The research study covers the present scenario and growth prospects of the global heart rate monitoring device market for 2016-2020. To calculate the market size, the report uses the revenue generated from the sale of heart rate monitoring devices, which include chest straps and wristbands.
Technavio researchers foresee an increased demand for wristbands due to their attractive look, accuracy, and innovation. The availability of such products with the latest designs and functions is an important buying criterion for customers. Many new entrants are trying to provide such innovative products at competitive prices to increase their market base.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global heart rate monitoring device market:
- Increased health and fitness awareness
- Growing preference for self-care monitoring devices
- Increase in chronic diseases
Increased health and fitness awareness
Increased work pressure and busy schedules have forced people to restrict themselves to unhealthy eating habits such as fast food and meals-on-the-go, with no or little time for workout. However, the increased awareness of the benefits of healthy lifestyle is encouraging people to opt for healthy food and daily exercises to remain fit and avoid health issues.
Amber Chourasia, a lead analyst at Technavio for research on health and wellness, says, “With the increase in people undergoing physical exercises, the demand for fitness tracking equipment such as heart rate monitors has increased, which helps people keep an eye on target heart rate to avoid undertraining or overtraining, both of which severely affect the quality of workout.”
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 in altering their fitness regime accordingly, without consulting healthcare providers, in turn saving healthcare cost. These devices offer simple and less time-consuming monitoring of the heart rate. The 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 monitoring devices with multi 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. This increased use of multi-parameter devices is expected to drive the growth of the market during the forecast period,” says Amber.
Increase in chronic diseases
Chronic diseases such as strokes, heart diseases, diabetes, and chronic respiratory diseases are some of the leading causes of deaths. According to CDC, as of 2012, in the US alone, 117 million people had at least one chronic disease. This number is expected to rise to 160 million by the end of 2020. There has been an increase in the incidence of cardiac diseases globally. A sudden cardiac arrest is the leading cause of death among individuals aged above 40, especially those over the age of 60. According to a report by the AHA, cardiac disorders account for over 0.45 million deaths in the US each year.
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