Market Analysis
Advanced technology has made it simple for a person to get accurate information about their heart devoid of interrupting their life. Monitoring the heart at a constant pace is useful to capture irregular heartbeats which happen infrequently and in few cases a person may not have any signs and symptoms. It is here where a wearable heart monitor can act as a savior. This is basically a personal heart monitoring device that allows real-time heart measurement. These devices play a pivotal part to improve fitness and also alert the user to prospective health problems namely irregular heartbeats. With these wearable devices one can easily keep tans on their ticker devoid of the need of seeing their doctor. For instance, if a person is lounging on a couch and his heart rate goes through the roof, these devices will let them know. This is the first step to identify a heart issue which may have earlier gone undetected. The global wearable heart monitoring device market is prognosticated to grow at an outstanding 9.86% CAGR over the assessment period (2017-2023).
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There are numerous factors that is driving the growth of the wearable heart monitoring device market. These factors according to MRFR (Market Research Future) report include innovation in the surgical procedures, complications and pain during surgery, increasing healthcare expenditure, growing incidences of lifestyle diseases, rise in awareness regarding fitness, rise in obesity, low cost and ease of use. On the contrary, low healthcare expenditures, lack of awareness, strict regulatory norms, dearth of healthcare professionals and unfavorable reimbursement policies are factors that may act as a barrier in the growth of wearable heart monitoring device market.
Market Segmentation
MRFR report offers a complete segmental analysis of the wearable heart monitoring device market on the basis of products, types, application and end users.
Based on products, it is segmented into optical technology based, electric pulse based and others. The optical technology based by product is again segmented into earphones, smart watches and others and the electric pulse based is again segmented into chest patches, chest straps and others.
Based on type, the wearable heart monitoring device market is segmented inti Bluetooth enabled, non-chargeable, chargeable and others.
Based on application, it is segmented into consumer market, healthcare and others.
Based on end users, the wearable heart monitoring device market is segmented into academic institutes, retail pharmacies, hospitals and others.
Regional Analysis
By region, the wearable heart monitoring device market covers growth opportunities and latest trends across Europe, North America, Asia Pacific and Rest of the World. Of these, North America will have an edge in the market over the assessment period. The factors can be attributed to presence of a highly developed IT sector, well-developed healthcare sector, increasing healthcare expenditure and presence of developed economies such as Canada and the US. Europe will hold the second biggest share owing to increasing government support for R&D, huge patient population, well-developed healthcare infrastructure and accessibility of funds for research. Europe is followed by Asia Pacific which will grow at the fastest pace owing to favorable government policies and existence of developing economies such as China and India that is increasing the healthcare expenditure. On the other hand, the wearable heart monitoring device market in the Middle East and Africa will have a minimal share owing to the existence of poor economies in the African region. A major share of the market in the Middle East and Africa is held by Middle East owing to huge healthcare expenditure and well-developed healthcare sector due to the existence of regional economies such as Qatar, Kuwait and Saudi Arabia.
Key Players
Leading players profiled in the wearable heart monitoring device market include Garmin Ltd. (Europe), Koninklijke Philips N.V. (Europe), SUUNTO (Europe), Polar Electro (Europe), Briggs Healthcare (U.S.), Medisana AG (Europe), Beurer GmbH (Europe), Kinetec Products UK Ltd. (South America), and Medtronic (U.S.).
Feb 2019- Nubia, leading mobile-technology company will soon unveil its latest device Nubia Alpha in Barcelona in the upcoming Mobile World Congress. This cutting-edge wearable device comes with a flexible, innovative display and some of its key features include tracking and monitoring the heart rate, exercise, sleep quality and more.
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