Market Research Future (MRFR) projects in its latest report that the Global Heart Rate Monitors Market is projected to exhibit a robust CAGR of 13.5% during the forecast period 2017 to 2023. The increasing prevalence of cardiovascular diseases coupled with the rising awareness about a healthy lifestyle is expected to favor heart rate monitors market expansion over the next couple of years.
The growing trend of wearable devices such as smartwatches has intensified the adoption of heart rate monitors. It is projected to propel the demand and accelerate market expansion. However, the high cost of wearable devices with heart rate monitors is anticipated to restrict the market expansion over the review period.
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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.)
In August 2018, Cleer, Inc., designer and manufacturer of high-performance personal entertainment products launched Bluetooth headphones with heart rate monitor system.
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 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 Monitors 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.
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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
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