The Wearable Medical Devices Market Size in North America is estimated to worth USD 6845.7 million by 2026 and USD 2703.49 million in 2021, growing at a CAGR of 20.42% during the forecast period. It has a predominant share in the global market and continues to be in the future also.
Wearable medical devices are sensors connected to the body that detect and monitor changes in body signatures in various areas and organs. Over the period market is expected to grow significantly owing to the increasing incidence of chronic pain and diabetes and a rising number of innovations and new technologies in the healthcare sector in North America. The majority of wearable medical devices are designed to measure activities such as walking, running, muscle activity, calories burned, heart rate, and so on, in addition to exercise. Furthermore, to increase distance measuring accuracy, some even incorporate GPS tracking and monitoring.
Coming to these types of wearable medical devices, the two primary purposes of wearable technology are to monitor various bodily markers and to keep the user well informed on health conditions by syncing the relevant data to electronic devices such as smartphones. Wearable medical devices feature wireless data transmission, real-time feedback, alerting mechanisms, and have smooth and timely sensing abilities. The data generated by wearable medical devices is further analyzed and is used by customers for better health management. They help monitor several bodily conditions like blood sugar, heart diseases, blood pressure ingestion, pain relief, brain activity, hydration, temperature, sleep, etc.
Increasing incidences of chronic conditions such as obesity and awareness among people combining with the well-developed economic and technological facilities favor the growth of the wearable devices market in North America. Also, companies catering to specific needs make the market more competitive and more user-friendly by increasing product choices at lower prices. Additionally, the growing adoption of mobile platforms and the increasing adoption of AI and 5G in the United States contribute the most significant share to the North American regional market growth.
Furthermore, the growing awareness and preference for home healthcare and availability of healthcare infrastructure in the region are influencing the market growth. The growth of home healthcare and remote patient monitoring devices is anticipated to propel market growth. Medical wearable electronics have various uses, including sports and fitness, remote patient monitoring, and home healthcare. Home healthcare monitoring accounts for the largest share. Furthermore, technology advancements that allow consumers to be more accessible and connected have boosted product sales in recent years; this has provided the healthcare industry with novel patient and illness management options. Furthermore, the ability of wearable technology to improve patient care quality while lowering costs will drive overall market development.
However, wearable medical devices face challenges mainly in allocating cost-effective monitoring to patients and providing multi-platform functionality, which is expected in well-developed countries like Canada and America. These factors may act as growth hurdles for wearable technology in this region. Further, the privacy concerns concerning transmitting sensitive patient information and the need for miniaturized devices with long battery life are a few challenges the industry faces in the current scenario.
This research report on the North America Wearable Medical Devices Market segmented and sub-segmented into the following categories:
By Therapeutic Wearable Devices:
Geographically, the North American region held the largest share in the global wearable medical devices market in 2020. Rising per capita income and the accessibility of use and interpretation of medical equipment are significant drivers of market growth. In addition, developed economies such as the United States and Canada are expected to provide a wide range of opportunities for players in the industry.
The United States wearable medical devices market is expected to grow tremendously during the forecast timeline. The market in the United States is mainly driven by the typical rise in chronic diseases such as cancer, diabetes, breathing illness, and many more. Advancements in technology like AI and IoT are integrated with innovative product launches by many critical players who produce profitable outcomes in this region. Increasing customer importance for wearable devices and technologies propel market growth. According to the National Diabetes Statistics Report, diabetes affected 34.2 million people of all ages in the United States in 2018, accounting for 10.5 percent of the population. Chronic illness risk is rising as a result of a sedentary lifestyle and a changing diet. The segment is being boosted by a large patient pool and an extensive scope of innovation in the region due to many manufacturers.
The Canadian wearable medical devices market is anticipated to have a healthy CAGR in the upcoming years. Increasing multi-platform functionalities in Canada and growing usage of these wearable devices for biofeedback, the growing adoption of cloud-based technology is majorly pushing the wearable medical devices market in Canada.
KEY MARKET PLAYERS:
Some of the prominent companies leading the North America Wearable Medical Devices Market Profiled in the Report are Fitbit, Garmin, Jawbone, Polar Electro, Vital connect, Withings SAS, Zephyr Corporation, Basis Science, Omron Corporation, Drager, Lifewatch AG, Sotera Wireless, Abbott Laboratories, and Nuubo.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5.1 By Diagnostic Wearable Devices
5.1.1 Wearable Electro Cardiographs
5.1.2 Wearable Sleep Monitoring devices
5.1.3 Heart Rate Monitors
5.1.4 Blood Pressure Monitors
5.1.5 Activity Monitors
5.1.6 Electro Encephalographs
5.2 By Therapeutic Wearable Devices
5.2.1 Pain Management Devices
5.2.2 Glucose/Insulin Monitoring Devices
5.2.3 Respiratory Therapy Devices
5.3 By Application
5.3.1 Sports and Fitness
5.3.2 Home Healthcare
5.3.3 Patient Monitoring
6.1 United States
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.4 Polar Electro
8.5 Vital connect
8.6 Withings SAS
8.7 Zephyr Corporation
8.8 Basis Science
8.9 Omron Corporation
8.11 Lifewatch AG
8.12 Sotera Wireless
8.13 Abbott Laboratories
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.1 Market Outlook
10.2 Investment Opportunities