NEW YORK, June 10, 2021 /PRNewswire/ -- 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.
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).
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.
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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