Heart Rate Monitoring Devices Market Trends

Growth Drivers

• Rising Concern Regarding Non-Communicable Diseases Across the World - A rise in demand for heart rate monitoring devices is anticipated to help diagnose the disease and prevent deaths caused by non-communicable diseases, which in turn is expected to fuel the growth of the market as the majority of non-communicable disease deaths are caused by heart disease.  According to the data released by the World Health Organization (WHO), it is estimated that 41 million people are killed by non-communicable diseases each year, which is equivalent to 71% of all deaths globally.
• Rise in Healthcare Expenditure - According to the Centers for Medicare & Medicaid Services National Health Expenditure data, the United States healthcare spending reached USD 4.1 trillion in 2020.
• Rising Adoption of Smart Health Devices - For instance, in 2019, an estimated 68 million United States smartphone owners used at least one health or fitness application. Furthermore, by 2023, this number is anticipated to increase by approximately 88 million.
• Rising Awareness about Fitness and Health - For instance, in 2022, it is estimated that approximately 175 million smartwatch shipments have occurred worldwide.
• Increasing Per Capita Income - According to statistics from the World Bank, global yearly per capita income grew by 4.8% in 2021 contrasted to 1.5% in 2019.

Challenges

• People’s Concern about Obtaining Accurate Results – the device may not necessarily be accurate, especially when the hands move vigorously or flex the muscles and tendons near the sensor. Also, it has a limited ability to accurately measure heart rate through tattooed or dark skin.
• High Cost of the Heart Rate Monitoring Devices
• Lack of Health Awareness Amongst Individuals