Newer, Improved Products at Competitive Prices to Drive Sales in the Global Heart Rate Monitoring Devices Market

Published Date : Nov 07, 2016

ALBANY, NY, Nov 07, 2016 – The report titled, “Global Heart Rate Monitoring Devices Market 2016-2020” studies the diagnostic wearable medical devices that aid in monitoring, tracking, and controlling a person’s vital signs. 

The report has been prepared after thorough market reports and after interviewing industry experts for valuable insights. It elaborates upon the current market landscape, which includes the market size arrived at from sales figures of heart rate monitoring devices. It also leverages Porter’s Five Force reports to understand the present landscape by studying supplier power, customer power, threat of new entrants, threat of substitutes, and competitive rivalry. The report combines the current data with historical growth data to throw light on the growth prospects of the global heart rate monitoring devices market in the upcoming years. It predicts that the global heart rate monitoring device market would expand at a CAGR of 13.12% from the period between 2016 and 2020. 

Heart rate monitoring devices are non-invasive and gather valuable physiological information on glucose quantity in the body, blood pressure, body temperature, blood oxygen saturation, heart rate, and respiratory rate. This information meant for their wearers, is often passed on to medical professionals for diagnosis, prevention or treatment of heart diseases. With a growing crop of health conscious individuals, these devices, which include chestbands and wristbands, are in much demand. Their improved design and functionality, coupled with their increasingly competitive prices, has led to the growth of the global heart rate monitoring devices market. Besides, ubiquity of smartphones equipped with related apps to analyze the data, leveraging cloud computing and machine learning, too has pushed the demand. Another important market growth driver has been a fast lifestyle that has resulted in stress and unhealthy eating habits. This has put people at heightened risk of chronic diseases, further necessitating the use of heart rate monitoring devices. 

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The report elaborates on such growth drivers and also mentions the market restraints. It segments the market based on product type into two, namely the chest strap heart rate monitoring device market and the global wristband heart rate monitoring device market. It further segments the market for the two product types based on geography into the Americas; Europe, Middle East and Africa (EMEA); and Asia Pacific (APAC). It factors in various current market figures along with past ones to discuss their growth prospects in the period between 2015 and 2020. It discusses the growth drivers and restraints for each of the two products. The market for global heart rate monitoring devices is characterized by stiff competition, with new and old entrants pushing the envelope to create better products at competitive prices. Some of the key player in the market are: Garmin, Fitbit, Polar Electro, and Suunto. 

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