Heart Rate Monitors Market
Heart Rate Monitors Market Forecasts to 2030 - Global Analysis By Product (Wrist Strap, Chest Strap, Strapless and Other Products), Type (Wearable and Non-Wearable), Indication, Display Type, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $14.42 BN |
|
Projected Year Value (2030) |
US $19.25 BN |
|
CAGR (2023 - 2030) |
6.7% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Heart Rate Monitors Market is accounted for $14.42 billion in 2023 and is expected to reach $19.25 billion by 2030 growing at a CAGR of 6.7% during the forecast period. A heart rate monitor is a device used to measure and display a person's heart rate in beats per minute (BPM). It provides real-time information about the rate at which the heart is beating, which is a critical indicator of cardiovascular health and fitness. Heart rate monitors are widely used by athletes, fitness enthusiasts, individuals with specific health conditions, and those undergoing cardiac rehabilitation. They serve as valuable tools for optimizing workouts, preventing overexertion, and monitoring cardiovascular health.
According to the reports of WHO, in the year 2015, there were over 17.7 Million deaths accrued due to cardiovascular diseases which represent 31% of the total death rates globally.
Market Dynamics:
Driver:
Rise in healthcare expenditure
As healthcare expenditure increases, there is a growing focus on managing chronic health conditions. With higher healthcare spending, there is often a greater emphasis on preventive care and wellness initiatives. Heart rate monitors are valuable tools for individuals looking to monitor and manage their cardiovascular health, making them a sought-after consumer product. Higher healthcare spending can lead to improved access to healthcare services and technologies. This may include subsidies, insurance coverage, or government programs that make heart rate monitors more accessible and affordable to a larger population. These factors contribute to the growth and expansion of the market.
Restraint:
Complex integration process
Heart rate monitors must adhere to strict criteria and rules established by health authorities, especially those used in medical settings. They frequently employ a wide range of various hardware and software solutions. It becomes increasingly difficult because it must fulfil strict requirements for accuracy, security, and interoperability with current systems. Along with this, rigorous testing procedures and ensuring that data is delivered in an appropriate way lengthen the process, which is impeding market demand.
Opportunity:
Growing adoption of smart health devices
The ubiquity of smart health gadgets has increased interest in tracking one's own health. They are frequently made to be accessible and user-friendly. They are comfortable to wear all day long, enabling continuous monitoring without interfering with normal activities. These gadgets provide a thorough method of health monitoring. Heart rate monitors now have a larger user base as a result of the increasing usage of smart health gadgets, which has also made them more widely available and incorporated into people's daily lives. The market for heart rate monitors is projected to continue expanding as a result of this trend.
Threat:
High manufacturing costs
Heart rate monitors have relatively high manufacturing costs as they incorporate a range of sophisticated technologies, such as optical sensors, accelerometers, microprocessors, and wireless communication modules. These components require precision engineering and can be costly to produce. The design of a heart rate monitor must take into account factors like ergonomics, durability, and comfort for the user. Additionally, costs associated with the supply chain, branding, and software integration all rise, which restrains the market's expansion.
Covid-19 Impact
The market for heart rate monitors has been positively impacted by the COVID-19 outbreak. The pandemic has heightened awareness of personal health and wellness. With gym closures and restrictions on outdoor activities in some regions, many individuals turned to at-home workouts. This led to a surge in the use of fitness trackers and heart rate monitors, as people sought to optimize their exercise routines. Many health apps and platforms integrated with heart rate monitors to provide a comprehensive view of user’s health and wellness. The pandemic accelerated the adoption and innovation of health monitoring technologies.
The wearable segment is expected to be the largest during the forecast period
The wearable segment is estimated to have a lucrative growth. Wearable heart rate monitors have a wide range of applications in various fields, primarily related to health, fitness, and medical monitoring. Wearable heart rate monitors equipped with wireless connectivity allow healthcare providers to remotely monitor patients' heart health, making it especially valuable for telemedicine and remote patient care. Further, its stress tests, biofeedback therapy and sleep monitoring fuels the segment growth.
