Heart Rate Monitors Market Share Analysis And Growth By Type (Wearable (Chest Strap, Wrist Strap, Strapless), Non-Wearable), Indication (Sports, Medical) End Users (Hospital & Clinics, Sport Medicine Centers, Professionals, Individuals), Global Forecast to 2023
Global Heart Rate Monitor Market Size is predicted to develop at a notable CAGR of 13.50% during the forecast period, 2017-2023. The global heart rate monitors market is stimulated primarily by factors such as increased public health and fitness awareness. In addition, the rise in heart disease and the number of people with diabetes and heart disease are some of the key factors for the rapid growth of the global heart rate measuring device market.
Heart rate monitor market is projected grow rapidly owing to Advancement in Technologies and rising demand for wearable devices drives the global heart rate monitors market. In addition, the growing penetration of smartphones worldwide also increases the growth of heart rate monitors devices and their associated market. In addition, smartphone compatibility with heart rate monitors should stimulate demand for heart rate monitors soon. The use of heart rate monitors for physical activities such as sports and exercise, such as running, swimming, climbing, walking, and others, should also increase the demand for heartbeat monitoring.
In addition, technological developments with heart rate monitor to make them easier for consumers are also drivers in the expansion of the heart rate monitor market. In addition, heart rate monitors receive and store a large amount of health data.
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Heart Rate Monitor Market Segmentation
The global heart rate monitor market is broadly segmented based on type, indication, end-users
The global heart rate monitor market is diversified into wearable medical devices, non-wearable medical devices, and others, based on type. The wearable devices segment is bifurcated into strapless, chest strap, and wrist strap. Further, the non-wearable devices are segmented into digital and analog.
Based on Indication, the global heart rate monitor market is segmented into medical and sports, and others.
Moreover, the end-user segment is classified into professionals, sport medicine centers, hospital & clinics, and individuals
Heart Rate Monitor Market Regional Outlook
North America is forecasted to lead the global heart rate monitors market owing to growing prevalence of cardiovascular diseases, obesity, and hypertension leading to heart disorders and deficiency on the grounds of increasing geriatric population. These factors are also anticipated to keep growth momentum for the region during forecast period.
The growing emphasis on healthcare and increased healthcare expenditure and availability of advanced technologies are factors likely to flourish the growth of the global heart rate monitor market.
Further, the European region held the second spot in the global market for heart rate monitor healthcare advancements, technology penetration, and advent of connected technologies.
In addition, the Asia Pacific region is also expected to offer a noteworthy contribution in the global market amid growing occurrences of cardiac disorders and aging population Presence of renowned market players in the region and increased investment for assembly plants in nations such as Japan, China, Korea, Singapore, and Australia are some of the drivers fostering the growth of the global Asia Pacific heart rate monitor market.
Heart Rate Monitor Market Key Players
Some of the leading names involved in the manufacturing of heart rate monitor industry include LG Electronics, SUUNTO, TomTom International BV, Visiomed Group, Fitbit Inc., Omron Healthcare, Wahoo Fitness, Apple, Garmin Ltd., Sony, Jabra, Motorola Solutions, Polar Electro, Decathlon, Bragi, Nokia, Samsung Electronics Co. Ltd, Scosche Industries., Mio Global, Nu-Beca & Maxcellent co., Beurer GmbH, Nike, and MYZONE.
Fossil has just updated its hybrid watch line with the announcement of the Fossil Hybrid HR, an analog watch with a smart feature such as heart rate monitors functionality. Like all hybrids, it has mechanical needles, much like a conventional watch. But it also has a circular screen always under these hands that can display a variety of information such as weather, number of steps, date, and display of calls and text.
- Increasing Prevalence of Cardiovascular Diseases
- Favorable Reimbursement Policies
- Increasing Geriatric Population
- High Cost of Smart Heart Rate Monitors Such As Smart Watches And Availability Of Similar Health Tracking Apps In Smart Phones
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