Heart rate monitors are used for the continuous monitoring of heartbeats and thus, the heart health. The heart rate monitor market has been accruing pervasively mainly due to the increasing trend for using wearable fitness devices over the past couple of years. Moreover, the skyrocketing demand for these devices led by the increasing emphasis of people on health and fitness escalates the market on the global platform.
Acknowledging the growth of this fiercely ascending market, Market Research Future (MRFR) in its recently published study report asserts that the global heart rate monitor market share will garner colossal accruals by 2023, registering a CAGR over 13.50% throughout the forecast period (2017-2023).
Currently, the world is witnessing increasing numbers of issues related to heart diseases and cardiac disorder cases. Unfortunately, the figure is growing up every year. Although there are a number of procedures and innovative therapies available in the market, incidents of occurring these diseases are rising continuously and are becoming paramount concerns. Such factors are increasing the growth the heart rate monitor market, globally.
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Moreover, the rapidly growing rate of cardiovascular disorders alongside the spreading awareness towards the heart health and prevention of various cardiovascular diseases across the globe are increasing the demand for these trackers. Additional factors boosting the growth of the market include the growing technological advancements in the field of heart care and the pervasively rising number of patients suffering from arterial diseases.
The global heart rate monitor market heading with the increasing number of the patient suffering from obesity and diabetes and the changing lifestyle will create a larger revenue pocket in the wearable devices market.
On the other hand, factors such as the high cost of these heart rate monitors and the stringent government regulations and unfavourable reimbursement policies are impeding the market growth in some countries, acting as a major headwind. Nevertheless, the availability of various futuristic heart rate monitors is expected to support the expansion of the market.
Heart Rate Monitor Market – Segmentations
The MRFR analysis is segmented into four key dynamics for enhanced understanding.
By Type : Wearable Devices (Chest Strap, Wrist Strap, Strapless) and Non-Wearable Devices (Analogue and Digital), others.
By Indication : Sports and Medical among others.
By End-users : Hospital & Clinics, Sport Medicine Centers, Professionals, and Individuals among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Heart Rate Monitor Market - Geographical Analysis
Globally, the North American region accounts for the leading market for heart rate monitors. The increasing prevalence of cardiovascular diseases, hypertension, and obesity issues that are leading to heart diseases & disorders alongside the rising geriatric population is impacting market growth positively.
The market is continually growing due to the growing number of patients suffering from major/minor heart issues. Moreover, factors fostering the regional market include the increasing emphasis on healthcare, the presence of key players, high healthcare expenditure, and well-developed technology.
Additionally, increasing government initiatives and funding for research, rising demand for technologically advanced wearable heart monitoring devices, and developments in advanced medical treatment options are substantiating the market growth.
The heart rate monitor market in the European region accounts for the second-largest market due to the increasing healthcare expenditure, availability of advanced treatment facilities, and government initiatives.
Led by the increasing number of cardiovascular issues that are becoming paramount concerns, the European heart rate monitor market is likely to register a striking CAGR during the review period.
Furthermore, increasing government support and funding released for the development, and improving treatment are fuelling the growth of the regional market.
The Asia Pacific region, heading with the increasing number of aging populaces and the rising prevalence of cardiac disorders, is rapidly emerging as a profitable market for heart rate monitoring devices.
Occurrences of cardiovascular diseases in the region are growing at an alarming rate. Simultaneously, other dominant factors such as 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 APAC heart rate monitors market.
Additionally, eminent key players are increasingly setting up their manufacturing plants in some of the APAC countries such as China, Singapore, Japan, Australia, and Korea which, in turn, is propelling the market growth of heart rate monitor in this region.
Heart Rate Monitor Market - Competitive Landscape
The fiercely competitive, heart rate monitor market appears to be fragmented and owing to the presence of numerous large and small-scale players. Incorporating strategic initiatives such as partnership, acquisition, collaboration, expansion, and technology launch, these players churn the competition in the market, accounting for a substantial share. These players make significant investments into the field of R&D and clinical trials. The growth potential demonstrated by the market is expected to attract several new entrants, which will intensify the competition in the market further.
Major Players:
Key players leading the global heart rate monitor market include Garmin Ltd.(U.S.), Apple (U.S.), Visiomed Group (France), Nike (U.S.), Samsung Electronics Co. Ltd. (South Korea), Fitbit Inc. (U.S.), Beurer GmbH (Germany), Mio Global (South Korea), Omron Healthcare (Japan), Inc., Nu-Beca & Maxcellent co. (Taiwan), LG Electronics (South Korea), Polar Electro (Finland), Motorola Solutions, Inc. (U.S.), TomTom International BV (The Netherlands), Sony (Japan), Wahoo Fitness (U.S.), MYZONE (U.S.), Moov Inc. (U.S.), Bragi (Germany), Nokia (Finland), Jabra (Germany), Scosche Industries. (U.S.) Decathlon (France), and SUUNTO (Finland) among others.
Industry/Innovations/Related News:
January 29, 2019 ----- Huawei Technologies Co., Ltd. (China), a multinational conglomerate specializing in telecommunications equipment, consumer electronics, and technology-based services and products launched two of its new wearable devices Honor Watch Magic and Band 4 Running Edition in India. The Watch Magic is a smartwatch that comes with a heart rate sensor which keeps a tab on the heart in real-time.
January 21, 2019 ----- Fitbit, Inc. (the US), a leading global technology company providing health solutions launched a new pair of wearable activity trackers named as - the Fitbit Inspire and Fitbit Inspire HR, designed specifically for corporate partners such as health plans, wellness plans, health systems, and other enterprise partners.
The Fitbit Inspire HR has an added feature alongside a few more functionalities including the heart rate monitor, such as round-the-clock heart rate tracking, sleep stage monitoring, and location and pace tracking enabled through a paired phone GPS.
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