The cardio segment is expected to have the highest CAGR during the forecast period
The cardio segment is anticipated to witness the highest CAGR growth during the forecast period, due to its real-time feedback and tracking progress. Heart rate monitors gives you concrete feedback about your effort, and it can also provide a sense of accomplishment when you see improvements. By using heart rate data, it helps to avoid plateaus and prevents overexertion. It also sets goals and customizes workouts basing on their heart rate which is further boosting the demand.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to the growing awareness of health and well-being. The technology in the region is highly advanced, and the market is constantly being updated by the leading competitors. Due to the region's growing senior population, which is more likely to develop cardiovascular diseases, heart rate monitors are becoming quite popular. Additionally, the region's market for heart rate monitors will expand due to the increased focus on healthcare.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the increasing health awareness, rising disposable incomes, a growing aging population, and a surge in lifestyle-related diseases. Governments in countries like China, Japan, South Korea, and India have been actively promoting health and wellness, which has contributed to the growth of the fitness and wellness industry, including the market for heart rate monitors.
Key players in the market
Some of the key players profiled in the Heart Rate Monitors Market include Samsung Electronics Co. Ltd., Apple Inc., Nike, Inc., Fitbit International Limited, Visiomed Group SA, Sony Group Corporation, LG Electronics Inc., Omron Healthcare, Inc., Beurer GmbH, TomTom International BV, Garmin Limited, Motorola Solutions, Nu-Beca & Maxcellent Co, Mio Global, Polar Electric, ASUS, Seiko Epson Corporation, Lenovo, Wahoo Fitness and Xiaomi.
Key Developments:
In September 2023, Apple launched the Apple Watch Series 9. The Series 9 features a new optical heart rate sensor and a U2 ultra wideband chip. It also includes a GPS, sleep tracker, skin temperature sensor, fertility tracking, and crash detection.
In August 2023, Xiaomi launched its budget-friendly smartwatch Redmi Watch 3 Active in India for under Rs 5,000. The highlights of the smartwatch include 12 days of battery life, 100 fitness modes and features like Bluetooth Calling, heart rate monitor, stress calculator and blood oxygen tracker.
In July 2023, Samsung has unveiled its Galaxy Watch6 series featuring health and wellness updates, during its Galaxy Unpacked event in Seoul. Enhancements include more in-depth sleep analysis and personalisation, and better heart-rate monitoring.
Products Covered:
• Wrist Strap
• Chest Strap
• Strapless
• Other Products
Types Covered:
• Wearable
• Non-Wearable
Indications Covered:
• Sports & Fitness
• Medical
• Personal Assistance
• Exercise
• Other Indications
Display Types Covered:
• Passive Matrix Organic Light Emitting Diode (PMOLED)
• Active-Matrix Organic Light-Emitting Diode (AMOLED)
• Thin Film Transistor Liquid-Crystal Display (TFT LCD)
Applications Covered:
• Cardio
• Fat Burn
• Peak
• Other Applications
End Users Covered:
• Hospitals & Clinics
• Sports Care Centers
• Professionals
• Individuals
• Homecare
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Heart Rate Monitors Market, By Product
