The globe heart rate monitoring device market was valued at around $395 million in 2015 and is expected to reach $732 million by 2020, says Technavio.
Technavio’s health and wellness portfolio has announced its latest market research report on heart rate monitoring devices for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global heart rate monitoring devices market during the forecast period. Some of the top vendors listed in this industry analysis include Fitbit, Garmin, Polar Electro, and Suunto.
In terms of geographical analysis, the Americas will account for the largest share of the global market and account for a revenue of over $338 million by 2020. The US will emerge as the key revenue-generator.
“The global market is currently witnessing an upsurge in the adoption of diagnostic wearable devices. Diagnostic wearable medical devices help monitor a range of medical conditions such as hypertension, blood glucose levels, heart rate, body temperature, daily activities, and sleeping patterns. Technological advances in some diagnostic wearable medical devices have led to an upsurge in the number of individuals using such devices,” says Amber Chourasia, a lead analyst at Technavio for health and wellness.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increased health and fitness awareness
Increased awareness about the benefits of leading a healthy lifestyle is prompting people to opt for healthy food and daily exercises to remain fit and avoid health issues. A rise in the number of people engaging in physical activities is propelling the demand for devices such as heart rate monitors in the global market. Such devices help people keep an eye on the target heart rate to avoid undertraining or overtraining, both of which severely affect the quality of the workout.
Growing preference for self-care monitoring devices
The focus on quality care and disease management is propelling the adoption of portable, self-care, heart rate monitoring devices, especially in developed countries. Heart rate monitoring devices monitor fitness levels and sleep patterns to enable the user to alter their fitness regime accordingly, without consulting healthcare providers and hence, helps minimize healthcare expenses.
Multi-parameter patient monitors can measure more than one vital sign of patients. These devices consist of a core monitor box with slots in which separate units or modules for various parameters can be fitted, and readings can be taken. The rising adoption of these devices is expected to act as an incentive for market growth during the forecast period.
Rise in smartphone penetration
Smartphones and related apps are required for better processing and analysis of health information collected by wearable devices. Advanced technologies such as cloud computing, and machine learning have made the use of smartphones with specific apps an integral part of all aspects of healthcare, including diagnostic wearable medical devices such as heart rate monitors.
The smartphone revolution has resulted in the development of apps that can be used to track heart rhythms, which can reduce the need for physician consultation, cut costs, and speed up the course of care. Furthermore, individuals can better follow their medication instructions with the increased use of smartphones.
Some of the other prominent vendors identified in this report are Adidas, Apple, Jabra, Jarvmobile, Jawbone, LifeBEAM Technologies, Mio Global, MYZONE, Nike, Omron Healthcare, Pyle, Samsung, Scosche Industries, Sony, Timex Group, TomTom International, and Wahoo Fitness.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Heart Rate Monitoring Device Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Holter Monitors Market 2016-2020
- Global Smart Wearable Healthcare Devices and Services Market 2016-2020
- Global Diagnostic Wearable Medical Devices Market 2016-2020
- Global Cardiopulmonary Stress Testing Systems Market 2016-2020
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