Drivers
The rising trends of using wearable medical devices on fitness and healthcare is the major factor that is contributing to the growth of the global heart rate monitor market. The rising awareness among the individual across the globe regarding the prevention and health of several cardiovascular diseases is increasing rapidly around the globe which is ultimately boosting the demand for the heart rate monitor market.
Opportunities
This report comprises the prospective of readers in order to identify major restraints factors for the participants of the industry. The growth opportunities in the industry will help to understand the dynamics of the industry and planning for future strategies accordingly.
Restraints
The involvement of high cost in the wearable heart rate monitor market is the major restraint of the global heart rate monitor market across the globe.
Challenges
The major challenge faced by the manufacturers is the involvement of high cost of making such devices which can be considered as the major challenge for the global heart rate monitor market.
Cumulative Growth Analysis
According to the reports of WHO, in the year 2015, there was over 17.7 Million death accrued due to cardiovascular diseases which represent 31% of the total death rates globally. In the reports of WHO it is also mentioned that in the year 2015, around 82% of the total death were accrued in middle and low-income countries. The global heart rate monitor market is predicted to show significant growth during the forecast period due to the rising prevalence of several heart diseases.
Based on the reports of WHO, in the year 2014, about 422 million people were suffering from diabetics around the world.
Value Chain Analysis
According to the latest reports, the heart rate monitors market has been segmented on the basis of types, applications, end-users, and regions. On the basis of types, the heart rate monitors market has been segmented into heart rate monitor wearable and nonwearable devices. The wearable device segments are further divided into chest strap heart rate monitor, wrist strap, and strapless. The wearable segment is predicted to grow with the highest CAGR during the forecast period due to rising awareness about fitness among individuals. The non-wearable segment is further segmented into analog and digital.
On the basis of application, the heart rate monitors market has been segmented into medical, sports, and others. The medical segment is predicted to grow at the fastest pace during the forecast period due to the monitoring regulation of a sports person is adding fuel to the growth of the global heart rate monitor market. On the basis of end-users, the global heart rate monitor market has been segmented into hospitals & clinics, sport medicine centers, professionals, individuals, and others.
The increasing prevalence of cardiovascular diseases and the growing emphasis on preventive healthcare are driving the demand for heart rate monitors, which are becoming essential tools for both fitness enthusiasts and patients alike.
U.S. Department of Health and Human Services
