Global Heart Rate Monitoring Devices Market size is expected to grow at a CAGR of 13.50% during the forecast period, 2018-2023. Heart rate monitor devices market to witness swift growth owing to increasing boom of mobile phones and internet across the globe has stimulated the progress of the global heart rate monitoring devices. Moreover, manufacturers focusing on the creation of advanced and compatible devices is projected to impel the growth of the global of heart monitoring devices in the coming future.
Constant advancement in technologies associated with heart rate monitoring to make it convenient and more functional for consumers is one of the key driving factors of the global heart rate monitoring devices market. The processing and storage ability of these monitoring devices is turning out to be a unique selling point, driving the demand rate to the peak for heart rate monitoring devices.
Lack of knowledge of the operational capabilities of the heart rate monitoring devices and generation of inaccurate heart rate data are some of the major factor impacting the growth of the global heart rate monitoring devices in the coming future.
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Heart Rate Monitoring Devices Market Segmentation
The global heart rate monitoring devices market is majorly segmented based on its types, application, and end-users.
Based on the types, the global heart rate monitoring devices market can be divided into wearable and non-wearable devices. In addition, the global wearable devices sub-segment is classified into wrist strap, strapless, and chest strap. Digital and analog are two subsegments of non-wearable devices.
Further, the application segment of the global heart rate monitoring devices market is also bifurcated into medical, sports, and others.
Based on the application, it is bifurcated into medical, sports, and others.
The end-user segment is divided into sport medicine centers, individuals, and hospital & clinics.
Heart Rate Monitoring Devices Market Regional Insights
Americas is leading in terms of heart rate monitoring devices market share globally due to high emphasis on advanced technologies, healthcare investments, and aggressiveness of major players to stay on peak in competitive landscapes. Government providing regulatory and financial support for the development of high-tech devices and the presence of highly sophisticated healthcare facilities is driving the growth for the global market in the region.
According to the statistics presented by the CDC (Centers for Disease Control and Prevention) in 2015, around 630,000 Americans die of heart disease every year.
Europe is positioned as a second important market for heart rate monitoring devices. heart rate monitoring devices market to be driven by rising numbers of patients suffering from diabetes and cardiovascular disease and the willingness to pay healthcare expenses. Wearable devices are high on demand; on the other side, flourishing healthcare expenditure is expected to drive the global health rate monitors market. France and Germany are major drivers of the European market, region wise. Improved healthcare technologies and treatment procedures and growing investment for research and development are the factors predicted to drive the global market.
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The Asia Pacific heart rate monitoring devices market to witness enhanced growth owing to escalating demand for heart rate monitoring devices, availability of technologically advanced diagnosing devices, and the presence of massive patient pool due to growing population. Additionally, increasing geriatric population is one of the key causes behind the increased number of disease prevalence which creates huge demand for heart rate monitoring devices market.
The middle east and Africa are projected to show moderate heart rate monitoring devices market growth due to less awareness about the latest technologies and dependency on old traditional methods. However, the United Arab Emirates and Saudi Arabia are two major regions behind the growth of the market in Middle East & Africa.
Heart Rate Monitoring Devices Market Competitive players
Garmin Ltd., Apple, Visiomed Group, Nike, Samsung Electronics Co. Ltd., Fitbit Inc., Beurer GmbH, Mio Global, Omron Healthcare, Inc., Nu-Beca & Maxcellent co., LG Electronics, Polar Electro, Motorola Solutions, Inc., TomTom International BV, Sony, Wahoo Fitness, MYZONE, Moov Inc. Bragi, Nokia, Jabra, Scosche Industries., Decathlon, and SUUNTO among others.
In Sept 2019, Fitbit, a leading name in wearable device along with Belgium based FibriCheck launched a new heart rate monitoring tool that can check the heart abnormalities based on its rhythm such as atrial fibrillation.
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