Rapid penetration of Internet along with fast technological advancements have led to the development of various smart and innovative products such as heart rate monitor watch. Growing number of sports enthusiasts as well as health-conscious demographic are showing high preference towards heart rate monitor watch, which is a key factor driving its market growth. This device provides specific indication and analysis of condition of the cardiovascular system during any physical activity. In addition, heart rate monitor watch helps to accomplish a fitness plan by providing accurate results. These factors have been responsible for the growth of heart rate monitor watch market in the recent years.
Heart Rate Monitor Watch Market Anticipated to Flourish in North America
With growing emphasis on healthcare, high healthcare expenditure, and well-advanced technology, North America is expected to be one of the most lucrative regions for heart rate monitor watch market. Further, government initiatives and fund support for the development of novel devices are likely to influence significant growth of the heart rate monitor watch market. Concentration of key players or high-tech companies such as Apple, Nike, Fitbit, and others will possibly enhance the growth prospects of heart rate monitor watch market in the North America region.
Rising Heart Disease Incidences and Fitness Consciousness to Boost Heart Rate Monitor Watch Adoption
According to WHO, every year about 17.7 million lives are lost due to cardiovascular diseases (CVD), representing 31% of all global deaths. Smoking, physical inactivity, poor diet, and excessive alcohol consumption are few of the behavioral reasons responsible for developing health disease. Increasing prevalence of diabetes, obesity, overweight, high blood pressure and high cholesterol are some of the physiological conditions that are related to the development of heart diseases. Approximately 1.9 billion adults were reported overweight, of which 650 million adults were obese. In addition, the prevalence of diabetes was also reported to be 177.4 million in 2017 and is expected to reach 337.8 million by 2045.
In the race to increase life expectancy and prevent disease development, medical as well as research communities are consistently engaged in developing diagnostic and treatment tools for different diseases. In addition, majority of patients visit medical physicians to receive treatment based on their online search results. With such intensified health awareness in the era of ‘Smart’ gadgets, demand for heart rate monitor watch is set to witness persistent growth in future.
Will Smartphone Health Apps Compete the Heart Rate Monitor Watch Market?
Introduction of smartphone apps to monitor heart rates occupied attentions of many. However, the credibility of the measurement has been consistently questioned by consumers as well as medical professionals. Smartphone apps monitor heart rates through phone camera and in some cases, the apps are paid. Whereas fitness bands or heart rate monitor watch measures heart rates through pulse sensor. The latter technology has proved reliable among consumers. The popularity of wearable devices especially one with heart rate monitoring feature has increased dramatically, to an extent that they are considered to be the next ‘Dr.Google’. Apart from sports enthusiasts, these devices are highly preferred by consumers who are already leading a healthy life and wants to monitor their progress. With such popularity, health rate monitor watch can easily outnumber smartphone health apps in adoption and reliability.
Are Smart Watches A Challenge to Conventional Heart Rate Monitors?
Conventional and clinical heart rate monitor design includes a chest strap transmitter and a wrist receiver. Early chest straps were made of plastic and used conductive fabric to measure heart rates similar to an EKG. Modern chest bands are a single strap that monitor heart rate through electrical signals. However, none of these is popular in terms of delivering comfort. Further, their bulky appearance remains visible up under clothing. In contrast to these, smartwatch provides comfort as well as trendy outlook for the fashion conscious.
A Combination of Diagnostic Features to Gain Consumer Traction
A heart rate monitor watch with calorie counter, sleep tracker, voice recorder, reminder, workout logs, and many other features has not only become famous among people performing physical exercise but also among general fitness conscious individuals. Advanced oximeter, accelerometer, thermometer, electrodermograph and other sensors have made these wearable devices a comprehensive diagnostic tool that enables consumers to monitor their health without a regular visit to physicians.
Key Company Developments
Majority of wearable manufacturers are striving to deliver an all-in-one platform to consumers that can improve health and instigate healthy habits.
- Garmin, a leading manufacturer of smart wearable, has recently launched its hybrid smart watch Vivomove HR in India through Helios stores as well as different e-commerce platforms.
- Fitbit launched its smart watch wearable, Versa in South Africa. With its own Fitbit OS 2.0, combination of heart rate monitor, sleep and distance tracker is likely to attract a range of consumers.
- Puma has recently made a 10 year agreement with Fossil to make smart watches. While Fossil has its own smart watches in the market, with Puma’s collaboration, features such as heart rate monitor and a step counter will be added to the new smart watch.
- Lenovo has recently launched cardio fitness bands. HX03F Spectra and HX03 cardio will be available through flipcart. Heart rate sensors of these bands are water-resistant and come with OLED Monochrome and TFT-LCD color screens that show activity, time, date, heart rate and more.
- Amazfit, a popular smart watch leader who is known for its introduction of the Bip Smartwatch, has recently launched a new Amazfit Stratos. Along with the heart rate monitor, the watch has in-built algorithm based on Firstbeat technology to measure athletes’ cardiorespiratory performance.
Key stakeholders in the heart rate monitor watch market include Apple, Sony, Garmin, Motorola, Asus, LG, Epson, Mio, Sigma, Samsung, Nike, Polar, Lenovo, and Fitbit.
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