The North America Medical Wellness Devices Market is bound to grow at a remarkable rate in the forecast period. Vital Sign monitoring, in combination with wearables, does aid in symptoms check-in as well as education 24/7. There are also hand-held dongles being made available for attaching to smartphones to measure biomarkers for chronic ailments. This monitoring proves to be more cost-effective and convenient in comparison with in-person care. This trend would be prevalent in the healthcare vertical going forward.
Medical wellness devices such as thermometers, blood pressure monitors, oximeters, diabetes monitors, sleep trackers, and smart watches are important devices that are very helpful in monitoring the health condition of patients. Devices such as braces, orthotics, and those for mobility care are helpful for serious injuries or dysfunction / disability of any body part.
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With consumer awareness regarding these devices increasing, the market is expected to witness high growth. As the number of people with heart diseases, blood pressure, injuries, and accidents is increasing year on year at 10% growth rate, the need for medical wellness devices is rising faster than before.
According to a new report published by Persistence Market Research, the North America medical wellness devices market was valued at US$ 29.5 Bn in 2020, and is predicted to expand at a CAGR of more than 7% over the forecast period (2021–2031).
Company Profiles:
- Abbott
- DexCom, Inc.
- Medtronic plc
- LifeScan, Inc.
- F. Hoffmann-La Roche AG
- Ascensia Diabetes Care US Inc.
- Tandem Diabetes Care
- Omron Healthcare USA
- Dr Trust USA
- A&D Company, Limited
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Key Takeaways from Market Study
- The thermometers segment is expected to grow at a fast rate of 10% CAGR, due to their multiple applications such as checking temperature of body, research work, and maintaining room temperature.
- Smart watch medical wellness devices are expected to contribute around 27% revenue share by 2031, owing to their wide availability and increasing adoption to detect pulse rate.
- Among all the end users, retail sales accounted for more market share than others.
- The United States holds the highest share in the North American market, owing to the presence of more medical device companies, high healthcare expenditure, and adoption of advanced medical tools and devices in the country.
- Key players are focused on strengthening their clinical pipelines with new discoveries of novel abuse-deterrent formulations.
“Demand for braces and supports rising due to increase in geriatric population across the world,” says an analyst of Persistence Market Research.
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Healthcare Spending Increasing on Medical Wellness Devices
Healthcare spending has increased at a high rate in recent years. North America healthcare spending increased at a CAGR of 6.9% between 2003 and 2013. Growth of healthcare spending significantly outpaced the growth rate of the population during this period, which increased at a CAGR of 1.22% during the same period. Consequently, per capita healthcare spending increased from US$ 597 in 2003 to US$ 1,032 in 2013, expanding at a CAGR of 5.62%. As such, demand for medical wellness devices is also rising parallelly in the region.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the medical wellness devices market in its latest study, presenting historical demand assessment of 2016-2020and projections for 2021-2031. The research study is based on product (blood pressure monitors, diabetic monitoring devices, thermometers, pulse oximeters, sleep trackers, smart watches, massagers and pain relief, mobility care, braces and supports, orthotic, and light therapy) and distribution channel (institutional sales and retail sales), across North America.
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May 5, 2020 — Global North America Home Healthcare Market was valued at USD 756.8 million in 2014 owing to the increasing geriatric population, increasing chronic diseases and high disposable income for health care expenditure.
Home healthcare is particularly referred as home medical care and usually involves assisting the elderly population to recover from illnesses or injuries and allow them to live independently for as long as they can.
It also assists other adults with activities like dressing, eating, bathing, daily living, cleaning, cooking, housekeeping tasks and monitoring one’s medication routine.
Personalized medical assistance to control treatment expenditure is predicted to boost North America home healthcare market with a CAGR of 10.09% in the forecast period.
The increase in demand for affordable healthcare delivery systems because of rising healthcare costs, technological modernizations and government initiatives to promote home healthcare is also expected to drive North America home healthcare industry.
Conversely, limited insurance coverage, unstable reimbursement policies, and patient’s safety concerns are few factors that may restrict the growth of the market.
