What is Heart Rate Sensor Market?
Electrical and optical heart-rate sensors are the two most common types of heart-rate sensors found in consumer sports equipment, but these are abbreviated versions of their full names. Electrical is also known as electrocardiography or ECG, and optical is known as photoplethysmography or PPG. Electrical sensors are commonly found in chest strap monitors, whereas optical sensors are light-emitting LEDs found in watches and arm straps. Both types require a snug fit, but not so tight that blood flow is restricted. The electrical heart rate sensor detects electrical activity produced by your heart. Optical sensors are getting a lot more attention these days because they're in so many wearables and smartwatches, and they tend to draw attention to themselves by emitting bright and colorful lights LEDs are used to detect the volume of blood flow beneath your skin. There are usually multiple LEDs, with some emitting light into your skin and others detecting changes in your blood flow.
Highlights from Heart Rate Sensor Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Texas Instruments (United States), Philips Healthcare (Netherlands), GE Healthcare, Inc. (United States), NXP Semiconductors N.V. (Netherlands), STMicroelectronics N.V. (Switzerland), Medtronic Plc. (Ireland), Analog Devices, Inc. (United States), Siemens Healthcare (Germany), Polar Electro (Finland) and Valencell. Inc (United States)|
Major players have been investing in R&D and new product development due to the increasing demand for heart rate monitoring machines. Smartwatch technology has brought growth to this market which has been grabbed by many major players. The rising awareness of health in consumers has shown a positive impact on the market. Whereas the High cost of monitoring products and higher number of suppliers have been challenging the market. The key players have been looking for mergers and acquisitions to have better products in the portfolio as well as high technological advancements which has made it a bit more convenient for new players to enter the market. Research Analyst at AMA predicts that Europe Players will contribute to the maximum growth of Global Heart Rate Sensor market throughout the forecasted period. Texas Instruments (United States), Philips Healthcare (Netherlands), GE Healthcare, Inc. (United States), NXP Semiconductors N.V. (Netherlands), STMicroelectronics N.V. (Switzerland), Medtronic Plc. (Ireland), Analog Devices, Inc. (United States), Siemens Healthcare (Germany), Polar Electro (Finland) and Valencell. Inc (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are ROHM CO., LTD. (Japan) and Shenzhen Ke Zhi You Technology Co., Ltd. (China).
Heart Rate Sensor Market Segmentation:
|Application / End User||Smartwatch, ECG Monitor, Sportswear and Other|
|Type||Electrocardiography or electrical and Photoplethysmography or optical|
|Sales channel||Direct sales,Indirect sales|
On the basis of geography, the market of Heart Rate Sensor has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rise Adoption of Heart Rate Monitoring Machines in Hospitals Has Been Driving The Growth of this Market.
- Increase in Production and Demand for Oxygen Meter.
- Counterfeit and Local Players Have Been Restraining the Market Growth.
- Rising Trend of Smart Watches and Sportswear.
- High Cost Associated with Monitoring Devices and Solving Inconsistency Issues of Sensors has Been Challenging for Market Growth.
Market Leaders & Development Strategies
In November 2021 Philips announced it signed an agreement to acquire Cardiologs, a France-based medical technology company focused on cardiac diagnostics using artificial intelligence (AI) and cloud technology. Cardiologs will further strengthen Philips’ cardiac monitoring and diagnostics offering with innovative software technology, electrocardiogram (ECG) analysis, and reporting services.
Philips launched Healthdot sensor for patient monitoring in March 2021. Philips has received CE Mark certification for its new wearable device; the Healthdot sensor. Certification of the sensor has been prioritized due to the COVID-19 pandemic. The development of the wearable device has been accelerated to support COVID-19 care and alleviate pressure on hospital (bed) capacity.
The MDR defines the regulatory requirements for medical devices, accompanying harmonized standards, common specifications, and guidance documents from the Med- Sensors 2021, 21, 4937 7 of 19 Medical Device Coordination Group (MDCG) of the European Commission. These apply for all devices (aspiring to be) legally placed on the market in the European Economic Area (EEA). The transition period of the changeover from the older Medical Device Directive 93/42/EEC (MDD) and Active Implantable Medical Device Directive 90/385/EEC (AIMDD) to the EU MDR 2017/745 ended on 25 May 2021 . At the latest, the new regulation must be implemented in all EU and EEA member states from this date onward.
Key Target Audience
Target, Sensor manufacturers, Healthcare technology manufacturers, New Entrants and Investors, Legalized Cannabis Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others