Heart Rate Monitoring Devices Market by Product and Geography - Forecast and Analysis 2021-2025

The heart rate monitoring devices market share is expected to increase by USD 418.41 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 11.81%.

This heart rate monitoring devices market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers heart rate monitoring devices market segmentation by product (chest straps, wristband, and others) and geography (North America, Europe, Asia, and ROW). The heart rate monitoring devices market report also offers information on several market vendors, including Alphabet Inc., ANTA Sports Products Ltd., Apple Inc., BIOTRONIK SE and Co. KG, Garmin Ltd., Koninklijke Philips NV, OMRON Corp., Polar Electro Oy, Wahoo Fitness LLC, and Xiaomi Corp. among others.

What will the Heart Rate Monitoring Devices Market Size be During the Forecast Period?

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Heart Rate Monitoring Devices Market: Key Drivers and Trends

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growing preference for self-care monitoring devices is notably driving the heart rate monitoring devices market growth, although factors such as intense competition among vendors may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the heart rate monitoring devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Heart Rate Monitoring Devices Market Driver

One of the key factors driving growth in the heart rate monitoring devices market is the growing preference for self-care monitoring devices. Heart rate monitoring devices enable individuals to obtain real-time data, thereby allowing them to track their heart rate more accurately. These devices monitor fitness levels and sleep patterns. This helps alter their fitness regime accordingly, without consulting healthcare providers, in turn saving healthcare expenditure. Monitoring the heart rate using these devices is simple and less time-consuming. The growing focus on quality care and disease management will lead to an increase in the adoption of portable, self-care heart rate monitoring devices, especially in developed countries. The demand for self-care devices with multiple parameters is also growing. 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 increase in the use of multi-parameter devices is expected to drive the growth of the market during the forecast period.

Key Heart Rate Monitoring Devices Market Challenge

The intense competition among vendors will be a major challenge for the heart rate monitoring devices market during the forecast period. The global heart rate monitoring devices market is highly fragmented, with the presence of numerous vendors that have significant market shares. The competition is intense among vendors with regard to pricing, which has resulted in low-profit margins. The competition is largely based on the design and manufacturing cost of a product. Local vendors offer products at low costs compared to international players, which enables consumers to choose from a wide variety of products. Furthermore, consumers from developing countries have low awareness of new products and possess low purchasing power. They prefer local vendors that provide better after-sales support, which compels multinational companies to scale down their product prices, leading to price wars. Therefore, the intense competition among vendors negatively affects the global heart rate monitoring devices market.

This heart rate monitoring devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Heart Rate Monitoring Devices Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Alphabet Inc.
• ANTA Sports Products Ltd.
• Apple Inc.
• BIOTRONIK SE and Co. KG
• Garmin Ltd.
• Koninklijke Philips NV
• OMRON Corp.
• Polar Electro Oy
• Wahoo Fitness LLC
• Xiaomi Corp.

This statistical study of the heart rate monitoring devices market encompasses successful business strategies deployed by the key vendors. The heart rate monitoring devices market is fragmented and the vendors are deploying growth strategies such as focusing on increasing product/service extensions, product innovations, and M&A to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The heart rate monitoring devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Heart Rate Monitoring Devices Market?