According to the latest report, the global heart rate monitor market size is predicted to grow at a CAGR of 13.50% during the forecast period 2017 to 2023. A heart rate monitor is a device that is used for the monitoring of pulse or heart rate, this gadget can be non-wearable or wearable and it is embedded with heart rate sensors that can track the most accurate heart rate monitor that monitors a person during rest or any physical activities. Heart rate monitoring plays a very important role in managing diseases.
The rising popularity of wearable diagnostic devices and the rising concerns related to health are the major factors that are driving the growth of the global heart rate monitor market. The rising cases of patients suffering from diabetics and cardiac disorders are adding fuel to the growth of the heart rate monitor market. The global heart rate monitor market provides a comprehensive evaluation of the market. The rising trends of using wearable medical devices for fitness and health issues around the globe have increased over the last few years. The rising awareness around the world in order to prevent several cardiovascular diseases is likely to boost the demand for these devices even further. Obesity and diabetics cases have increased the risk of heart diseases. The involvement of high cost of wearable devices of heart rate monitors is the major restraints of the growth of the global heart rate monitor market.
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Regional Analysis
In the Americas, the market exhibits tremendous growth owing to an extensive use of heart rate monitors by the people and healthcare providers in hospitals and clinics. The U.S. is the largest market in the Americas owing to increasing patient population suffering from chronic diseases such as cardiovascular diseases and diabetes. The key players are engaged in product differentiation and geographical expansion to maintain their position in the market.
Europe is the second largest market followed by Asia Pacific. In Europe, the market shows growth opportunities in Germany, the U.K, and France. This growth is due to increasing availability of funds for research and development activities and rising prevalence of diabetes. Strong government support and high healthcare expenditure are driving the growth of the market.
Asia Pacific is the fastest growing market owing to increasing prevalence of diabetes and obesity and high geriatric population in developing regions such as India, China, and Japan, Additionally, increasing demand for technologically advanced wearable medical devices such as smartwatches and chest strap is further boosting the market growth. Moreover, increasing government support and presence of huge opportunity in medical device industry have together fueled the growth of the market in Asia Pacific region.
In the Middle East & Africa, the market exhibits steady growth owing to an increasing demand for healthcare services and positive growth of healthcare industry. The Middle East & African market is governed by increasing availability of tertiary healthcare services and growing awareness about cardiovascular diseases. In Africa, the market shows steady growth due to the limited availability of medical facilities, demand for primary care services, and poor economic condition in the African countries.
Segmentation
The global heart rate monitors market has been segmented on the basis of types, application, and end users. On the basis of the types, the global heart rate monitors market is segmented into wearable and non-wearable devices. The wearable devices are sub-segmented into chest strap, wrist strap, and strapless. Non-wearable devices are sub-segmented into analog and digital. Based on the application, it is segmented into sports, medical, and others. On the basis of the end users, the market is segmented into hospital & clinics, sport medicine centers, professionals, individuals, and others.
Key Players
Some of the major players in this market are Apple (U.S.), Garmin Ltd.(U.S.), Visiomed Group (France), SAMSUNG ELECTRONICS Co. Ltd. (South Korea), Nike (U.S.), Fitbit Inc. (U.S.), Mio Global (South Korea), Beurer GmbH (Germany), Omron Healthcare (Japan), Inc., LG Electronics (South Korea), nu-beca & maxcellent co. (Taiwan), Motorola, Polar Electro (Finland), TomTom International BV (The Netherlands), Motorola Solutions, Inc. (U.S.), Sony (Japan), and others. Other players are SUUNTO (Finland), MYZONE (U.S.), Wahoo Fitness (U.S.), Moov Inc. (U.S.), Nokia (Finland), Bragi (Germany), Jabra (Germany), Decathlon (France), and Scosche Industries. (U.S.)
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