Heart Rate Monitor Market with Top 10 Key Competitors as Apple, Garmin Ltd., Visiomed Group, Samsung Electronics Co. Ltd., Nike, Fitbit Inc., Beurer GmbH, Omron Healthcare, Inc., LG Electronics Etc. During 2019-2023

Wearable medical devices have now gained popularity from last few years owing to their increasing use among the health-conscious people and technological penetration in various regions across the globe. Heart rate monitors are of two types namely, wearable and non-wearable devices. Chest strap, wrist strap, and strapless devices are wearable heart rate monitors. These devices have an embedded sensor which continuously keeps a check on the heart rate of a person during various physical activities as well as when the body is at rest.

Key players in the market are tapping new regions in the developing economies across the globe to take a hold of the markets. The Global Heart Rate Monitors Market is driven by increasing prevalence of cardiovascular diseases and diabetes, rapidly developing technology, and increasing geriatric population across the globe, which has fueled the growth of the market.

The growing trend of wearable devices such as smartwatches has intensified the adoption of heart rate monitors. It is projected to propel the demand and accelerate market expansion. However, the high cost of wearable devices with heart rate monitors is anticipated to restrict the market expansion over the review period.

Market Research Future (MRFR) projects in its latest report that the Global Heart Rate Monitors Market is projected to exhibit a robust CAGR of 13.5% during the forecast period 2017 to 2023. The increasing prevalence of cardiovascular diseases coupled with the rising awareness about a healthy lifestyle is expected to favor heart rate monitors market expansion over the next couple of years.

Heart Rate Monitor Market - 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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Industry Developments:

In August 2018, Cleer, Inc., designer and manufacturer of high-performance personal entertainment products launched Bluetooth headphones with heart rate monitor system.

Heart Rate Monitor Market - Segmentation

By type, the global heart rate monitors market is segmented into wearable, and non-wearable. The wearable segment is further sub-segmented into chest strap, wrist strap, and strapless. The non-Wearable segment is sub-segmented into analog, and digital. The wearable segment is expected to grow at 14.12% CAGR.

By application, the heart rate monitors market has been segmented into sports, medical, and others.

By end-user, the global heart rate monitors market is segmented into hospital & clinics, sport medicine centers, professionals, individuals, and others. The sport medicine centers segment is poised to exhibit 14.01% CAGR.

Heart Rate Monitor Market - Key Findings

The Heart Rate Monitors Market is expected to grow at a CAGR of 14.12%

According to the application, sports is the largest segment valued at USD 682.30 million in 2016

According to the end user, the sport medicine centers is the fastest growing segment at a CAGR of 14.01%

Heart Rate Monitors Market- Regional Analysis

By region, the Global Heart Rate Monitors Market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is likely to retain a dominant position in the global market across the assessment period. The growth of the market in Americas can be ascribed to the developed healthcare sector, rising government support, and concentration of key players in the market.

Europe is estimated to hold the second position in the global market due to the rising prevalence of cardiovascular diseases, diabetes, etc. Germany and France are poised to be the primary revenue generators in the region.

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Asia Pacific is estimated to exhibit a relatively higher growth rate. Technologically advanced medical devices, increasing demand for heart rate monitors, and the presence of huge patient pool are projected to be the key driving factors of market proliferation. The Middle East & Africa is expected to command the least share of the global heart rate monitors market owing to limited technological penetration.

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