Wearable Heart Monitoring Devices Market Analysis & Key Business Strategies by Leading Industry Players - Kinetec Products UK Ltd., Medtronic, Beurer GmbH

A wearable heart rate monitor is a personal monitoring device. It enables real time measurement of heart rate. Wearable heart rate monitors are available in two forms: wrist bands and chest straps. These are especially designed to work in extreme conditions, and are compact and lightweight. Advanced models of heart rate monitors also provide activity, heart rate variation, breathing rate, and core temperature. The wrist band is a more popular heart rate monitoring device, as it provides comfort and is easy to use. However, it provides limited information as compared to chest strap.

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The accuracy of chest strap is higher as compared to the wrist watch. Wearable heart rate monitors are used by athletes and trainers to study and analyze their performance during sports activities. It is also used in hospitals for continuous monitoring of patients. Integration of technologies such as Bluetooth and Wi-Fi enable these devices to instantly transfer health information to computers or smartphones. This aids medical experts to analyze data quickly.

The global wearable heart monitoring devices market is expected to grow rapidly due to factors such as ease of use, low cost, rise in obesity among the population, and increase in awareness about fitness. Additionally, cardiac conditions such as atrial fibrillation (AFib) need continuous and extensive monitoring. According to the Centers for Disease Control and Prevention, 2.7 million to 6.1 million people in the U.S. suffered from AFib in 2017. Furthermore, it stated that over 750,000 people require hospitalization due to AFib in the country each year. The estimated medical cost for people suffering from AFib is about US$ 8,705 per person. Hence, rise in prevalence of atrial fibrillation along with increase in geriatric population and high per capita health care expenditure in the developed countries are projected to boost market growth during the forecast period. However, inconsistent and insufficient data is likely to hamper the growth of the global wearable heart monitoring devices market.

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The global wearable heart monitoring devices market can be segmented based on product, type, application, end-user, and region. In terms of product, the global market can be classified into optical technology based, electric pulse based, and others. The optical technology based segment can be categorized into earphones, smart watches, and others. The electric pulse based segment can be divided into chest patches, chest straps, and others. Based on type, the global wearable heart monitoring devices market can be classified into Bluetooth enabled, chargeable, non-chargeable, and others. In terms of application, the global market can be categorized into health care, consumer market, and others. Based on end-user, the global wearable heart monitoring devices market can be divided into hospitals, retail pharmacies, academic institutes, and others.

Geographically, the global wearable heart monitoring devices market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each region can be divided into specific countries such as the U.S., Canada, Germany, the U.K., Brazil, China, India, Japan, and GCC Countries. North America dominated the global wearable heart monitoring devices market because of high prevalence of AFib diseases and increase in health care expenditure. Moreover, presence of developed economies such as the U.S. and Canada and global players such as Medtronic and Briggs Healthcare fuel market growth. Asia Pacific is considered to be the most attractive market for wearable heart rate monitoring devices during the forecast period due to increase in health care expenditure and favorable government policies.

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Key players operating in global wearable heart monitoring devices market are Kinetec Products UK Ltd., Medtronic, Beurer GmbH, Medisana AG, Briggs Healthcare, Polar Electro, SUUNTO, Koninklijke Philips N.V., and Garmin Ltd., among others.

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