The portable medical devices market in the North American region is estimated to grow at a CAGR of 6.61% from 2023 to 2028 and will be worth USD 33.41 billion by 2028 from USD 24.26 billion in 2023.
Lifestyle-related diseases are considered one of the main epidemiological trends in the North American region. The rapidly changing environment has changed people's lifestyle choices and fuelled diseases such as diabetes, hypertension, cardiovascular disease, and cancer. Another essential attribute of this lifestyle improvisation is the increasing prevalence of non-communicable diseases driven by smoking, alcohol consumption, and obesity. This acts as one of the key drivers to the North American region's portable medical devices market growth.
The traction for wearable medical devices in North America is significantly growing, which is expected to favor the growth rate of portable medical devices in North America. In addition, the rapid aging of the population has necessitated constant health monitoring and is also driving the market's growth. Other than the above, the North American portable medical devices market involves a distinct range of constant technological innovations for the detection, diagnosis, and monitoring of various diseases, which enables the market to introduce many more products and devices for the specific needs of the patients. Additionally, growing health consciousness levels have created immense demand for portable medical devices.
Increased awareness of health and fitness and the advent of new and better technologies such as the Internet of Things, medical device analytics, and big data are expected to support the growth rate of the portable medical devices market in North America. Moreover, the stressful and hectic lifestyle has led to the rise of various health disorders, further driving the market's growth.
On the other hand, these devices have memory loss, inaccurate results, and fluctuating data hindering the growth of portable medical devices in the North American region. In addition, other factors such as the cost of R&D for new product launches, high initial investment cost, presence of multiple players, and lack of technical expertise are expected to hamper the market's growth rate.
Impact of COVID-19 on the North American portable medical devices market:
The COVID-19 disease has created a massive medical equipment market and is the healthcare industry's primary driver. This has led to a rapid increase in the demand for all portable health equipment as this disease restricts the use of any device by too many people to prevent it from spreading and coming into contact with the virus. And it has created a massive demand for wearable health devices in hospitals, clinics, COVID-19 centers, and at home. Moreover, many essential medical devices, such as oximeters, etc., boomed in sales during the pandemic. Thus, COVID-19 has become one of the biggest markets for portable medical devices and is proving perfect for the market.
This research report on the North American portable medical devices market has been segmented and sub-segmented into the following categories:
By Product:
By End-User:
By Country:
Regionally, North America dominated the overall portable medical devices market in 2019 with an impressive revenue share of around 44%.
The U.S portable medical devices market is expected to grow 8.8% CAGR over the forecast period due to increased demand for wearable medical devices, the increased geriatric population, the increasing incidence of chronic diseases, increased government support, increased R&D investments, and technological advancements.
The Canadian portable medical devices market is predicted to showcase a healthy CAGR due to high treatment rates, high adoption of advanced medical devices, and supportive government initiatives for early disease detection. In addition, the region has a well-developed healthcare infrastructure coupled with increased consumer spending on medical facilities, which is also expected to motivate the market's growth rate in Canada.
The Mexican market is expected to record the most attractive growth during the forecast period due to increased investment in health infrastructure and improved treatment rates for critical illnesses. In addition, the region's experience in raising consumer awareness of health monitoring and healthy lifestyles were also anticipating the growth of the North American portable medical devices market.
KEY MARKET PLAYERS:
Medtronic Inc., AliveCor Inc., Koninklijke Philips N.V., AgaMatrix Inc., Cisco Inc., Nike Inc., AirStrip Technologies Inc., LifeWatch AG, BioTelemetry Inc., IHealth Lab Inc., LifeWatch AG, Fitbit, Samsung Group, General Electric Company, OMRON Corporation are a few of the promising companies in the North American portable medical devices market.
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