Market Research Future estimated the global heart rate monitoring devices market to reach a CAGR of 13.50% during the forecast period. Increasing boom of mobile phones and internet across the globe has stimulated the progress of the global heart rate monitoring devices. Moreover, manufacturers focusing on the creation of advanced and compatible devices is projected to impel the growth of the global of heart rate monitoring devices in the coming future.
Constant advancement in technologies associated with heart rate monitoring to make it convenient and more functional for consumers is one of the key driving factors of the global heart rate monitoring devices market. The processing and storage ability of these monitoring devices is turning out to be a unique selling point, driving the demand rate to the peak for heart rate monitoring devices.
Lack of knowledge of the operational capabilities of the heart rate monitoring devices and generation of inaccurate heart rate data are some of the major factor impacting the growth of the global heart rate monitoring devices in the coming future.
Major 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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The Global Heart Rate Monitors Market has been segmented based on type, application, and end user.
By type, the heart rate monitor market has been segmented into wearable, and non-wearable devices. The wearables segment has been further segmented into chest strap, wrist strap, and strapless. The wearables segment is estimated to expand at a CAGR of 14.12% over the forecast period. The non-wearables segment has been further segmented into analogue, and digital.
By application, the heart rate monitors market has been segmented into sports, medical, and others. The sports segment accounted for the largest share of the market in 2016.
By end user, the heart rate monitors market has been segmented into hospital & clinics, sport medicine centers, professionals, individuals, and others. The sports medicine centers are the fastest growing segment which is expected to capture a CAGR of 14.01% over the forecast period.
By region, the Global Heart Rate Monitors Market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The maximum share of the heart rate monitor market is captured by the Americas. High healthcare expenditure, fast uptake of the latest medical technologies and the existence of key players in the regions is expected to catapult the growth of the market.
Europe follows the Americas closely, and the growth of the market is attributed to the high prevalence of cardiovascular diseases in the region coupled with increasing demand for heart rate monitors in the region.
APAC is slated to showcase significant growth and emerge as the fastest-growing market for heart rate monitors. Surging prevalence of cardiac diseases, expanding purchasing capacity and growing awareness regarding health and wellness is expected to support the growth of the market. Additionally, increasing healthcare expenditure and rise in geriatric population si anticipated to augment the growth ofthe market.
The minimum share of the market is held by MEA. Low technology penetration restricts the market growth in the region, especially in the African region. However, the market is expected to perform well in the Middle Eastern region due to the growing prevalence of cardiovascular diseases.
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