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The global heart rate monitoring devices market is estimated to garner a revenue of ~USD 44 Billion by the end of 2031 by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 29 Billion in the year 2021. The growth of the market can primarily be attributed to the increasing concern about the rising cases of cardiovascular diseases 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 estimate of 32% of all global deaths.
Heart rate monitors (HRM) are personal devices that measure and display the heart rate and pulse rate in real time. Heart rate monitoring devices gather electrical signals from the heart and send them to a wristwatch or a data center. Typically, heart rate monitoring devices are used for cardiovascular exercises such as walking, running, hiking, climbing, and skiing. The devices devised for sports activities that connect to a chest strap allow for seamless heart rate monitoring by sending data to a wrist monitor. Higher-end models also include special coding to reduce interference with other devices, which can occur in a gymnasium setting or during a race where many people are wearing heart monitors. There are also wrist-worn heart rate monitor watches available.
Cardiovascular diseases (CVDs) are a group of illnesses that affect the heart and blood vessels. It is associated with the build-up of fatty deposits inside the arteries and the formation of blood clots. Coronary heart diseases, strokes, peripheral arterial diseases, aortic diseases, high blood pressure, and cholesterol are some of the illnesses that are categorized under CVDs. The increasing prevalence of such heart diseases and their associated concerns are therefore anticipated to fuel the growth of the global heart rate monitoring devices market in the forecast period. According to the Centers for Disease Control and Prevention, around 360,900 people were diagnosed with coronary heart disease in 2019.
Additionally, one of the most significant advantages of heart rate monitoring devices is that they detect disease at an early stage and suggest a new method of monitoring disease diagnosis and progression. During the COVID-19 pandemic, it was discovered that these devices remotely monitor patients and aid in disease detection. The heart rate monitoring devices serve as potential COVID-19 virus indicators. Heart rate, respiration rate, motion activity, body temperature, oxygen saturation level, cough symptoms, and stress are all measured using various sensors.
The majority of non-communicable disease deaths are caused by heart disease, followed by cancer, respiratory diseases, and diabetes. A rise in demand for heart rate monitoring devices is anticipated to help diagnose the disease and prevent deaths caused by non-communicable diseases, which in turn is expected to fuel the growth of the market. According to the data released by the World Health Organization (WHO) in 2021, it is estimated that 41 million people are killed by non-communicable diseases each year, which is equivalent to 71% of all deaths globally.
According to the Centers for Medicare & Medicaid Services' National Health Expenditure data, the United States' health-care spending reached USD 4.1 trillion in 2020.
Recent fitness trends have prompted the population to adopt fitness applications to monitor and regulate their health statistics. The heart rate monitoring devices market is anticipated to grow as a result of its connectivity with fitness applications. In 2019, an estimated 68 million US smartphone owners used at least one health or fitness application. Furthermore, by 2023, this number is anticipated to increase by approximately 88 million.
Growing health awareness among individuals as a result of the increasing occurrence of chronic and lifestyle illnesses is encouraging the demand for fitness devices such as smartwatches. In 2022, it is estimated that approximately 175 million smartwatches shipments have occurred worldwide.
The global heart rate monitoring devices market is segmented and analyzed for demand and supply by end users into hospitals and clinics, sports care centers, professionals, individuals, and others. Amongst these segments, hospitals and clinics segment is anticipated to garner the highest revenue by the end of 2031. The rising incidence of illnesses, which results in a greater need for healthcare, is driving up the global demand for hospitals and clinics. According to data published by the National Center for Health Statistics, in 2020, 83.4% of the U.S. population (adults) had a doctor or a healthcare professional visit. Additionally, according to the Organization for Economic Co-operation and Development (OECD), number of hospitals in the United States grew from 5,534 in 2016 to 6,090 in 2019.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
The global heart rate monitoring devices market is geographically segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The market in the North America region is estimated to observe noticeable growth over the forecast period on the back of high expenditure on healthcare and increasing awareness about health and wellness. For instance, approximately 70 million people were members of a health or fitness club in North America in 2019. Also, the adoption of fitness applications and increasing gymnasium memberships in the region is presumed to advance the growth of the heart rate monitoring devices market. For instance, in 2019, there were approximately 48,000 health and fitness clubs in North America.
The global heart rate monitoring devices market is further classified on the basis of region as follows:
Our in-depth analysis of global heart rate monitoring devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors responsible for the growth of the heart rate monitoring devices market are the increasing cases of cardiovascular cases and the rising awareness about health and fitness.
The market is estimated to attain a notable CAGR of ~8% over the forecast period, i.e., 2022 – 2031.
Lack of health awareness, concern about obtaining accurate results and the high cost of the devices are assumed to hamper the growth of heart rate monitoring devices market.
heart rate monitoring devices market in the future? The market in North America region will provide more business opportunities on account of high expenditure on healthcare and increasing awareness on health and wellness.
Some of the key players that are dominating the heart rate monitoring devices market are Apple Inc., Samsung Electronics Co. Ltd, Fitbit International Limited, Visiomed Group SA, Nike, Inc., Beurer GmbH, Omron Healthcare, Inc., LG Electronics Inc., TomTom International, Wahoo Fitness LLC, and Sony Group Corporation.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, indication, end users, and by region.
The wearable segment is anticipated to garner the largest revenue in the heart rate monitoring devices market.
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