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