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Heart Rate Monitoring Devices Market : Global Demand Analysis & Opportunity Outlook 2024

Published On : 12:42 AM, 20th April, 2018 REP-ID-411 Category: Healthcare

Heart Rate Monitoring Devices Market Overview

Heart rate monitoring devices are used to measure or record heart rate of an individual person. Additionally, heart rate monitors can be very useful in terms of exercise or workout in order to maintain heart rate of an individual such as aerobic and fat burning zone. Chest strap heart rate monitoring devices are most effective heart rate monitors among other monitors, when strapped around an individual’s chest they provide precise accuracy of an individual’s heart rate. Wearable heart rate monitors are very popular these days due to their capability to be used in almost every kind of exercises such as jogging, hiking, cycling, running, swimming, climbing or when rehabilitating from an injury.   

Market Size & Forecast

Global heart rate monitoring devices market is expected to flourish at a compound annual growth rate (CAGR) of 13.5% over the forecast period i.e. 2017-2024. Further, rising health consciousness among people coupled with rising popularity for diagnostic wearable devices are some of the major trends which are likely to escalate the growth of global heart rate monitoring devices market during the forecast period.

heart rate monitoring

In terms of region, global heart rate monitoring devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is projected to capture largest market share in the global heart rate monitoring devices market during the forecast period owing to factors such as presence of plenty of manufacturers and rising awareness towards latest smart healthcare devices in this region. Rising number of people suffering from cardiac diseases and diabetes is also anticipated to propel the growth of health monitoring devices market in this region. Further, Asia Pacific region is anticipated to witness a robust growth over the forecast period due to emergence of new electronic and medical device industries and higher efficiency of their products in this region.

Europe region is the second leading market for heart rate monitoring devices. Factors such as rising rapid advancement in healthcare infrastructure and medical sector in Europe region is expected to drive the growth of heart rate monitoring devices market in this region.

Market Segmentation

Our-in depth analysis of the global heart rate monitoring devices market includes the following segments:

By Type

  • Wearable
    • Wrist Watch Heart Rate Monitor
    • Chest Strap Heart Rate Monitor
    • Strapless Heart Rate Monitors
    •  Others (Wrist Bands)
  • Non-Wearable

By End User

  • Individuals
  • Professionals
  • Hospitals
  • Others

By Application

  • Medical
  • Sports & Fitness
  • Exercise
  • Others

By Region

Global heart rate monitoring devices market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.

Growth Drivers & Challenges

Global heart rate monitoring devices market is primarily driven by factors such as rising awareness among population towards health care and fitness. Further, increasing heart related diseases and expanding number of people who are suffering from diabetes and cardiac diseases are some of the key drivers for the rapid growth of global heart rate monitoring devices market.

Additionally, increasing penetration of smart phones across the globe is also escalating the growth of heart rate monitoring devices. Moreover, compatibility of smartphones with heart rate monitoring devices is expected to impel the demand for heart rate monitoring devices in near future. Adoption of heart rate monitoring devices in physical activities such as sports and exercise such as running, swimming, climbing, hiking and other is also expected to escalate the demand for heart rate monitoring devices.

Further, technological advancement with heart rate monitoring devices to make it more convenient to consumers is also a major factor driving the growth of heart rate monitoring devices market. Moreover, heart rate monitoring devices receives a large amount of health data and stores it.

Lack of consumer’s awareness towards heart rate monitoring devices coupled with inability of wrist band heart rate monitoring devices to produce precise heart rate data is also one of the major factor which is likely to hamper the growth of global heart rate monitoring devices in near future.

Key Players

  • LG Electronics
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Visiomed Group
  • Nu-Beca & Maxcellent Co.
  • HealthSmart Internationals
  • Medisana AG
  • Apple
  • Polar Electro
  • Fitbit
  • Garmin
  • Suunto

Scope & Context

Overview of the Parent Market

Analyst View

Segmentation

The global heart rate monitoring devices market is segmented as follows:

  • By Type Market Size & Y-O-Y Growth Analysis
  • By End User Market Size & Y-O-Y Growth Analysis
  • By Application Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

 

Key Answers Captured in Report?
Which geography would have better demand for product/services?
What are the strategies adopted by big players in the regional market?
Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
What is the current & expected market size in next five years?
What is the market feasibility for long term investment?
What opportunity the country would offer for existing and new players in the market?
What is risk involved for suppliers in the geography?
What factors would drive the demand for the product/service in near future?
What is the impact analysis of various factors in the market growth?
What are the recent trends in the regional market and how successful they are?

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