The global heart rate monitor watch market size is projected to be valued at US$ 36.6 Billion in 2032 and is likely to reach US$ 19.87 Billion in 2022.
Emergence of novel watches with numerous features, including good battery life, media management, answer messages by voice, apps, alerts and notifications is expected to bode well for the market.
Further, rising prevalence of cardiovascular diseases across the globe is anticipated to drive the demand in the market. As per the Centers for Disease Control and Prevention (CDC), every year, nearly 659,000 people die from heart disease in the U.S.
The organization further mentions that heart disease led to costs of approximately US$ 363 Billion each year from 2016 to 2017 in the U.S. This includes the cost of lost productivity, medicines, and healthcare services.
On account of this, preference for cutting-edge heart rate monitor watches to receive alerts before anything crucial happens is anticipated to surge over the upcoming decade. This will improve the growth in global heart rate monitor watch market.
Moreover, high demand for wireless sports and fitness devices owing to rising participation of the young population in various sports related activities worldwide is set to boost growth. Increasing emphasis on connected devices among millennials is another factor that is likely to augur well for the global market.
- China heart rate monitor watch market is expected to reach US$ 3.47 Billion in 2022 and generate nearly 17.5% of the market share.
- North America currently holds about 25.9% of the heart rate monitor watch market share and is valued at US$ 5.14 Billion.
- Europe heart rate monitor watch market is estimated to generate a robust share of approximately 22.7% in 2022.
- The global heart rate monitor watch market is anticipated to exhibit considerable growth by showcasing 6.3% CAGR from 2022 to 2032.
- By operating system, sales of iOS heart rate monitor watches are set to surge on the back of increasing adoption of Apple products in North America and Europe.
What is Driving Demand for Heart Rate Monitor Watch?
Increase in the number of sports activities along with rise in the number of health-conscious people have been observed as key drivers for demand growth of the product.
Additionally, there has been a significant rise in awareness regarding cardiovascular diseases, as a result need to monitor heart rate on a regular basis is being identified as a key factor in preventing any unwanted sickness. For instance, according to a study by WHO, about 17.7 million lives are lost every year due to cardiovascular diseases.
Fact.MR recently released a market report that offers an in-depth overview of the Heart Rate Monitor Watch market’s current and future prospects. The report focuses on the main factors that are expected to have an effect on the overall dynamics of Heart Rate Monitor Watch Market, such as current trends, growth opportunities, restraints, and market drivers.
- Increasing prevalence of cardiac disorders and diabetes among the geriatric population is projected to drive the demand in the market.
- Rising awareness programs conducted by governments to promote the use of heart rate monitor watches for preventing cardiovascular diseases would fuel growth.
- Heart rate monitor watches are not always accurate during sports events where a person needs to flex their muscles or tendons near their wrist.
- Low chance of receiving accurate results if heart rate monitor watches are worn on top of tattooed skin.
Leading companies operating in the global heart rate monitor watch market are focusing on investing huge sums in research and development activities to introduce state-of-the-art products. They are also aiming to innovate their existing product offerings by unveiling novel features to attract a large consumer base. Some of them are joining hands with education and research institutions to co-develop new technologies.
- In July 2022, researchers published a new study in the Nano Energy journal which elaborates their discovery developed with the help of 3D printing of nanomaterials. These were printed on flexible substrates for wireless and real-time monitoring of vital signs. The current prototype works as a self-powered radial artery pulse monitor. However, several other aspects of health, including blood pressure, body temperature, or heart rate can be evaluated by changing the sensor circuitry.
- In July 2022, Noise, a leading Indian tech brand providing latest lifestyle products, introduced the Noise ColorFit Pulse 2 smartwatch. The company aims to broaden its smartwatch offerings with this new launch. The product comes with a SpO2 monitor, heart rate sensor, and an LCD touchscreen display. It can also keep track of calories burned, stress level, and sleep.