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

  • Published: Oct 2021
  • Pages: 120
  • SKU: IRTNTR71109
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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?

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39% of the market’s growth will originate from North America during the forecast period. The US is the key market for heart rate monitoring devices in North America. Market growth in this region will be faster than the growth of the market in the European and ROW regions.

This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Heart Rate Monitoring Devices Market?

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The heart rate monitoring devices market share growth by the chest straps segment will be significant during the forecast period. An increasing number of health-conscious consumers opting for rigorous exercise has led to the growing demand for wearable devices. The demand for chest straps is high among runners, swimmers and people interested in maintaining their fitness. However, one of the reasons discouraging the demand for chest straps is the discomfort caused by them. They are placed just below the chest, which can lead to chaffing and tends to slide down while sweating, causing discomfort. However, vendors are continuously working to improve their features.

This report provides an accurate prediction of the contribution of all the segments to the growth of the heart rate monitoring devices market size and actionable market insights on post COVID-19 impact on each segment.

 

Heart Rate Monitoring Devices Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 11.81%

Market growth 2021-2025

$ 418.41 million

Market structure

Fragmented

YoY growth (%)

11.50

Regional analysis

North America, Europe, Asia, and ROW

Performing market contribution

North America at 39%

Key consumer countries

US, Germany, Japan, UK, and China

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

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.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Heart Rate Monitoring Devices Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive heart rate monitoring devices market growth during the next five years
  • Precise estimation of the heart rate monitoring devices market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the heart rate monitoring devices industry across North America, Europe, Asia, and ROW
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of heart rate monitoring devices market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Chest straps - Market size and forecast 2020-2025
    • Wristband - Market size and forecast 2020-2025
    • Others - Market size and forecast 2020-2025
    • Market opportunity by Product

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • Asia - Market size and forecast 2020-2025
      • ROW - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • 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.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The heart rate monitoring devices market growth will increase by $418.41 million during 2020-2025.
      The heart rate monitoring devices market is expected to grow at a CAGR of 11.81% during 2020-2025.
      Technavio has segmented the heart rate monitoring devices market by product (Chest straps, Wristband, and Others) and geographic (North America, Europe, Asia, and ROW).
      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. are a few of the key vendors in the heart rate monitoring devices market.
      North America will register the highest growth rate of 38.97% among the other regions. Therefore, the heart rate monitoring devices market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the heart rate monitoring devices market growth are:
      • Growing preference for self-care monitoring devices
      The heart rate monitoring devices market vendors should focus on grabbing business opportunities from the chest straps segment as it accounted for the largest market share in the base year.
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