Heart Rate Monitor Market Influenced by Interrelated Technologies Development and Product Innovation During Forecast Period 2019-2023

MRFR in its recently published report asserts that booming market of Heart Rate Monitor is expected to raise at 13.50% CAGR over forecast period 2018-2023. Heart Rate Monitors Market Information: Type (Wearable (Chest Strap, Wrist Strap, Strapless), Non-Wearable), Indication (Sports, Medical) End Users-Forecast Till 2023

Herat Rate Monitors have cropped up as a vital tool in the monitoring of heart rate. These portable medical/wearable devices find extensive usage in the management of various heart-related devices as well as in general heart rate monitoring activities during physical activities. Market Research Future (MRFR), has thoroughly studied the trends and patterns governing the global heart rate monitors market over the forecast period of 2017-2023 in a detailed study.

Continuous development in IoT and sensors technology has resulted in the development of advanced heart rate monitors. This coupled with the trend of using wearable smart medical devices is primarily fostering the growth of the heart rate monitors market.

With the continual increase in global aging population, wearable devices such as heart rate monitors have gained relevance in out-of-hospital monitoring. The surging incidence rate of cardiovascular disorders among the global populace and elevation in the level of general awareness regarding the prevention of various diseases has further induced high demand for heart rate monitors.

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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.

Global Heart Rate Monitors Market - Competitive Landscape

Bragi (Germany), Motorola, Polar Electro (Finland), Jabra (Germany), Nike (U.S.), Mio Global (South Korea), nu-beca & maxcellent co. (Taiwan), Omron Healthcare (Japan), Inc., SUUNTO (Finland), Garmin Ltd.(U.S.), Motorola Solutions, Inc. (U.S.), Moov Inc. (U.S.), Apple (U.S.), SAMSUNG ELECTRONICS Co. Ltd. (South Korea), Visiomed Group (France), LG Electronics (South Korea), MYZONE (U.S.), Wahoo Fitness (U.S.), Sony (Japan), Beurer GmbH (Germany), Fitbit Inc. (U.S.), Scosche Industries. (U.S.), Decathlon (France), Nokia (Finland), and TomTom International BV (The Netherlands) are the key players in the global heart rate monitors market.

Industry Updates

April 2019 - 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.

March 2019 - 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.

Global Heart Rate Monitors Market - Regional Analysis

By region, the Global Heart Rate Monitors Market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

The maximum share of the heart rate monitor market is captured by the Americas. High healthcare expenditure, fast uptake of the latest medical technologies and the existence of key players in the regions is expected to catapult the growth of the market.

Europe follows the Americas closely, and the growth of the market is attributed to the high prevalence of cardiovascular diseases in the region coupled with increasing demand for heart rate monitors in the region.

APAC is slated to showcase significant growth and emerge as the fastest-growing market for heart rate monitors. Surging prevalence of cardiac diseases, expanding purchasing capacity and growing awareness regarding health and wellness is expected to support the growth of the market. Additionally, increasing healthcare expenditure and rise in geriatric population si anticipated to augment the growth ofthe market.

The minimum share of the market is held by MEA. Low technology penetration restricts the market growth in the region, especially in the African region. However, the market is expected to perform well in the Middle Eastern region due to the growing prevalence of cardiovascular diseases.

Global Heart Rate Monitors Market - Segmentation

The Global Heart Rate Monitors Market has been segmented based on type, application, and end user.

By type, the heart rate monitor market has been segmented into wearable, and non-wearable devices. The wearables segment has been further segmented into chest strap, wrist strap, and strapless. The wearables segment is estimated to expand at a CAGR of 14.12% over the forecast period. The non-wearables segment has been further segmented into analogue, and digital.

By application, the heart rate monitors market has been segmented into sports, medical, and others. The sports segment accounted for the largest share of the market in 2016.

By end user, the heart rate monitors market has been segmented into hospital & clinics, sport medicine centers, professionals, individuals, and others. The sports medicine centers are the fastest growing segment which is expected to capture a CAGR of 14.01% over the forecast period.

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