Heart Rate Monitoring Devices Market Analysis by Type (Wearable, and Non-Wearable); by Indication (Sports, and Medical); and by End-Users (Hospitals & Clinics, Sports Care Centers, Professionals, Individuals, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now Report ID: 411 | Published Date: Feb 13, 2023
The global heart rate monitoring devices market is estimated to garner a revenue of ~USD 45 billion by the end of 2033 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 30 billion in the year 2022. 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.
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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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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~9% |
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Base Year Market Size (2022) |
~ USD 30 Billion |
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Forecast Year Market Size (2033) |
~ USD 45 Billion |
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Regional Scope |
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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.
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
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.
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.
Our in-depth analysis of the global heart rate monitoring devices market includes the following segments:
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By Type |
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By Indication |
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By End-User |
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Apple Inc.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: 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.
Ans: The market is anticipated to attain a CAGR of ~ 9% over the forecast period, i.e., 2023 – 2033.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by type, indication, end users, and by region.
Ans: The hospitals and clinics segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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