Global Heart Rate Monitoring Devices Market is projected to garner colossal accruals by 2023, posting over 13.50% CAGR throughout the review period (2017-2023). Cases of heart diseases and cardiac disorders are increasing at an alarming rate. Despite the availability of several procedures and innovative therapies, these diseases are becoming a paramount concern, rising continuously. Such factors are increasing the size of the heart rate monitoring devices market on a global platform.
The heart rate monitoring devices market is growing pervasively over the past few years. Trends such as the increasing adoption of wearable fitness devices and trackers act as a significant driving force for the market growth. Moreover, the augmenting demand for devices that can display the real-time heartbeats accelerates the growth of the heart rate monitoring devices market, hugely. Cumulatively led by such developments, the market is growing fiercely.
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Moreover, the spreading awareness for heart health and the prevention of various cardiovascular diseases across the globe are increasing the demand in the wearable heart monitoring devices market. Additionally, the increasing awareness about obesity-related disorders and diabetes, alongside the changing lifestyle, is creating a massive demand for fitness trackers. Resultantly, the global heart rate monitoring devices market is estimated to create a larger revenue pocket over the assessment period.
Conversely, the high cost of these heart rate monitoring devices, along with the stringent regulatory formats and non-reimbursement policies, are acting as major growth impeder for the market, especially in the under-developed regions. Nevertheless, the availability of various futuristic heart rate monitors would support the expansion of the market throughout the forecast period. Besides, growing technological advances in heart care would boost market growth.
Heart rate monitoring devices market segmentation
Heart rate monitoring devices market is segmented by Type Non-Wearable Devices (Analogue, Digital, others), Wearable Devices (Wrist Strap, Chest Strap, Strapless, others), and others.
Heart rate monitoring devices market is segmented by Indication Sports, Medical, and others.
Heart rate monitoring devices market is segmented by End-users Sport Medicine Centers, Hospital & Clinics, Professionals, Individuals, and others.
Heart rate monitoring devices market is segmented by Regions Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Heart rate monitoring devices market Geographical Analysis
North America accounts for the leading region in the global heart rate monitors. The largest market share attributes to the huge technological advances and the large presence of major players and fitness enthusiasts. Besides, factors fuelling the market growth include the increasing prevalence of heart-related diseases & disorders such as cardiovascular diseases, hypertension, and others, rising obesity issues that lead to hampering the heart health, and the growing geriatric population.
The region witnesses a continual rise in the growing number of patients suffering from major/minor heart issues. Additionally, increasing government initiatives & funding support for R&D and the augmenting demand for advanced wearable & wireless-enabled heart monitoring devices, substantiate the market growth. Moreover, rapid developments in advanced medical treatment options and increasing emphasis on healthcare foster the growth of the North American heart rate monitoring devices market.
Europe stands second in the global heart rate monitoring devices market. Factors such as the increasing healthcare expenditure, availability of advanced treatment facilities, and government initiatives influence the regional market growth. Also, the presence of key players and well-developed technology pushes the market growth in the region.
Furthermore, increasing funding by the governments for the development and improvements of heart rate monitoring devices fuel the growth of the regional market. With the increasing number of cardiovascular issues becoming paramount concerns, the heart rate monitoring devices market in the European region is projected to register an impressive CAGR during the review period.
The Asia Pacific heart rate monitoring market is rapidly emerging as a profitable market. Factors such as the increasing number of aging populaces and the rising prevalence of cardiac disorders create enormous market demand. The market growth is majorly led by the prevailing occurrences of cardiovascular diseases that are growing at an alarming rate in the region.
Simultaneously, the faster adoption of healthcare technology, government initiatives to improve the quality of healthcare, favorable insurance, and reimbursement policies are fostering the growth of the heart rate monitoring devices market in this region. International key players are increasingly setting up their manufacturing plants in some of the APAC countries such as China, Japan, Singapore, Australia, and Korea, which, as a result, increases the worth of the APAC heart rate monitors market.
Heart rate monitoring devices market competitive analysis
Fiercely competitive, the heart rate monitoring devices market appears to be fragmented with many large and small-scale players, forming a competitive landscape. These players churn the market competition by incorporating strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology launch. Also, they make significant investments in R&D and clinical trials. The market demonstrates considerable growth potential, which further intensifies the competition by attracting several new entrants.
Heart rate monitoring devices market key players:
Players driving the global heart rate monitoring devices market include Garmin Ltd. (US), Visiomed Group (France), Apple (US), Nike (US), Fitbit Inc. (US), Samsung Electronics Co. Ltd. (South Korea), Beurer GmbH (Germany), Omron Healthcare (Japan), Mio Global (South Korea), Nu-Beca & Maxcellent co. (Taiwan), Polar Electro (Finland), LG Electronics (South Korea), Motorola Solutions, Inc. (US), Sony (Japan), TomTom International BV (The Netherlands), Wahoo Fitness (US), Moov Inc. (US), MYZONE (US), Bragi (Germany), Jabra (Germany), Nokia (Finland), Scosche Industries. (US), SUUNTO (Finland), and Decathlon (France), among others.
Heart rate monitoring devices industry
Fitbit, Inc. (the US), a leading maker of activity trackers and wireless-enabled wearable technology devices, announced that it would be acquired by the technology giant – Google Inc. (the US), in a deal that values the smartwatch maker at roughly USD 2.1 MN. In January 2019, the Alphabet’s health division got the FDA clearance to test the EKG smartwatch feature, which drove quite a stride in heart rate monitor watch market.
Fitbit’s product rage includes activity trackers and wireless-enabled wearable technology devices that measure data such as heart rate, steps climbed, and other personal metrics involved in fitness. The acquisition positions Alphabet, Google’s parent company, in a race against Apple when it comes to tracking fitness and health data. Post to the announcements, Fitbit’s stock had surged by 30 %. The deal is expected to close in 2020
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