The increasing prevalence of cardiovascular diseases and non-communicable diseases such as peripheral arterial diseases, aortic diseases, and respiratory diseases along with other chronic diseases such as high glucose and cholesterol are some of the major growth factors that are anticipated to drive the growth of the global heart rate monitoring devices market during the forecast period.
Research Nester published a report titled “Heart Rate Monitoring Devices Market: Global Supply & Demand Analysis & Opportunity Outlook 2031”which delivers detailed overview of the heart rate monitoring devices market in terms of market segmentation by type, indication, end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global heart rate monitoring devices market is anticipated to grow with a CAGR of ~8% during the forecast period, i.e., 2022-2031. The market is segmented by end-user into hospitals and clinics, sports care centers, professionals, individuals, and others. Out of these, the hospitals and clinics segment is anticipated to garner the largest revenue by the end of 2031, owing to the increase in the incidence of illnesses, resulting in a greater need for healthcare.
Geographically, the global heart rate monitoring devices market is segmented into five regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to garner the largest share by the end of 2031. The high expenditure on healthcare and rising awareness about fitness in the region are some of the major factors that are expected to drive the market growth in North America.
Growing Awareness about Fitness and Health to Drive the Market Growth
The 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, and this is driving the growth of the market. As per estimations, around 175 million smartwatches shipments have occurred worldwide in 2022.
On the other hand, 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. Additionally, the surge in healthcare expenditure is anticipated to boost the growth of the global heart rate monitoring devices market. For instance, the ‘National Healthcare Expenditure’ data by the Centers for Medicare & Medicaid Services revealed that the United States healthcare spending rose to USD 4.1 trillion in 2020.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
However, the high cost of the devices and inadequate health awareness among people about heart rate monitoring devices are expected to operate as key restraints to the growth of the global heart rate monitoring devices market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the heart rate monitoring devices market which includes company profiling of Apple Inc., Fitbit International Limited, Visiomed Group SA, Samsung Electronics Co. Ltd., Nike, Inc., Beurer GmbH, Omron Healthcare, Inc., LG Electronics Inc., TomTom International BV, Wahoo Fitness LLC and Sony Group Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global heart rate monitoring devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
