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).
Heart Rate Monitor Market – Business Overview
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.
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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.
Other factors which are likely to contribute to the growth of the market include a persistent rise in a number of patients suffering from cardiovascular dioceses, decreasing price of heart rate monitors, and easy availability of heart rate monitors through online channels.
On the flip side, the cost of heart rate monitors is slightly on the higher side which restricts the growth of the market in price-sensitive regions. Moreover, reimbursement for heart rate monitors is not covered by medical insurance companies which might hinder adoption among consumers.
Heart Rate Monitor Market – Key Players
Some of the major players in this market are Apple (U.S.), Garmin Ltd.(U.S.), Visiomed Group (France), Samsung Electronics Co. Ltd. (South Korea), Nike (U.S.), Fitbit Inc. (U.S.), Mio Global (South Korea), Beurer GmbH (Germany), Omron Healthcare (Japan), Inc., LG Electronics (South Korea), nu-beca & maxcellent co. (Taiwan), Motorola, Polar Electro (Finland), TomTom International BV (The Netherlands), Motorola Solutions, Inc. (U.S.), Sony (Japan), and others. Other players are SUUNTO (Finland), MYZONE (U.S.), Wahoo Fitness (U.S.), Moov Inc. (U.S.), Nokia (Finland), Bragi (Germany), Jabra (Germany), Decathlon (France), and Scosche Industries. (U.S.)
Polar, a leading manufacturer of heart rate sensors and activity trackers, announced the launch of Polar SDK and Team Pro API. These new services feed live data to third party applications from various Polar sensors such as Polar H10 and Polar OH1.
Polar, a leading player of the heart rate monitor industry, launched a new heart rate monitor OH1+. The new HRM is capable of connecting to Bluetooth and ANT+ devices. It is equipped with Polar’s own proprietary optical hear rate solution which facilitates accurate tracking as compared to most other devices.
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.
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Heart Rate Monitor Market – Segmentation
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 – Key Findings
- The Heart Rate Monitors Market is expected to grow at a CAGR of 14.12%
- According to the application, sports is the largest segment valued at USD 682.30 million in 2016
- According to the end user, the sport medicine centers is the fastest growing segment at a CAGR of 14.01%
Heart Rate Monitors Market– Regional Analysis
By region, the Global Heart Rate Monitors Market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is likely to retain a dominant position in the global market across the assessment period. The growth of the market in Americas can be ascribed to the developed healthcare sector, rising government support, and concentration of key players in the market.
Europe is estimated to hold the second position in the global market due to the rising prevalence of cardiovascular diseases, diabetes, etc. Germany and France are poised to be the primary revenue generators in the region.
Asia Pacific is estimated to exhibit a relatively higher growth rate. Technologically advanced medical devices, increasing demand for heart rate monitors, and the presence of huge patient pool are projected to be the key driving factors of market proliferation. The Middle East & Africa is expected to command the least share of the Global Heart Rate Monitors Market owing to limited technological penetration.
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