Heart Rate Monitor Market Shares Analysis, Key Development Strategies and Forecasts Till 2027

Market Insights:

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.

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.

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Competitive Dashboard:

Some of the key players profiled by MRFR are Apple (U.S.), SAMSUNG ELECTRONICS Co. Ltd. (South Korea), Nike (U.S.), Fitbit Inc. (U.S.), Garmin Ltd. (U.S.), Beurer GmbH (Germany), Omron Healthcare (Japan), Inc., LG Electronics (South Korea), nu-beca & maxcellent co. (Taiwan), Visiomed Group (France), Mio Global (South Korea), Motorola Solutions, Inc. (U.S.), Sony (Japan), SUUNTO (Finland), MYZONE (U.S.), Wahoo Fitness (U.S.), Motorola, Polar Electro (Finland), TomTom International BV (The Netherlands), Moov Inc. (U.S.), Nokia (Finland), Bragi (Germany), Jabra (Germany), Decathlon (France), and Scosche Industries. (U.S.). The industry leaders strive to gain traction by undertaking initiatives such as acquisitions & mergers, product innovations, expansion of product portfolios, etc.

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.

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.

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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