The global demand for heart beat monitors and sensors is anticipated to rise at an incredible CAGR of over 13% during the forecast period between 2022 to 2032. Growth is attributable to the rising need for continuous monitoring of patients with chronic heart conditions and growing popularity of wearable healthcare devices.
Although the healthcare industry has come a long way in the past few centuries, there is always room for improvement in this sector. The introduction of novel technologies such as internet of things and sensors has triggered a new wave of innovation in healthcare devices like heart beat monitors and the trend is likely to escalate during the forecast period.
Previously heart beat monitors and sensors were mostly used by healthcare professionals and fitness experts. However, with integration of heart beat monitor and sensors in smart watches and several other wearable health monitoring devices, the scenario has completely changed in recent years.
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Innovation in heart monitoring devices has been a key strategy of manufacturers for increasing their sales. Unlike conventional heart beat monitoring devices, the modern heart beat monitors and sensors make use of optics to measure the heart rate. Besides measuring heart rate, they can also measure the oxygen saturation in blood (SpO2),
Growing popularity of heart beat monitors and sensors for vital sign monitoring in patients with heart diseases along increasing adoption of diagnostic wearable medical devices for regular health monitoring is expected to boost market growth during the assessment period.
Which Factors are Triggering the Growth of Heart Beat Monitor and Sensor Market
Rising incidence of cardiovascular diseases worldwide, increasing penetration of wearable healthcare devices, innovations in heart beat monitor and sensor technology, and rapid expansion of healthcare industry are some of the major factors driving the growth in heart beat monitor and sensor market.
Heart beat monitors and sensors have become crucial solutions for patients suffering from chronic heart conditions. These devices have proved effective in improving the quality of life of patients with heart diseases.
Adoption of heart beat monitors and sensors allow patients to continuously monitor and record heart rate, prevent unforeseen health complications, and minimize the overall healthcare costs. They have significantly reduced hospital visits. Driven by this, demand for heart monitors and sensors is slated to grow at a prolific pace during the forecast period.
Similarly, growing health awareness among people regarding the benefits of continuous heart rate monitoring coupled with rapid expansion of the global wearable devices market will further create growth opportunities for the manufacturers of heart beat monitors and sensors during the forthcoming period.
Various companies are embedding heart beat monitors and sensors into fitness bands running watches, and trackers, to help sports and fitness enthusiasts to continuously measure and detect blood flowing through veins as well as to monitor vital signs. This is expected to create growth prospects for hearth beat monitor and sensor market during the assessment period.
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What are the Challenges Faced by the Heart Beat Monitor and Sensor Industry
Despite witnessing a positive growth trajectory, the global heart beat monitor and sensor market is facing various obstacles that are slowing down its growth to a large extent. Some of these factors are the lack of availability of these products across low economies, inconsistency issue of heart beat monitor and sensors during certain instances, and high cost associated with heart beat monitoring devices.
What is the Growth Projection for the North America Market
Currently, North America accounts for the largest share of the global heart beat monitor and sensor market and is expected to continue its dominance during the forecast period from 2022 to 2032. Growth in the market is driven by the ever-increasing trend of automation in healthcare industry, growing adoption of IoT technologies, rise in patient pool, and presence of leading market players.
Demand for heart monitors and sensors is rising at a stupendous pace across the United States due to increasing prevalence of heart diseases and growing popularity of wearable healthcare devices.
According to the Centers for Disease Control and Prevention (CDC), around 659000 people die from heart disease across the United States each year. This is prompting people to use heart monitoring devices like heart beat monitors and sensors.
Market Competition
Some of the key participants present in the global heart beat monitor and sensor market include Garmin Ltd., 4iiii Innovations, Medtronic (Zephyr), Polar Global, LifeTrak Inc., Wahoo Fitness, Cardiosport, and Suunto among others.
Amid rising demand for wearable heart monitoring devices, leading players are introducing novel products with additional features. Furthermore, they have adopted various strategies such as partnerships, collaborations, mergers, and acquisitions to expand their global footprint.
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Key Segments Profiled in the Heart Beat Monitor and Sensor Industry Survey
By Monitoring Type:
- Vital Sign Monitoring
- Diagnostic Monitoring
- Specialized Monitoring
By Application:
- Self-care
- Tele-health
- Medical
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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