Global Heart Rate Monitor Market Size By Product (Wearable (Chest Strap, Wrist Strap, Strapless), Non-Wearable), By Application (Hospital & Clinics, Sport Medicine Centers), By Geographic Scope And Forecast

Heart Rate Monitor Market Size And Forecast

Heart Rate Monitor Market size was valued at USD 13.53 Billion in 2024 and is projected to reach USD 37.23 Billion by 2031, growing at a CAGR of 10.7% during the forecast period 2024-2031.

The growing popularity of wearable diagnostic devices and increasing health concerns are major factors driving the growth of the Heart Rate Monitor Market. Also, the rising number of cases suffering from cardiac disorders and diabetes is fueling the growth of the Heart Rate Monitor Market. The Global Heart Rate Monitor Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Heart Rate Monitor Market Definition

Heart Rate monitoring devices are permitted to store the heart rate for subsequent use and measure and show it in real-time. In the current situation, these gadgets are widely utilized to collect heart rate information while engaging in different kinds of physical activities. Electrocardiography is the name of a device that is used to detect electrical cardiac information (ECG or EKG). Medical heart rate monitoring in hospitals is frequently connected and equipped with many sensors. With completely automated algorithms such as the Pan-Tompkins algorithm, modern heart rate monitoring devices typically use two separate modalities to record cardiac signals, namely electrical and optical.

A monitor or transmitter that is worn on a chest strap and a receiver make up an electrical monitor. Recent optical heart rate monitoring devices work by shining light from an LED through the skin and analyzing how the light scatters in blood vessels. This method uses optics to assess the rate.

Some gadgets, including watches and smartphones, may show or gather data, some also simultaneously track oxygen saturation and another parameter. Modern wrist-based heart rate monitors have virtually reached the same degree of precision. Major players have recently concentrated on heart rate variability as it is influenced by both sex and age and has been linked to lower death rates.

Global Heart Rate Monitor Market Overview

The growing popularity of wearable diagnostic devices and public awareness of health care and fitness are fueling the growth of the heart rate monitor market. Additionally, the need for immediate disease diagnosis is growing among those with cardiac disorders and lifestyle disorders like diabetes and high blood pressure; this is what is driving the expansion of wearable devices and, in turn, the market.

The market for heart rate monitoring devices is predicted to rise as a result of heart rate monitoring devices’ interoperability with smart devices and the increasing use of smartphones around the world. Additionally, the market for heart rate monitors is expanding due to rising fitness concerns, an increase in sports and exercise including running, swimming, and climbing, as well as the use of heart rate monitors in these activities.

In addition, consumer convenience is being improved by technological advancements in heart rate monitoring devices, which not only detect heart rate but also store a significant quantity of data. As a result, the advantages of heart rate monitoring devices are fueling the market’s expansion. However, it is projected that the expansion of the heart rate monitor market would be constrained by low levels of awareness in developing nations and the requirement for some devices to display more precise findings. However, over the anticipated period, expanding chronic diseases and technological progress is anticipated to create enormous potential for the heart rate monitor market.

Global Heart Rate Monitor MarketSegmentation Analysis

The Global Heart Rate Monitor Market is segmented on the basis of Product, Application, And Geography.

Heart Rate Monitor Market, By Product

• Wearable (Chest Strap, Wrist Strap, Strapless)
• Non-Wearable

Based on Product, the market is segmented into Wearable (Chest Strap, Wrist Strap, Strapless) and Non-Wearable. Among this two Wearable (Chest Strap, Wrist Strap, Strapless) segment is expected to grow with the highest CAGR during the forecasted period. The growth of the segment is due to ease of use, increasing awareness regarding fitness, as well as a rise in obesity among people.

Heart Rate Monitor Market, By Application

• Hospital & Clinics
• Sport Medicine Centers
• Professionals
• Individuals

Based on Application, the market is segmented into Hospitals & Clinics, Sports Medicine Centers, Professionals, and Individuals. Sports Medicine Centers are expected to grow at a faster pace during the forecasted period and also accounted for holding the largest share of the market. The growth of the segment is attributed to growing fitness concerns among people and regular monitoring of sportspersons is fueling the market growth.

Heart Rate Monitor Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Geography, the Global Heart Rate Monitor Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is expected to hold the largest share in the Heart Rate Monitor Market due to high healthcare expenditure, well-developed technologies, as well as increasing emphasis on healthcare. Asia-pacific is expected to grow at a faster pace during the forecasted period due to the presence of a huge patient pool as well as the increasing geriatric population in the region.

Key Players

The “Global Heart Rate Monitor Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Apple, Garmin, Visiomed Group, SAMSUNG ELECTRONICS, Nike, Fitbit, Mio Global, Beurer, Omron Healthcare, LG Electronics, TomTom International, Motorola Solutions, and Sony. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In June 2021, Garmin released the Forerunner 55, a new smartwatch In India to help people, particularly novices, track their physical activities and heart rate and accomplish their fitness goals. The Forerunner 55 smartwatch has an integrated GPS that allows users to keep track of time, distance, speed, and other metrics while running or walking.

• In December 2021, Eka Care, a connected healthcare platform developed by former Goibibo Co-Founders, released a scientific mobile-based feature on its app that allows users to check their pulse rate, a fundamental yet critical body vital. In conjunction with Father Muller (FM) Medical College and Hospital, Eka Care has launched the Heart Rate Monitor.
• In April 2018, PUMA and the Fossil Group collaborated to create a wide range of PUMA-branded timepieces and smartwatches to add features like heart rate monitor and step count.
• In November 2021, Royal Philips, a global leader in health technology, agreed to buy Cardiology, a medical technology business based in France focused on integrating artificial intelligence (AI) and cloud technologies to transform cardiac diagnostics.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Heart Rate Monitor Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in the global Heart Rate Monitor Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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