Wearable medical devices facilitate real-time and continuous monitoring of vital health parameters. For individuals managing chronic conditions such as diabetes, cardiovascular diseases, or respiratory disorders, this technology offers invaluable insights. Continuous monitoring ensures early detection of deviations from baseline health metrics, enabling timely intervention. By providing a constant data stream, wearable devices empower healthcare professionals and patients to make informed decisions for optimal disease management.
According to Data Bridge Market Research analyses, the North America Wearable Medical Devices Market, which was USD 15,067.05 million in 2021, is expected to reach up to USD 50,490 million by 2030 and is expected to undergo a CAGR of 13.6% during the forecast period 2023-2030.
"Increasing prevalence of chronic diseases boosts the market growth"
The increasing prevalence of chronic diseases is a key driver for the growth of the North America wearable medical devices market. As the region grapples with a rising incidence of conditions such as diabetes, cardiovascular diseases, and obesity, there is a growing demand for advanced healthcare solutions. Wearable medical devices offer real-time monitoring, early detection, and personalized health management, empowering individuals to participate in healthcare actively. The convenience and accessibility of these devices contribute to improved patient engagement and adherence to treatment plans, ultimately driving market expansion.
What restraints the growth of North America wearable medical devices market?
“High costs hamper the market growth”
The high costs associated with wearable medical devices stand out as a significant restraint in the North America. These devices often involve advanced technologies and specialized components, leading to elevated production and development expenses. Incorporating cutting-edge features for improved functionality contributes to the overall high costs. As a result, the financial burden on healthcare providers and consumers becomes a limiting factor for widespread adoption. The expensive nature of wearable medical devices may hinder their accessibility, potentially impeding market growth and limiting the benefits they could offer in terms of healthcare monitoring and management in North America.
Segmentation: North America Wearable Medical Devices Market
The North America wearable medical devices market is segmented on the basis of type, site, device, and application.
- On the basis of type, the North America wearable medical devices market is segmented into diagnostic devices and therapeutic devices
- On the basis of site, the North America wearable medical devices market is segmented into headband, handheld, arm and wrist, clip, shoe sensor, and others
- On the basis of device, the North America wearable medical devices market is segmented into wristwatch/wristband, smart clothing, smartwatch, ear wear, and others
- On the basis of application, the North America wearable medical devices market is segmented into cardiac health, obesity, diabetes care, fitness monitoring, sleep tracking, and others
Regional Insights: U.S. dominates the North America Wearable Medical Devices Market
The U.S. dominates the wearable medical devices market due to its advanced healthcare infrastructure, including hospitals, clinics, and research institutions. This ecosystem supports developing, manufacturing, and distributing innovative wearable devices while a favorable regulatory environment encourages their adoption and integration into healthcare practices.
Canada is expected to experience significant growth during the forecast period of 2023-2030 in the market due to a growing awareness of health and wellness. Canadians are increasingly proactive in managing their health, seeking wearable devices to monitor vital signs, track fitness, and manage chronic conditions, driving market growth.
To know more about the study, visit: https://www.databridgemarketresearch.com/reports/north-america-wearable-medical-devices-market
Recent Developments in North America Wearable Medical Devices Market
- In January 2023, Garmin secured FDA approval for its ECG feature, potentially expanding to existing devices and positioning Garmin as the sole smartwatch utilizing ECG technology. Speculations suggest it might extend to other models in the future
- In August 2021, Fitbit partnered with LifeScan, integrating health-tracking apps with glucose-monitoring devices. This comprehensive approach to diabetes management considers lifestyle factors, offering tools to track activity, nutrition, sleep, and blood glucose levels. The collaboration empowers diabetes patients to make healthy choices and improve health outcomes
The Prominent Key Players Operating in the North America Wearable Medical Devices Market Include:
- Fitbit (U.S.)
- Apple Inc. (U.S.)
- Abbott Laboratories (U.S.)
- Dexcom, Inc. (U.S.)
- BioTelemetry, Inc. (U.S.)
- Masimo Corporation (U.S.)
- ResMed Inc. (U.S.)
- Smiths Medical (U.S.)
- Stryker Corporation (U.S.)
- Owlet Baby Care Inc. (U.S.)
- Becton Dickinson and Company (U.S.)
- Hill-Rom Holdings, Inc. (U.S.)
- GE Healthcare (U.S.)
- Johnson & Johnson (U.S.)
- 3M Company (U.S.)
- Cerner Corporation (U.S.)
- Honeywell International Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of North America wearable medical devices market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Wearable Medical Devices Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
