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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