Heart Rate Monitor Market Size, Key Players, SWOT, Revenue Growth Analysis Till 2027
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| Heart Rate Monitor Market |
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 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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