North America Medical Wellness Devices Market 2022
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).
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The Healthcare Equipment market constitutes things as simple as bandages and tongue depressors and things as complex as sophisticated imaging systems and programmable pacemakers. The major categories are inclusive of surgical instruments and implants, electro-medical equipment, medical supplies, irradiation apparatuses, in-vitro diagnostic equipment and reagents, and dental goods. With increase in healthcare spending, there would be nothing to hold healthcare equipment market back in the forecast period.
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.
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.
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.
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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Key geographies evaluated in this report are:
North America – U.S, Canada
Europe – France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC – China, India, Japan, Australia, Others
Latin America – Argentina, Brazil, Others
Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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