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North America Wearable Medical Devices Market

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raksha

Author:

Raksha Sharma

Vineet

Fact-checked by:

Vineet Pandey

Shreyas

Editor:

Shreyas Tandon

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.

North America wearable medical devices market summary

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.

Attributes

Details

Report Title

North America Wearable Medical Devices Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

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)

Geographical Scope

US, Canada, and Mexico

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

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.

North America wearable medical devices market types

Sports and fitness segment to account a major market share

On the basis of applications, the market is segmented into sports and fitness, remote patient monitoring, and home healthcare. The sports and fitness segment is expected to account for a major market share during the forecast period. Rising use of devices such as fitness bands during the fitness activities is driving the segment growth.

Wristband segment to exhibit a healthy CAGR

In terms of product types, the market is classified as watch, wristband, clothing, ear wear, and others. The wristband segment is projected to exhibit a high CAGR during the forecast period. Changing fashion trends is expected to drive the market segment.

The market in the US to exhibit a robust CAGR

Based on geography, the market is categorized as the US, Canada, and Mexico. The market in the US to register a robust CAGR during the forecast period. Rising prevalence of chronic diseases, such as cancer, diabetes, and breathing illness is driving the country’s market growth. Ongoing advancements in technology, such as artificial intelligence (AI) and Internet of Things (IoT) and integration of them in the innovative product launches by various players are boosting the market growth in the country. The market in Canada is anticipated to exhibit a healthy CAGR during the forecast period. Increasing multi-platform functionalities offered by manufacturers in Canada and growing usage of these wearable devices for biofeedback are spurring the market growth in the country. Moreover, growing adoption of cloud-based technology is majorly pushing the wearable medical devices market in Canada.

North America wearable medical devices market geograhy

Segments

Segments Covered in the Report

The North America wearable medical devices market has been segmented on the basis of

Types

  • Monitoring Devices
    • Heart Rate Monitor
    • Activity Monitor
    • Electrocardiograph
    • Fetal and Obstetric Monitor
    • Neuro-monitor
    • Others
  • Therapeutic Devices
    • Pain Management Devices
    • Rehabilitation Devices
    • Respiratory Therapy Devices

Applications

  • Sports and Fitness
  • Remote Patient Monitoring
  • Home Healthcare

Product Type

  • Watch
  • Wristband
  • Clothing
  • Ear Wear
  • Others

Geography

  • US
  • Canada
  • Mexico

Key players

  • Garmin Ltd
  • Apple Inc.
  • Fitbit
  • Samsung
  • Everist Genomics, Inc.

Competitive Landscape

Many players in this market are trying to expand their product portfolio in order to top the market. Few companies adopted product innovation and new product launches as its key business strategy to ensure its dominance in this market. Some of the key players in the market are Garmin Ltd, Apple Inc., Fitbit, Samsung, and Everist Genomics, Inc.

North America wearable medical devices market keyplayers

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. wearable medical devices Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. wearable medical devices Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. wearable medical devices Market - Supply Chain
  4.5. Global wearable medical devices Market Forecast
     4.5.1. wearable medical devices Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. wearable medical devices Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. wearable medical devices Market Absolute $ Opportunity
5. Global wearable medical devices Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. wearable medical devices Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global wearable medical devices Demand Share Forecast, 2019-2026
6. North America wearable medical devices Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America wearable medical devices Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America wearable medical devices Demand Share Forecast, 2019-2026
7. Latin America wearable medical devices Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America wearable medical devices Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America wearable medical devices Demand Share Forecast, 2019-2026
8. Europe wearable medical devices Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe wearable medical devices Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe wearable medical devices Demand Share Forecast, 2019-2026
9. Asia Pacific wearable medical devices Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific wearable medical devices Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific wearable medical devices Demand Share Forecast, 2019-2026
10. Middle East & Africa wearable medical devices Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa wearable medical devices Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa wearable medical devices Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global wearable medical devices Market: Market Share Analysis
  11.2. wearable medical devices Distributors and Customers
  11.3. wearable medical devices Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Garmin Ltd
     11.4.2. Apple Inc.
     11.4.3. Fitbit
     11.4.4. Samsung
     11.4.5. Everist Genomics, Inc.

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