5.1 Introduction
5.2 Wrist Strap
5.3 Chest Strap
5.4 Strapless
5.5 Other Products
6 Global Heart Rate Monitors Market, By Type
6.1 Introduction
6.2 Wearable
6.3 Non-Wearable
7 Global Heart Rate Monitors Market, By Indication
7.1 Introduction
7.2 Sports & Fitness
7.3 Medical
7.4 Personal Assistance
7.5 Exercise
7.6 Other Indications
8 Global Heart Rate Monitors Market, By Display Type
8.1 Introduction
8.2 Passive Matrix Organic Light Emitting Diode (PMOLED)
8.3 Active-Matrix Organic Light-Emitting Diode (AMOLED)
8.4 Thin Film Transistor Liquid-Crystal Display (TFT LCD)
9 Global Heart Rate Monitors Market, By Application
9.1 Introduction
9.2 Cardio
9.3 Fat Burn
9.4 Peak
9.5 Other Applications
10 Global Heart Rate Monitors Market, By End User
10.1 Introduction
10.2 Hospitals & Clinics
10.3 Sports Care Centers
10.4 Professionals
10.5 Individuals
10.6 Homecare
11 Global Heart Rate Monitors Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Samsung Electronics Co. Ltd.
13.2 Apple Inc.
13.3 Nike, Inc.
13.4 Fitbit International Limited
13.5 Visiomed Group SA
13.6 Sony Group Corporation
13.7 LG Electronics Inc.
13.8 Omron Healthcare, Inc.
13.9 Beurer GmbH
13.10 TomTom International BV
13.11 Garmin Limited
13.12 Motorola Solutions
13.13 Nu-Beca & Maxcellent Co
13.14 Mio Global
13.15 Polar Electric
13.16 ASUS
13.17 Seiko Epson Corporation
13.18 Lenovo
13.19 Wahoo Fitness
13.20 Xiaomi
List of Tables
1 Global Heart Rate Monitors Market Outlook, By Region (2021-2030) ($MN)
2 Global Heart Rate Monitors Market Outlook, By Product (2021-2030) ($MN)
3 Global Heart Rate Monitors Market Outlook, By Wrist Strap (2021-2030) ($MN)
4 Global Heart Rate Monitors Market Outlook, By Chest Strap (2021-2030) ($MN)
5 Global Heart Rate Monitors Market Outlook, By Strapless (2021-2030) ($MN)
6 Global Heart Rate Monitors Market Outlook, By Other Products (2021-2030) ($MN)
7 Global Heart Rate Monitors Market Outlook, By Type (2021-2030) ($MN)
8 Global Heart Rate Monitors Market Outlook, By Wearable (2021-2030) ($MN)
9 Global Heart Rate Monitors Market Outlook, By Non-Wearable (2021-2030) ($MN)
10 Global Heart Rate Monitors Market Outlook, By Indication (2021-2030) ($MN)
11 Global Heart Rate Monitors Market Outlook, By Sports & Fitness (2021-2030) ($MN)
12 Global Heart Rate Monitors Market Outlook, By Medical (2021-2030) ($MN)
13 Global Heart Rate Monitors Market Outlook, By Personal Assistance (2021-2030) ($MN)
14 Global Heart Rate Monitors Market Outlook, By Exercise (2021-2030) ($MN)
15 Global Heart Rate Monitors Market Outlook, By Other Indications (2021-2030) ($MN)
16 Global Heart Rate Monitors Market Outlook, By Display Type (2021-2030) ($MN)
17 Global Heart Rate Monitors Market Outlook, By Passive Matrix Organic Light Emitting Diode (PMOLED) (2021-2030) ($MN)
18 Global Heart Rate Monitors Market Outlook, By Active-Matrix Organic Light-Emitting Diode (AMOLED) (2021-2030) ($MN)
19 Global Heart Rate Monitors Market Outlook, By Thin Film Transistor Liquid-Crystal Display (TFT LCD) (2021-2030) ($MN)
20 Global Heart Rate Monitors Market Outlook, By Application (2021-2030) ($MN)
21 Global Heart Rate Monitors Market Outlook, By Cardio (2021-2030) ($MN)
22 Global Heart Rate Monitors Market Outlook, By Fat Burn (2021-2030) ($MN)
23 Global Heart Rate Monitors Market Outlook, By Peak (2021-2030) ($MN)
24 Global Heart Rate Monitors Market Outlook, By Other Applications (2021-2030) ($MN)
25 Global Heart Rate Monitors Market Outlook, By End User (2021-2030) ($MN)
26 Global Heart Rate Monitors Market Outlook, By Hospitals & Clinics (2021-2030) ($MN)
27 Global Heart Rate Monitors Market Outlook, By Sports Care Centers (2021-2030) ($MN)
28 Global Heart Rate Monitors Market Outlook, By Professionals (2021-2030) ($MN)
29 Global Heart Rate Monitors Market Outlook, By Individuals (2021-2030) ($MN)
30 Global Heart Rate Monitors Market Outlook, By Homecare (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
List of Figures
Figure 1 Global Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 2 North America Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 3 US Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 4 Canada Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 5 Mexico Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 6 Europe Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 7 Germany Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 8 UK Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 9 Italy Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 10 France Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 11 Spain Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 14 Japan Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 15 China Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 16 India Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 17 Australia Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 19 South Korea Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 21 South America Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 22 Argentina Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 23 Brazil Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 24 Chile Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 28 UAE Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 29 Qatar Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 30 South Africa Heart Rate Monitors Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa Heart Rate Monitors Market Outlook (2021-2030) ($MN)
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.
