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.
North America Wearable Medical Devices Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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)
US, Canada, and Mexico
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.
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.
Segments Covered in the Report
The North America wearable medical devices market has been segmented on the basis of
- Monitoring Devices
- Heart Rate Monitor
- Activity Monitor
- Fetal and Obstetric Monitor
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Sports and Fitness
- Remote Patient Monitoring
- Home Healthcare
- Ear Wear
- Garmin Ltd
- Apple Inc.
- Everist Genomics, Inc.
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.