Americas Wearable Medical Device Market Overview 2023 Growth Drivers And Future Analysis till 2030
Americas wearable medical device market overview and analysis by type, application, end users- forecast to 2030. Americas wearable medical devices, as the name suggests are autonomous devices that can be worn. These devices help medical monitoring or support over a prolonged period. Their distinguishing characteristic is that these devices can be worn as an accessory or can be embedded into clothing.
Americas wearable medical devices usually comprise of noninvasive physiological sensors, data processing modules, medical feedback, and wireless data transmission capabilities. Wearable medical devices are light-weight, small size, unobtrusive, and designed for operation by unskilled users.
These devices also offer the supporting hardware aligned with the emerging trends in the medical sectors such as delivering point-of-care service in the remote management of medical conditions for patients who are severally ill, in rehab centers, and unconfined to medical monitoring and support. Owing to the efficacy of these devices to find early disease warnings which hold the potential for reducing costly hospital stays, these devices are becoming popular.
Over the past couple of years, the wearable medical device market is growing pervasively on the global platform. The Americas region especially accounts for a significant market for wearable medical devices. Being a well-developed region with the highest GDP across the world, the Americas has an edge over other regions in terms of every aspect including technology. Large advancements in technology and the huge uptake of wearable technology drives the growth of the wearable medical device market in the region.
Acknowledging the phenomenal upsurges, the market is witnessing currently, Market Research Future (MRFR), an eminent research firm in its recently published study report asserts that the Americas wearable medical device market will reach USD 26,734.8 Million by 2030 growing at a CAGR of 17.8% over the forecast period (2022-2030).
Additional factors supporting the market growth in the Americas include increasing focus on fitness among individuals and awareness about the healthy lifestyle. Moreover, the significant growth in home healthcare is pushing up the demand for these devices. Furthermore, the miniaturization of diagnostic wearable devices is one of the major emerging trends contributing to the market growth in the region.
The growing prevalence of lifestyle-related diseases that require routine vital statistics analysis is fueling the demand for connected medical devices. Also, increasing demand for wireless monitoring devices is positively impacting the market.
On the other hand, factors such as delayed FDA approvals are impeding the market growth of the Americas wearable medical device market. Simultaneously, concerns over medical device cybersecurity are constantly growing, posing challenges to the market growth. Nevertheless, The FDA recently took additional steps to encourage better medical device cybersecurity, including releasing a cybersecurity playbook for healthcare organizations.
Wearable Medical Device Americas Market – Segments
The Americas wearable medical device market size has segmented its analysis into four key dynamics for the convenience of understanding;
By Types : Diagnostic & Monitoring, Sign Monitoring, and Therapeutic Devices among others.
By Applications : Fitness, Blood Pressure, Heart rate, and Weight monitoring among others.
By End-Users : Athletes (Sportsperson), and Patients among others.
By Regions : Comprises North and South America, and its countries.
Americas Wearable Medical Device Market – Competitive Analysis
Well-established players adorn the Americas’ wearable medical devices market as highly competitive. Those Well-established players with their global presence are posing challenges to the local vendors. The key strategies traced from the analysis of recent developments of the key players include product launch, agreement & partnership, acquisition, and expansion.
Key Players:
Leaders in the Americas wearable medical device market include Abbott Laboratories, Apple, Basis Sciences, Garmin, Fitbit, Jawbone, Omron Corporation, Lifewatch AG, Philip Healthcare, and Polar Electo.
Americas Wearable Medical Device Market – Regional Analysis
The North American region accounts for the leading market for wearable medical devices while the market in the South American region is estimated register a strong CAGR over the forecast period (2022-2030).
The well-spread awareness among individuals towards the availability and benefits of these devices drives the market growth in the Americas region.
Moreover, the high per capita income alongside the rising fitness and healthcare concerns are leading to increasing the market size of the wearable medical device market. Furthermore, increasing adoption of technologies is impacting the market growth in the region positively.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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