US Wearable Medical Devices Market to Grow at an Impressive Rate through 2025
Growing healthcare costs is expected to drive the
growth of United States wearable medical devices market
According
to TechSci Research report, “United
States Wearable Medical Devices Market By Type (Vital Signs Monitoring
Devices v/s Therapeutic Devices), By Product Type (Activity Monitors/Trackers,
Smartwatches, Patches, Smart Clothing), By Purpose (Heart rate, Blood Pressure,
Body Temperature, Blood oxygen saturation, Posture, Physical Activities,
Hearing Aids, Others), By Site (Handheld, Headband, Strap/Clip/Bracelet, Shoe
Sensors, Others), By Application (General Health & Fitness, Remote Patient
Monitoring, Home Healthcare), By Price Range (Economy, Medium, Premium), By
Distribution Channel (Store-Based v/s Non-Store-Based), By Business Segment
(B2B Vs B2C), By Region, Forecast & Opportunities, 2025”, the United States wearable medical devices market is
expected to grow at an impressive rate during the forecast period on account of
the growing prevalence of obesity in the country. This has led to the rise in
cases of chronic diseases, especially diabetes in the country, which is
increasing at an alarming rate in the United States, with around 34.2 million
people suffering from the disease, being roughly around 10% of the total
population. This has increased the awareness pertaining to fitness &
physical activities and preventive healthcare among the population, thereby
increasing the demand for fitness or physical activity tracker applications and
wearable medical devices. Also, growing customer preference for wearable
technologies & devices is expected to propel the market growth through
2025. Moreover, increasing healthcare costs has led to affordability concerns
and shift of consumer towards such devices, which can help in diagnosis and
monitoring of health conditions. However, data security concerns might hamper
the market growth through 2025. Besides, unfavorable reimbursement policies might
further impede the market growth.
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The United States wearable medical devices market is segmented based on type,
product type, purpose, site, application, price range, distribution channel,
business segment, company and region. Based
on type, the market can be split into vital signs monitoring devices and
therapeutic devices. Among these, the therapeutic devices segment is expected
to register significant growth in the market owing to the growing penetration
and demand for these devices. By product type, the market can be fragmented
into activity monitors/trackers, smartwatches, patches and smart clothing. Here,
activity monitors/trackers type is expected to hold the largest market share on
account of the growing prevalence of various chronic diseases in United States.
This has increased the need to monitor the everyday physical activities, step
count, among others. Based on purpose, the market can be fragmented into heart
rate, blood pressure, body temperature, blood oxygen saturation, posture,
physical activities, hearing aids and others. Out of these, the body
temperature segment is expected to dominate the market owing to the rising
prevalence of communicable diseases. Furthermore, outbreak and spread of
pandemic COVID-19 is expected to drive the segmental growth. Based on
distribution channel, the market can be bifurcated into store-based and
non-store-based. Here, the store-based segment is expected to dominate the
market during the forecast period owing to the increasing awareness pertaining
to healthcare among the population, which has further fueled the demand for self-monitoring
and assessment of health.
Abbott Laboratories, Inc., Fitbit, Inc., Apple, Inc., GE Healthcare,
VitalConnect, Masimo Corporation, Dexcom Inc., Biotelemetry Inc., iRhythm
Technologies, Inc., Preventice Solutions, Inc., Minttihealth, Covidien Plc,
Medtronic, Bayer AG, Sotera Wireless Inc. and others are some of the leading
players operating in United States wearable medical devices market. The companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their share. For instance, in 2019, Apple
Inc., launched new watch series 5 with advanced features and functions.
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“United
States is the largest market for wearable medical devices in the world. The
market is expected to grow significantly owing to the increasing awareness
related to healthcare in the country. Additionally, supportive government
policies & schemes to promote digital health is further expected to create
lucrative opportunities for the market growth through 2025. Furthermore,
presence of major market players such as Abbot Laboratories, Apple Inc., Fitbit
Inc., GE Healthcare, among others in the country is expected to fuel the market
growth over the next few years.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“United States Wearable Medical Devices Market By
Type (Vital Signs Monitoring Devices v/s Therapeutic Devices), By Product Type
(Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing), By Purpose
(Heart rate, Blood Pressure, Body Temperature, Blood oxygen saturation,
Posture, Physical Activities, Hearing Aids, Others), By Site (Handheld,
Headband, Strap/Clip/Bracelet, Shoe Sensors, Others), By Application (General
Health & Fitness, Remote Patient Monitoring, Home Healthcare), By Price
Range (Economy, Medium, Premium), By Distribution Channel (Store-Based v/s Non-Store-Based),
By Business Segment (B2B Vs B2C), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of United
States wearable medical devices market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in United
States wearable medical devices market.
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