Heart Rate Monitor Market Driven By Product Innovation and Growing Trend of Wearable Devices To Expand By Size, Share Till 2023

“Heart Rate Monitor Market”
2019 Research Report on Heart Rate Monitor Market is a professional and comprehensive study by Market Research Future on the Global Heart Rate Monitor Industry. The report monitors the key trends and market drivers in the current scenario and offers on-the-ground insights. Heart Rate Monitors Market Information By: 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. 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.

The increasing prevalence of cardiovascular diseases coupled with the rising awareness about a healthy lifestyle is expected to favor heart rate monitors market expansion over the next couple of years. The growing trend of wearable devices such as smartwatches has intensified the adoption of heart rate monitors. It is projected to propel the demand and accelerate market expansion. However, the high cost of wearable devices with heart rate monitors is anticipated to restrict the market expansion over the review period.

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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.

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.)

Industry Developments:

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.

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 Monitors MarketRegional 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.

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%

Major Table Of Contents

1 Report Prologue

2 Market Introduction

3 Research Methodology

4 Market Dynamics

5 Market Factor Analysis

5.1 Porter’s Five Forces Model 27

6 Global Heart Rate Monitors Market, By Type

7 Global Heart Rate Monitors Market, by Application

8 Global Heart Rate Monitors Market, by End User

9 Global Heart Rate Monitors Market, By Region

10 Competitive Landscape

11 Company Profiles

12 Conclusion

13 Appendix

14 List of Tables

15 List of Figure

Continued……

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