North America Wearable Medical Devices Market: Industry Analysis and Forecast (2020-2026)

 North America Wearable Medical Devices Market was worth at US $XX Bn in 2019 and is expected to grow to US $XX Bn by 2026, at a Compound Annual Growth Rate (CAGR) of 20.42 %.

Wearable Medical devices have been adopted in a wide range of fields because of their greatest potential in healthcare. It helps to address strengthening healthcare costs, aging populations, and the high prevalence of the chronic disease.

North America Wearable Medical Devices Market

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North America Wearable Medical Devices Market, Dynamics:

Wearable medical devices are noninvasive and autonomous devices, which helps to capture, analyze, and aggregate physiological data to increase personal health. Wearable medical devices are rapidly evolving into vital tools in the expanding Internet of Things (IoT) landscape. It is driven by a combination of technological progress and the creation of market demand in North America.

Multiple features and functionalities of wearables medical devices like remote patient monitoring, tracking and collecting data, enhancing health and lifestyle patterns, detecting chronic conditions are some of the factors, which drives the demand for wearable medical devices.

Data security, trust issues, and incentivization to regulatory and ethical hurdles are some of the factors, which are expected to limit the North American wearable medical devices market growth. An improvement in connectivity technology and miniaturization enables wearables devices to become more seamless and integrate more readily into the lives of consumers are expected to offer key opportunities for operating key players in the North American wearable medical devices market.

COVID-19 has spread rapidly throughout the world, governments and businesses had taken unprecedented measures in response. The COVID-19 pandemic has significantly curtailed global economic activity and caused significant volatility and disruption in global financial markets

Smartwatch Is King

Smartwatches have contributed more than 60 % share in the market. The maximum share was attributed to the remarkable performance of Apple Watches and other competitors. An increase in the inclination of consumers to access smartphone-like features from a watch is one of the key drivers. Technological improvements like seamless body integration, health and fitness information accessibility and modular aesthetics are some of the driving factors behind the regional market growth.

5G – A Key Influence on Wearables Medical Devices

The potential of 5G supports healthcare innovation services and IoT devices. It provides a stable and quick response to speed up the delivery of all internet-connected services. 5G is a potential game-changer for wearables medical devices at both the development and adoption stages. The low latency and ultra-high reliability of 5G technologies are expected to help wearable designers in reducing the focus on storage capacity and processing power.

US-China Trade War

The ongoing trade argument between the US and China impends to impact the wearables medical devices market negatively. The imposition of a 10% tariff on wearables devices under data transmission machines is expected to push prices of wearables devices higher in the commercial markets.

North America Wearable Medical Devices Market Segment Analysis:

Remote patient monitoring is expected to grow at an XX% rate of CAGR during the forecast period. An increase in demand for wearables medical devices has generated a booming market in America. Remote patient monitoring is growing at a rapid rate. An increase in the incidence of chronic diseases because of the shift in lifestyle changes, the presence of aging population and the demand for home-based monitoring devices. Insurers and technology companies are focusing to develop wearable devices like Fitbits, smartwatches, and wearable monitors to increase their sales profit.

Adoption of Wearable Medical Devices are Transforming Healthcare in North America

The digital transformation of healthcare with shifting care models is expected to drive market growth in North America. The technology evolution of wearable technology is paving the way for the development of advanced devices in the field of healthcare. Innovations and introduction of new technologies, incidence of chronic pain and diabetes, high per capita income and ease of interpretation of wearable medical devices are expected to drive the regional market growth in the near future. The number of wearable medical devices users in the US is expected to grow from 18 million to 54.4 million by 2026.

North America Wearable Medical Devices Market Competitive Analysis:

The North American wearable medical devices market is highly competitive. It is characterized by aggressive price competition and resulting downward pressure on gross margins, frequent introduction of new products and services. Evolving industry standards, continual improvement in the product price and performance characteristics, rapid adoption of technological advancements by competitors, and price sensitivity on the part of consumers and businesses are expected to drive the market growth. The demand for value and an increasingly competitive environment is prompting many health care organizations to find new and more effective ways.

North America Wearable Medical Devices Market 1

The objective of the report is to present a comprehensive analysis of the North America Wearable Medical Devices Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the North America Wearable Medical Devices Market dynamics, structure by analyzing the market segments and projects the North America Wearable Medical Devices Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the North America Wearable Medical Devices Market make the report investor’s guide.

Scope of the North America Wearable Medical Devices Market:

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North America Wearable Medical Devices Market, by Device Type

• Diagnostic & Monitoring Devices

o Vital Sign Monitoring Devices

 Multiparameter trackers

 ECG/Heart rate monitors

 Blood pressure monitors

 Pulse oximeters

• Glucose Monitoring Devices

• Sleep Monitoring Devices

• Fetal Monitoring & Obstetric Devices

• Neuromonitoring Devices

• Therapeutic Devices

• Pain Management Devices

• Rehabilitation Devices

• Respiratory Therapy Devices

North America Wearable Medical Devices Market, by Product

• Activity Monitors

• Smart watches

• Smart Clothing

• Patches

North America Wearable Medical Devices Market, by Application:

• Sports & Fitness

• Remote Patient Monitoring

• Home Healthcare

North America Wearable Medical Devices Market, by Distribution Channel

• Online

• Offline

North America Wearable Medical Devices Market, by Grade Type

• Consumer-Grade Wearable Healthcare Devices

• Clinical-Grade Wearable Healthcare Devices

North America Wearable Medical Devices Market, By Region

• North America

• Europe

• Asia Pacific

• Middle East & Africa

• South America

North America Wearable Medical Devices Market Key Players

• Garmin Ltd

• Apple Inc.

• Fitbit

• Sotera Wireless

• Xiaomi Inc.

• Samsung

• Everist Genomics, Inc.

• Abbott laboratories

• Corventis Inc.

• Zephyr Technology Corporation

• Sotera wireless

• Philips Electronics

• Basis Science, Inc.

• Everist Genomics Inc.

• AliveCor

• BioTelemetry

• Medtronic

• AVA

• Kardiamobile

• Motiv