic condition in the African countries.
Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
List of Tables
Table 1 Primary Interviews
Table 2 Global Heart Rate Monitors Market, By Type, 2014-2023 (USD Million)
Table 3 Global Wearable HR Monitors Market, By Region 2014-2023 (USD Million)
Table 4 Global Non-Wearable HR Monitors Market, By Region, 2014-2023 (USD Million)
List of Figures
Figure 1 Global Heart Rate Monitors Market, By Type, 2016 (%)
Figure 2 Global Heart Rate Monitors Market, By Application, 2016 (%)
Figure 3 Global Heart Rate Monitors Market, By End User, 2016 (%)
Figure 4 Global Heart Rate Monitors Market, By Region, 2016 (%)
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