Heart Rate Monitoring Devices Market size is poised to cross USD 45 Billion by the end of 2033, growing at a CAGR of 9% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of heart rate monitoring devices was over USD 30 Billion. The growth of the market is primarily attributed to the increasing concern about the rising cases of cardiovascular diseases along with an increasing number of people demanding heart rate monitors worldwide. As per recent statistics disclosed by the World Health Organization (WHO) in 2021, cardiovascular diseases were responsible for approximately 17.9 million deaths across the world in 2019, an estimated 32% of all global deaths.
These devices are devised for sports activities that connect to a chest strap to allow for seamless heart rate monitoring by sending data to a wrist monitor. Growing health awareness among individuals as a result of the increasing occurrence of chronic and lifestyle illnesses is encouraging the demand for fitness devices.
Base Year |
2022 |
Forecast Year |
2023-2033 |
CAGR |
9% |
Base Year Market Size (2022) |
USD 30 Billion |
Forecast Year Market Size (2033) |
USD 45 Billion |
Regional Scope |
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Growth Drivers
Challenges
End-user (Hospitals & Clinics, Sports Care Centers, Professionals, Individuals)
The global heart rate monitoring devices market is segmented and analyzed for demand and supply by end-user into hospitals and clinics, sports care centers, professionals, and individuals. Amongst these segments, the hospitals & clinics segment is anticipated to garner the highest revenue by the end of 2033. The rising incidence of illnesses resulting in a greater need for healthcare is driving up the global demand for hospitals and clinics. According to the Organization for Economic Co-operation and Development (OECD), the number of hospitals in the United States grew from 5,534 in 2016 to 6,090 in 2019.
Our in-depth analysis of the global heart rate monitoring devices market includes the following segments:
By Type |
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By Indication |
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By End-User |
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North America Market Forecast
The North America heart rate monitoring devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033 on the back of increasing awareness about health and wellness along with the adoption of fitness devices & applications in the region. For instance, approximately 70 million people were members of a health or fitness club in North America in 2019.
Apple Inc., has introduced the latest iOS 15 configuration that allows the users to share their health related data to their family, loved ones or a physician to receive health insights. Also, the new added tools in iOS 15 is upgraded to identify, measure, and understand the changes in an individual’s health data.
Samsung Electronics Co., Ltd., announced that users of the Galaxy Watch3 and Galaxy Watch Active2 now be able to track their blood pressure and receive electrocardiogram benefits via the Samsung Health Monitor app. This means that, in addition to heart rate, people are now kept informed about their health throughout the day.
Author Credits: Radhika Gupta, Shivam Bhutani
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