The North America wearable medical devices market size is estimated to expand at a CAGR of 20.4% during the forecast period, 2021-2028. The growth of the market is attributed to the rising inclination toward fitness activities across the globe.
Wearable medical devices are sensors connected to the body that detect and monitor changes in body. Over the forecast period, the market is expected to grow significantly owing to the increasing incidence of chronic pain and diabetes. The majority of wearable medical devices are designed to measure activities such as walking, running, muscle activity, calories burned, and heart rate. Some of the manufacturers also incorporate GPS tracking and monitoring.
Market Drivers, Restraints, Trends, and Opportunities
- Rising number of innovations and deployment of latest technologies in the healthcare sector in North America are spurring the market growth
- Increasing per capita income and ease of use and interpretation of medical devices are the factors driving the medical wearable devices market in the region.
- The ability of wearable technology to improve patient care quality while lowering costs is expected to drive overall market development.
- High cost of wearable medical devices, unfavorable reimbursement policies, data security issues, and strict government regulations are some of the factors that can restrain the growth of the market.
- Growing awareness and preference for home healthcare and availability of robust healthcare infrastructure are positively influencing the market growth.
Scope of the Report
The report on the North America Wearable Medical Devices Market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
North America Wearable Medical Devices Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2020 |
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Historic Data |
2018–2019 |
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Forecast Period |
2021–2028 |
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Segmentation |
Device Types (Monitoring Devices [Heart Rate Monitor, Activity Monitor, Electrocardiograph, Fetal and Obstetric Monitor, Neuro-monitor, and Others] and Therapeutic Devices [Pain Management Devices, Rehabilitation Devices, Respiratory Therapy Devices]), Applications (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare), Product Types (Watch, Wristband, Clothing, Ear Wear, and Others) |
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Geographical Scope |
US, Canada, and Mexico |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Garmin Ltd, Apple Inc., Fitbit, Samsung, and Everist Genomics, Inc. |
North America Wearable Medical Devices Market Segment Insights
Monitoring devices to account a large market share
Based on device types, the market is segregated into monitoring devices and therapeutic devices. The monitoring devices segment is sub-segmented into heart rate monitor, activity monitor, electrocardiograph, fetal and obstetric monitor, neuro-monitor, and others. The therapeutic devices segment is divided into pain management devices, rehabilitation devices, respiratory therapy devices. The monitoring devices segment is expected to account for a large market share during the forecast period. Increasing adoption of sedentary and unhealthy lifestyle, growing embracing of self-monitoring of vitals, rising prevalence of lifestyle diseases, low cost of activity trackers, and the presence of a large number of manufacturers with multi-functionality devices are anticipated to fuel the segment growth.