Global Heart Rate Monitors Market Scope Report

Global Heart Rate Monitors Market Highlights Over 2023 – 2033

The global heart rate monitors market is estimated to garner a revenue of ~USD 18 million by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 13 million in the year 2022. The growth is attributed to increasing risk of lifestyle disorders and chronic disease. As a result, the focus of population on health and fitness has been increasing. Hence, owing to this the demand for heart rate monitor is expected to increase. The amount of death caused by chronic disease is expected to increases to 70% by 2030 and the global burden of disease is estimated to rise to 56% for by the same forecast year.

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The heart rate monitor is used in monitoring one’s heart rate in real time or to record it for further studies. Therefore, it is extensively used by the group of people involve in physical activity. Furthermore, the growth in global heart rate monitors share is expected to boost owing to the rising penetration of smartphone across the globe. According to Statista the current number of smartphones user is 6.648 billion globally, which means 83,72% of population use smartphones and is expected to increase to 7.690 million by 2027.

Global Heart Rate Monitors Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Risk of Cardiac Disorders

The risk of cardiac disorder is increasing due to poor diet and imbalanced lifestyle of people. Heart disease is a growing concern as it is possible for people of any age group to be affected. In 2019, an estimate 17.9 million died by the cause of CVDs which is 39% of death all around the world. Out of these, 85% people died owing to heart attack and stroke.

• Growing Fitness Concern Among People

People who are not active sufficiently have higher risk of death that is 20% to 30% compared to people who are active sufficiently.

• Huge Number of Patient Suffering from Arterial Disease

According to National Library of Medicine, at most 50% of patient with peripheral arterial disease are asymptomatic making it difficult to identify its true frequency.

• To Diagnose Congenital heart disease in new born

Out of 4 every 1 babies born with some heart defects has critical congenital heart disease.

• Growing Popularity of Gymnasiums

The global gym industry in 202 worth USD 96.7 billion having more than 184 gym members.

Challenges

• Least Awareness in Under Developed Countries

• High Cost of Heart Rate Monitors

• Changing Government Policy

The under developed nation lack in proper medical healthcare. The risk of various heart disease is high in such nation owing to lack of awareness. Therefore, the demand for heart rate monitors is falling in under developed countries. Other factors responsible to affect the growth of market are geographical inaccessibility, financially inaccessibility, and poor quality of health.

The heart rate monitors market is segmented and analysed for demand and supply by type into wearable segment which includes chest strap, wrist strap & strapless, and non-wearable segment. Among these two segments the wearable segment is anticipated to garner the largest revenue by the end of 2031, backed by the increasing awareness among people regarding health and rising risk of obesity.

Global Heart Rate Monitors Market Regional Synopsis

Regionally, the global heart rate monitors market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031, backed by the huge patient pool.  Moreover, the growth is attributed to growing geriatric population. In 2016, the approximate rate of people above age of 20 was 12.4 percent which is now expected to triple, reaching close to 1.3 billion people by 2050.

Market Segmentation

Our in-depth analysis of the global heart rate monitors market includes the following segments:

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Key Companies Dominating the Global Heart Rate Monitors Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global Heart Rate Monitors market that are included in our report are Apple Inc., Garmin Ltd., Visiomed Group, SAMSUNG ELECTRONICS, Nike Inc., Fitbit, Mio Global Group, Beurer, OMRON Asia Pacific Pte. Ltd., and LG Electronics Ltd.

Global Heart Rate Monitors Market: Latest Development

June, 2022 Garmin Ltd. Launched a new fitness band, Vivosmart 5 in India designed for customers who are looking forward to monitor their own health or wellbeing.

January, 2021 SAMSUNG ELECTRONICS announced that Samsung Health Monitor App will be made available in 31 new countries to help you monitor your health and wellbeing.

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• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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