Heart Rate Monitors Market Forecasts to 2030 – Global Analysis By Product (Wrist Strap, Chest Strap, Strapless and Other Products), Type (Wearable and Non-Wearable), Indication, Display Type, Application, End User and By Geography

Heart Rate Monitors Market Forecasts to 2030 – Global Analysis By Product (Wrist Strap, Chest Strap, Strapless and Other Products), Type (Wearable and Non-Wearable), Indication, Display Type, Application, End User and By Geography

According to Stratistics MRC, the Global Heart Rate Monitors Market is accounted for $14.42 billion in 2023 and is expected to reach $19.25 billion by 2030 growing at a CAGR of 6.7% during the forecast period. A heart rate monitor is a device used to measure and display a person's heart rate in beats per minute (BPM). It provides real-time information about the rate at which the heart is beating, which is a critical indicator of cardiovascular health and fitness. Heart rate monitors are widely used by athletes, fitness enthusiasts, individuals with specific health conditions, and those undergoing cardiac rehabilitation. They serve as valuable tools for optimizing workouts, preventing overexertion, and monitoring cardiovascular health.

According to the reports of WHO, in the year 2015, there were over 17.7 Million deaths accrued due to cardiovascular diseases which represent 31% of the total death rates globally.

Market Dynamics

Driver

Rise in healthcare expenditure

As healthcare expenditure increases, there is a growing focus on managing chronic health conditions. With higher healthcare spending, there is often a greater emphasis on preventive care and wellness initiatives. Heart rate monitors are valuable tools for individuals looking to monitor and manage their cardiovascular health, making them a sought-after consumer product. Higher healthcare spending can lead to improved access to healthcare services and technologies. This may include subsidies, insurance coverage, or government programs that make heart rate monitors more accessible and affordable to a larger population. These factors contribute to the growth and expansion of the market.

Restraint

Complex integration process

Heart rate monitors must adhere to strict criteria and rules established by health authorities, especially those used in medical settings. They frequently employ a wide range of various hardware and software solutions. It becomes increasingly difficult because it must fulfil strict requirements for accuracy, security, and interoperability with current systems. Along with this, rigorous testing procedures and ensuring that data is delivered in an appropriate way lengthen the process, which is impeding market demand.

Opportunity

Growing adoption of smart health devices

The ubiquity of smart health gadgets has increased interest in tracking one's own health. They are frequently made to be accessible and user-friendly. They are comfortable to wear all day long, enabling continuous monitoring without interfering with normal activities. These gadgets provide a thorough method of health monitoring. Heart rate monitors now have a larger user base as a result of the increasing usage of smart health gadgets, which has also made them more widely available and incorporated into people's daily lives. The market for heart rate monitors is projected to continue expanding as a result of this trend.

Threat

High manufacturing costs

Heart rate monitors have relatively high manufacturing costs as they incorporate a range of sophisticated technologies, such as optical sensors, accelerometers, microprocessors, and wireless communication modules. These components require precision engineering and can be costly to produce. The design of a heart rate monitor must take into account factors like ergonomics, durability, and comfort for the user. Additionally, costs associated with the supply chain, branding, and software integration all rise, which restrains the market's expansion.

Covid-19 Impact

The market for heart rate monitors has been positively impacted by the COVID-19 outbreak. The pandemic has heightened awareness of personal health and wellness. With gym closures and restrictions on outdoor activities in some regions, many individuals turned to at-home workouts. This led to a surge in the use of fitness trackers and heart rate monitors, as people sought to optimize their exercise routines. Many health apps and platforms integrated with heart rate monitors to provide a comprehensive view of user’s health and wellness. The pandemic accelerated the adoption and innovation of health monitoring technologies.

The wearable segment is expected to be the largest during the forecast period

The wearable segment is estimated to have a lucrative growth. Wearable heart rate monitors have a wide range of applications in various fields, primarily related to health, fitness, and medical monitoring. Wearable heart rate monitors equipped with wireless connectivity allow healthcare providers to remotely monitor patients' heart health, making it especially valuable for telemedicine and remote patient care. Further, its stress tests, biofeedback therapy and sleep monitoring fuels the segment growth.

The cardio segment is expected to have the highest CAGR during the forecast period

The cardio segment is anticipated to witness the highest CAGR growth during the forecast period, due to its real-time feedback and tracking progress. Heart rate monitors gives you concrete feedback about your effort, and it can also provide a sense of accomplishment when you see improvements. By using heart rate data, it helps to avoid plateaus and prevents overexertion. It also sets goals and customizes workouts basing on their heart rate which is further boosting the demand.

Region with largest share

North America is projected to hold the largest market share during the forecast period owing to the growing awareness of health and well-being. The technology in the region is highly advanced, and the market is constantly being updated by the leading competitors. Due to the region's growing senior population, which is more likely to develop cardiovascular diseases, heart rate monitors are becoming quite popular. Additionally, the region's market for heart rate monitors will expand due to the increased focus on healthcare.

Region with highest CAGR

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the increasing health awareness, rising disposable incomes, a growing aging population, and a surge in lifestyle-related diseases. Governments in countries like China, Japan, South Korea, and India have been actively promoting health and wellness, which has contributed to the growth of the fitness and wellness industry, including the market for heart rate monitors.

Key players in the market

Some of the key players profiled in the Heart Rate Monitors Market include Samsung Electronics Co. Ltd., Apple Inc., Nike, Inc., Fitbit International Limited, Visiomed Group SA, Sony Group Corporation, LG Electronics Inc., Omron Healthcare, Inc., Beurer GmbH, TomTom International BV, Garmin Limited, Motorola Solutions, Nu-Beca & Maxcellent Co, Mio Global, Polar Electric, ASUS, Seiko Epson Corporation, Lenovo, Wahoo Fitness and Xiaomi.

Key Developments

In September 2023, Apple launched the Apple Watch Series 9. The Series 9 features a new optical heart rate sensor and a U2 ultra wideband chip. It also includes a GPS, sleep tracker, skin temperature sensor, fertility tracking, and crash detection.

In August 2023, Xiaomi launched its budget-friendly smartwatch Redmi Watch 3 Active in India for under Rs 5,000. The highlights of the smartwatch include 12 days of battery life, 100 fitness modes and features like Bluetooth Calling, heart rate monitor, stress calculator and blood oxygen tracker.

In July 2023, Samsung has unveiled its Galaxy Watch6 series featuring health and wellness updates, during its Galaxy Unpacked event in Seoul. Enhancements include more in-depth sleep analysis and personalisation, and better heart-rate monitoring.

Products Covered
• Wrist Strap
• Chest Strap
• Strapless
• Other Products

Types Covered
• Wearable
• Non-Wearable

Indications Covered
• Sports & Fitness
• Medical
• Personal Assistance
• Exercise
• Other Indications

Display Types Covered
• Passive Matrix Organic Light Emitting Diode (PMOLED)
• Active-Matrix Organic Light-Emitting Diode (AMOLED)
• Thin Film Transistor Liquid-Crystal Display (TFT LCD)

Applications Covered
• Cardio
• Fat Burn
• Peak
• Other Applications

End Users Covered
• Hospitals & Clinics
• Sports Care Centers
• Professionals
• Individuals
• Homecare

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements