Heart Rate Monitor Market Analysis By Size, Share, Key Players, Trends, Insights, Dynamics, Future Outlook, Applications and Segmentation, Forecast to 2023
Global Heart Rate Monitor Market size is anticipated to register a CAGR of 13.50% during the assessment period. The increasing prevalence of cardiovascular diseases is likely to boost the demand for heart rate monitor devices that facilitate constant monitoring of the heart’s activities. Market Research Future (MRFR) has circulated the latest report that provides informative insight into the global heart rate monitor market for the assessment period 2017 to 2023. The increasing awareness about the rising burden of these diseases is anticipated to boost the expansion of the heart rate monitor market over the next few years.
The rising demand for wearable devices is prognosticated to accelerate growth pace of the market owing to the availability of a wide range of wearable great monitors in the market. It has been highlighted in the report that the advancements in the sensor technology are projected to catapult the heart monitor market on upward trajectory. Technological advancements are likely to play a crucial role in the development of the heart rate monitor market in the foreseeable future.
The rising prevalence of obesity and diabetes is also expected to propel the expansion of heart rate monitor market across the assessment period. However, on the flip side, the high cost of wearable devices is assessed to undermine market growth in the years to come.
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Heart Rate Monitor Market Segmentation:
By type, the segments of the global heart rate monitor market include non-wearable devices, and wearable devices. Again, the wearable devices segment has been further sub-segmented into wrist strap, chest strap, and strapless. And, the non-wearable devices segment is sub-segmented into digital and analog.
On the basis of application, the heart rate monitor market has been segmented into medical, sports, and others.
Based on the end-user, the global heart rate monitor market has been segmented into individuals, sport medicine centers, hospital & clinics, professionals, and others.
Heart Rate Monitor Market Regional Analysis:
The geographical evaluation of the global heart rate monitor market spans across four key regions – Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA). Americas holds the largest share of the global market at present and is anticipated to keep its standing at the pole position intact over the next couple of years. Early adoption of technological advancements is expected to impact the growth of the heart rate monitor market in the region greatly in the next few years. The region also houses a large fraction of the diabetic and obese population, which is projected to encourage market expansion in the years to come. Also, the large-scale prevalence of cardiovascular diseases is likely to boost the sales of heart rate monitors in the forthcoming years.
Heart Rate Monitor Market Competitive Dashboard:
The report covers a share assessment of the global heart rate monitor market. The key players included in the study are Apple (U.S.), Visiomed Group (France), Garmin Ltd.(U.S.), Samsung Electronics Co. Ltd. (South Korea), Fitbit Inc. (U.S.), Nike (U.S.), Mio Global (South Korea), Omron Healthcare (Japan), Inc., Beurer GmbH (Germany), LG Electronics (South Korea), Motorola, Polar Electro (Finland), nu-beca & maxcellent co. (Taiwan), TomTom International BV (The Netherlands), Sony (Japan), and Motorola Solutions, Inc. (U.S.). Other players that are poised to play a substantial role in the development of the heart rate monitor market are SUUNTO (Finland), Wahoo Fitness (U.S.), Moov Inc. (U.S.), MYZONE (U.S.), Nokia (Finland), Jabra (Germany), Decathlon (France), Bragi (Germany), and Scosche Industries. (U.S.).
Key market participants are observed to opt for growth strategies such as mergers & acquisitions, collaborations, technological developments, partnerships, etc. Also, increasing the investments in research & development is likely to boost the competition among the players and enable product development and innovation over the next couple of years.
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