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The North America Wearable Medical Devices Market is segmented by Device Type, Application(Sports and Fitness, Remote Patient Monitoring, Home Healthcare), Product Type, Geography.
Wearable medical devices are defined as the devices with sensors attached to the body that detect and monitor changes in body signatures of various areas and organs. Wearable devices monitor physiological data usually with remote/wireless communication. Most wearable medical devices have been developed to monitor activities such as walking, jogging, muscle activity and calories burned, heart rate, etc. and exercise. Some even include GPS monitoring and tracking to enhance the accurate measurement of distance.
Sports and fitness, remote patient monitoring, and home healthcare are the key applications of medical wearable electronics. Home healthcare monitoring accounts for the largest share.
Large number of innovations and new technologies, increasing incidence of chronic pain and diabetes, emerging economies, and increasing per capita income and ease of use and interpretation of medical devices are the factors driving the medical wearable devices market. On other hand, the high cost of wearable medical devices, unfavorable reimbursement policies, data security issues, and strict government regulations are posing challenges to this market.
As per the scope of the report, wearable medical devices are capable of diagnosing or monitoring medical conditions, combined with digital health information, typically worn over the body.
|By Device Type|
|Sports and Fitness|
|Remote Patient Monitoring|
|By Product Type|
|Other Product Types|
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The major factors driving the growth of the segment in the region are the increasing adoption of sedentary and unhealthy lifestyles, growing embracing of self-monitoring of vitals, rising prevalence of lifestyle diseases, the low cost of activity trackers, and the presence of a large number of manufacturers with multi-functionality devices. According to the National Diabetes Statistics Report, 2020, 34.2 million people of all ages that is 10.5% of the US population had diabetes for the year 2018. The risk of chronic diseases is increasing due to the sedentary lifestyle and changing diet. The high patient pool with the large scope of the invention in the region due to the presence of a huge number of manufacturers is boosting the segment.
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Many players in this market are trying to expand their product portfolio in order to top the market. Few companies adopted product innovation and new product launches as its key business strategy to ensure its dominance in this market. Players, such as Fitbit, Lifesense, Apple, Garmin, and Samsung, are disrupting the market by launching several new products.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Technological Advancements and Innovations
4.2.2 Increasing incidence of chronic pain and Diabetes patients
4.2.3 Ease of use and interpretation of medical devices
4.3 Market Restraints
4.3.1 High Cost of Devices
4.3.2 Reimbursement Issues
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Device Type
5.1.1 Monitoring Devices
220.127.116.11 Heart Rate Monitor
18.104.22.168 Activity Monitor
22.214.171.124 Fetal and Obstetric Monitor
126.96.36.199 Other Device Types
5.1.2 Therapeutic Devices
188.8.131.52 Pain Management Devices
184.108.40.206 Rehabilitation Devices
220.127.116.11 Respiratory Therapy Devices
18.104.22.168 Other Therapeutic Devices
5.2 By Application
5.2.1 Sports and Fitness
5.2.2 Remote Patient Monitoring
5.2.3 Home Healthcare
5.3 By Product Type
5.3.4 Ear Wear
5.3.5 Other Product Types
5.4.1 North America
22.214.171.124 United States
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Garmin Ltd
6.1.2 Apple Inc.
6.1.5 Everist Genomics, Inc.
6.1.6 Philips Electronics
6.1.7 Sotera Wireless
6.1.8 Xiaomi Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments