A wearable heart rate monitor is a personal monitoring device. It enables real time measurement of heart rate. Wearable heart rate monitors are available in two forms: wrist bands and chest straps. These are especially designed to work in extreme conditions, and are compact and lightweight. Advanced models of heart rate monitors also provide activity, heart rate variation, breathing rate, and core temperature. The wrist band is a more popular heart rate monitoring device, as it provides comfort and is easy to use. However, it provides limited information as compared to chest strap. The accuracy of chest strap is higher as compared to the wrist watch. Wearable heart rate monitors are used by athletes and trainers to study and analyze their performance during sports activities. It is also used in hospitals for continuous monitoring of patients. Integration of technologies such as Bluetooth and Wi-Fi enable these devices to instantly transfer health information to computers or smartphones. This aids medical experts to analyze data quickly.

The global wearable heart monitoring devices market is expected to grow rapidly due to factors such as ease of use, low cost, rise in obesity among the population, and increase in awareness about fitness. Additionally, cardiac conditions such as atrial fibrillation (AFib) need continuous and extensive monitoring. According to the Centers for Disease Control and Prevention, 2.7 million to 6.1 million people in the U.S. suffered from AFib in 2017. Furthermore, it stated that over 750,000 people require hospitalization due to AFib in the country each year. The estimated medical cost for people suffering from AFib is about US$ 8,705 per person. Hence, rise in prevalence of atrial fibrillation along with increase in geriatric population and high per capita health care expenditure in the developed countries are projected to boost market growth during the forecast period. However, inconsistent and insufficient data is likely to hamper the growth of the global wearable heart monitoring devices market.

The global wearable heart monitoring devices market can be segmented based on product, type, application, end-user, and region. In terms of product, the global market can be classified into optical technology based, electric pulse based, and others. The optical technology based segment can be categorized into earphones, smart watches, and others. The electric pulse based segment can be divided into chest patches, chest straps, and others. Based on type, the global wearable heart monitoring devices market can be classified into Bluetooth enabled, chargeable, non-chargeable, and others. In terms of application, the global market can be categorized into health care, consumer market, and others. Based on end-user, the global wearable heart monitoring devices market can be divided into hospitals, retail pharmacies, academic institutes, and others.

Geographically, the global wearable heart monitoring devices market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each region can be divided into specific countries such as the U.S., Canada, Germany, the U.K., Brazil, China, India, Japan, and GCC Countries. North America dominated the global wearable heart monitoring devices market because of high prevalence of AFib diseases and increase in health care expenditure. Moreover, presence of developed economies such as the U.S. and Canada and global players such as Medtronic and Briggs Healthcare fuel market growth. Asia Pacific is considered to be the most attractive market for wearable heart rate monitoring devices during the forecast period due to increase in health care expenditure and favorable government policies.

Key players operating in global wearable heart monitoring devices market are Kinetec Products UK Ltd., Medtronic, Beurer GmbH, Medisana AG, Briggs Healthcare, Polar Electro, SUUNTO, Koninklijke Philips N.V., and Garmin Ltd., among others.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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