Heart Rate Monitoring Devices Market Size, Share & Forecast Analysis 2031
The increasing prevalence of cardiovascular diseases and non-communicable diseases such as peripheral arterial diseases, aortic diseases, and respiratory diseases along with other chronic diseases such as high glucose and cholesterol are some of the major growth factors that are anticipated to drive the growth of the global heart rate monitoring devices market during the forecast period.
Research
Nester published a report titled “Heart
Rate Monitoring Devices Market: Global Supply
& Demand Analysis & Opportunity Outlook 2031”
which delivers detailed
overview of the heart rate monitoring devices market in terms of market
segmentation by type, indication, end-user and by region.
Further,
for the in-depth analysis, the report encompasses the industry growth
indicators, restraints, supply and demand risk, along with detailed discussion
on current and future market trends that are associated with the growth of the
market.
The global
heart rate monitoring devices market is anticipated to grow with a CAGR of ~8%
during the forecast period, i.e., 2022-2031. The market is segmented by end-user
into hospitals and clinics, sports care centers, professionals, individuals,
and others. Out of these, the hospitals and clinics segment is anticipated to
garner the largest revenue by the end of 2031, owing to the increase in the
incidence of illnesses, resulting in a greater need for healthcare.
Geographically,
the global
heart rate monitoring devices market is segmented into five
regions including North America, Europe, Asia Pacific, Latin America and Middle
East & Africa region. Out of these, the market in North America is
projected to garner the largest share by the end of 2031. The high expenditure
on healthcare and rising awareness about fitness in the region are some of the
major factors that are expected to drive the market growth in North America.
Growing Awareness about Fitness and Health to Drive
the Market Growth
The
growing health awareness among individuals as a result of the increasing
occurrence of chronic and lifestyle illnesses is encouraging the demand for
fitness devices such as smartwatches, and this is driving the growth of the
market. As per estimations, around 175
million smartwatches shipments have occurred worldwide in 2022.
On the
other hand, recent fitness trends have prompted the population to adopt fitness
applications to monitor and regulate their health statistics. The heart rate
monitoring devices market is anticipated to grow as a result of its
connectivity with fitness applications. Additionally, the surge in healthcare
expenditure is anticipated to boost the growth of the global heart rate
monitoring devices market. For instance, the
‘National Healthcare Expenditure’ data by the Centers for Medicare &
Medicaid Services revealed that the United States healthcare spending rose to
USD 4.1 trillion in 2020.
The
research is global in nature and covers detailed analysis on the market in
North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain,
Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden,
Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America
(Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India,
Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest
of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE,
Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East
and Africa). In addition, analysis comprising market size, Y-O-Y growth &
opportunity analysis, market players’ competitive study, investment
opportunities, demand for future outlook etc. has also been covered and
displayed in the research report.
However,
the high cost of the devices and inadequate health awareness among people about
heart rate monitoring devices are expected to operate as key restraints to the
growth of the global heart rate monitoring devices market over the forecast
period.
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