Heart Rate Monitoring Devices Market Size & Share, by Type (Wearable, Non-Wearable); Indication (Sports, Medical); End-user (Hospitals & Clinics, Sports Care Centers, Professionals, Individuals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 411
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

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.


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Heart Rate Monitoring Devices Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Concern Regarding Non-Communicable Diseases Across the World - 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 as the majority of non-communicable disease deaths are caused by heart disease.  According to the data released by the World Health Organization (WHO), it is estimated that 41 million people are killed by non-communicable diseases each year, which is equivalent to 71% of all deaths globally.
  • Rise in Healthcare Expenditure - According to the Centers for Medicare & Medicaid Services National Health Expenditure data, the United States healthcare spending reached USD 4.1 trillion in 2020.
  • Rising Adoption of Smart Health Devices - For instance, in 2019, an estimated 68 million United States smartphone owners used at least one health or fitness application. Furthermore, by 2023, this number is anticipated to increase by approximately 88 million.
  • Rising Awareness about Fitness and Health - For instance, in 2022, it is estimated that approximately 175 million smartwatch shipments have occurred worldwide.
  • Increasing Per Capita Income - According to statistics from the World Bank, global yearly per capita income grew by 4.8% in 2021 contrasted to 1.5% in 2019.

Challenges

  • People’s Concern about Obtaining Accurate Results – the device may not necessarily be accurate, especially when the hands move vigorously or flex the muscles and tendons near the sensor. Also, it has a limited ability to accurately measure heart rate through tattooed or dark skin.
  • High Cost of the Heart Rate Monitoring Devices
  • Lack of Health Awareness Amongst Individuals

Heart Rate Monitoring Devices Market: Key Insights

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Heart Rate Monitoring Devices Segmentation

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

  • Wearable
  • Non-Wearable

        By Indication

  • Sports
  • Medical

         By End-User

  • Hospitals & Clinics
  • Sports Care Centers
  • Professionals
  • Individuals

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Heart Rate Monitoring Devices Industry - Regional Synopsis

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.

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Companies Dominating the Heart Rate Monitoring Devices Landscape

top-features-companies
    • Apple Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Samsung Electronics Co. Ltd.
    • Fitbit International Limited
    • Visiomed Group SA
    • Nike, Inc.
    • Beurer GmbH
    • Omron Healthcare, Inc.
    • LG Electronics Inc.
    • TomTom International BV
    • Sony Group Corporation

In-the-news

In The News

  •  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


  • Report ID: 411
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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 anticipated to attain a CAGR of 9% over the forecast period, i.e., 2023-2033.

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.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Apple Inc., Samsung Electronics Co. Ltd, Fitbit International Limited, Visiomed Group SA, Nike, Inc., Beurer GmbH, Omron Healthcare, Inc., LG Electronics Inc., and others.

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 hospitals and clinics segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Heart Rate Monitoring Devices Market Report Scope
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