The Heart Rate Monitor Market size is projected to reach USD 13.3 Billion by 2032 at 5.3% CAGR during the forecast period 2023-2032. A heart rate monitor is a device that is used for the monitoring of pulse or heart rate, this gadget can be non-wearable or wearable and it is embedded with heart rate sensors that can track the most accurate heart rate monitor that monitors a person during rest or any physical activities. Heart rate monitoring plays a very important role in managing diseases.
The rising popularity of wearable diagnostic devices and the rising concerns related to health are the major factors that are driving the growth of the global heart rate monitor market. The rising cases of patients suffering from diabetics and cardiac disorders are adding fuel to the growth of the heart rate monitor market. The global heart rate monitor market provides a comprehensive evaluation of the market. The rising trends of using wearable medical devices for fitness and health issues around the globe have increased over the last few years. The rising awareness around the world in order to prevent several cardiovascular diseases is likely to boost the demand for these devices even further. Obesity and diabetics cases have increased the risk of heart diseases. The involvement of high cost of wearable devices of heart rate monitors is the major restraints of the growth of the global heart rate monitor market.
This report contains all the information on the global heart rate monitor market research, and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global heart rate monitor market trend analysis and heart rate monitor market forecast to 2023 is also included in the report.
Covid 19 Analysis
The outbreak of the global pandemic has affected the global heart rate monitor market by creating hurdles in the manufacturing of devices and also by creating hurdles in the supply chain of heart rate monitor across the globe due to lockdown in different countries. The demand for the heart rate monitor is likely to increase due to covid 19 as the number of patients has increased rapidly and so does the uses of heart rate monitor gadgets.
Drivers
The rising trends of using wearable medical devices on fitness and healthcare is the major factor that is contributing to the growth of the global heart rate monitor market. The rising awareness among the individual across the globe regarding the prevention and health of several cardiovascular diseases is increasing rapidly around the globe which is ultimately boosting the demand for the heart rate monitor market.
Opportunities
This report comprises the prospective of readers in order to identify major restraints factors for the participants of the industry. The growth opportunities in the industry will help to understand the dynamics of the industry and planning for future strategies accordingly.
Restraints
The involvement of high cost in the wearable heart rate monitor market is the major restraint of the global heart rate monitor market across the globe.
Challenges
The major challenge faced by the manufacturers is the involvement of high cost of making such devices which can be considered as the major challenge for the global heart rate monitor market.
Cumulative Growth Analysis
According to the reports of WHO, in the year 2015, there was over 17.7 Million death accrued due to cardiovascular diseases which represent 31% of the total death rates globally. In the reports of WHO it is also mentioned that in the year 2015, around 82% of the total death were accrued in middle and low-income countries. The global heart rate monitor market is predicted to show significant growth during the forecast period due to the rising prevalence of several heart diseases. Based on the reports of WHO, in the year 2014, about 422 million people were suffering from diabetics around the world.
Value Chain Analysis
According to the latest reports, the heart rate monitors market has been segmented on the basis of types, applications, end-users, and regions. On the basis of types, the heart rate monitors market has been segmented into heart rate monitor wearable and nonwearable devices. The wearable device segments are further divided into chest strap heart rate monitor, wrist strap, and strapless. The wearable segment is predicted to grow with the highest CAGR during the forecast period due to rising awareness about fitness among individuals. The non-wearable segment is further segmented into analog and digital.
On the basis of application, the heart rate monitors market has been segmented into medical, sports, and others. The medical segment is predicted to grow at the fastest pace during the forecast period due to the monitoring regulation of a sports person is adding fuel to the growth of the global heart rate monitor market. On the basis of end-users, the global heart rate monitor market has been segmented into hospitals & clinics, sport medicine centers, professionals, individuals, and others.
The market is segmented on the basis of the types, applications, end-users, and regions. The heart rate monitors market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into medical, sports, and others
Based on the propulsion types, the market is segmented into hospitals & clinics, sport medicine centers, professionals, individuals, and others.
According to the reports, on the basis of regions, the heart rate monitors market has been divided into the Americas, Europe, Asia Pacific, and middle east & Africa. The Americas holds the largest share in the global heart rate monitor market due to rising concerns on healthcare expenditure, well-developed technology, healthcare, and concentration of the major key players of the market. The European region is predicted to accounts for the second-largest heart rate monitor share in the market due to the rising prevalence of cardiovascular diseases, healthcare expenditure, and diabetics. It increases the overall demand for the wearable heart rate monitor market.
The rising demand for the heart rate monitor market due to advanced technology in medical devices and the presence of a patient pool in the Asia Pacific region is driving the growth of the global heart rate monitor market. The Middle East & Africa holds the minimum shares in the global heart rate monitor market due to low penetration technology in developing countries and regions mainly in the African region.
Competitive Landscape
The global heart rate monitor market is likely to be fragmented with small-scale and large-scale players by forming a competitive landscape. These players are focused on incorporating several strategies that involve acquisition & mergers, launches of new technology, collaboration, and expansions. These players are also investing willingly in clinical trials and R&Ds.
Major Key players
Report Overview
The following report comprises of –
| Report Attribute/Metric | Details |
| Market Size | USD 13.3 Billion |
| CAGR | 5.3% |
| Base Year | 2021 |
| Forecast Period | 2023-2032 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Indication, End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | 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), 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), SUUNTO (Finland), MYZONE (U.S.), Wahoo Fitness (U.S.), Moov Inc. (U.S.), Nokia (Finland), Bragi (Germany), Jabra (Germany), Decathlon (France), Scosche Industries. (U.S.) |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | · The rising trends of using wearable medical devices on fitness and healthcare · The rising awareness among the individual across the globe regarding the prevention and health of several cardiovascular diseases is increasing rapidly around the globe |
Heart Rate Monitor Market Highlights:
Frequently Asked Questions (FAQ) :
The projected heart rate monitors market would grow up to a valuation of USD 13.3 Billion by 2032.
Heart Rate Monitors market has a chance to record 5.3% CAGR during the forecast period.
The type-based segmentation includes wearable and non-wearable devices.
The discussed applications are sports, medical, and others.
The end users are sport medicine centers, hospitals & clinics, individuals, professionals, and others.
USD 4118.08 Million by the end of 2023
What are the applications included in the heart rate monitor market report?
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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