Industry Background:
A heart rate monitor (HRM) is an electronic device measure real-time heartbeat and transmit the data to a receiver display including watch, fitness wearable or phone app. The data is displayed as the number of beats per minute. These are especially designed to work in extreme conditions and are compact and lightweight. Moreover, Asia Pacific countries such as India, China and Japan are the fastest growing economies in which China is the largest geriatric population in the world with unhealthy diets and highest obesity rates owing to sedentary lifestylesAccording to AMA, the market for Heart Rate Monitor is expected to register a CAGR of 13.1% during the forecast period to 2025. This growth is primarily driven by Surging Prevalence of Diabetes and Cardiovascular diseases, Increasing Government Support and Easy Funding for the Development in Developed Countries and Soaring Demand for Home Healthcare.
Globally, a noticeable market trend is evident Growing Trend of Using Wearable Heart Rate Monitor such as Smartwatch Among Millennials
. Major Players, such as Apple (United States), Garmin Ltd. (United States), Visiomed Group (France), Samsung Electronics (South Korea), Nike (United States), Fitbit (United States), Beurer (Germany), Omron Healthcare Inc. (Japan), LG Electronics (South Korea), TomTom International (Netherland), Huawei Technologies Co. Ltd. (China), Motorola Solutions Inc. (United States) and Sony (Japan) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In January 2019, Huawei Technologies Co. Ltd. launched two of its new wearable devices Honor Watch Magic and Band 4 Running Edition in India. The Watch Magic is a smartwatch that comes with a heart rate sensor which keeps a tab on the heart in real-time. and In January 2019, Fitbit, Inc. launched a new pair of wearable activity trackers named as the Fitbit Inspire and Fitbit Inspire HR, designed specifically for corporate partners such as health plans, wellness plans, health systems, and other enterprise partners
Market Drivers
- Surging Prevalence of Diabetes and Cardiovascular diseases
- Increasing Government Support and Easy Funding for the Development in Developed Countries
- Soaring Demand for Home Healthcare
Market Trend
- Growing Trend of Using Wearable Heart Rate Monitor such as Smartwatch Among Millennials
- Rising Emphasis on Health and Fitness
Restraints
- High Cost of Wearable Heart Rate Monitors
- Availability of Similar Health Tracking Apps in Smart Phones
Opportunities
Increasing Geriatric Population and Increasing Healthcare Expenditure Worldwide, Rise in Demand for Smartphone-Compatible and Wireless Medical Devices and Spiraling Technological Innovations in Smart Medical Devices
Challenges
Privacy Issues Related to the Data Gathered and Shared by Such Devices and Government Regulations and Device Protection and Thermal Consideration
AdvanceMarketAnalytics follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization of the Report:
AMA Research & Media features not only specific market forecasts, but also include significant value-added commentary on:
Market Trends
Technological Trends and Innovations
Regulatory Trends & Policies
Market Maturity Indicators
Market Share Movements
Growth Drivers and Constraints
New Entrants into the Market & Entry/Exit Barriers
Consumer Demographics
Supporting Company Financial and Cash Flow Planning
Open Up New Markets
To Seize Powerful Market Opportunities
Key Decision in Planning and to Further Expand Market Share
Identify Key Business Segments, Market Proposition & Gap Analysis