Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "North America Wearable Medical Devices Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The latest industry analysis report reveals significant growth trends in the North America Wearable Medical Devices market, expected to expand from a value of USD 13.84 billion in 2023 to an estimated USD 28.80 billion by 2028, surging at a compound annual growth rate (CAGR) of 15.79% during the forecast period.
Amidst the challenges of the COVID-19 pandemic, wearable medical devices became instrumental in monitoring patients with severe symptoms, demonstrating substantial market growth. Devices including oximeters, breath monitors, and heart monitors provided key physiological data, aiding in the management of the crisis. Notably, technology advancements and an escalating incidence of chronic diseases are propelling the market's expansion.
The burden of chronic illnesses such as cancer and heart disease is significant across North America. Reports from Canadian institutions point to a continued rise in cancer diagnoses and the prevalence of heart disease, underlying a pressing need for sophisticated medical monitoring devices.
Segment Highlights: Remote Patient Monitoring Shows Promising Expansion
Within this dynamic market landscape, the remote patient monitoring segment is projected to witness remarkable growth, driven by an influx of technological innovations and a growing preference for home-based device monitoring. The sector addresses diverse conditions, from diabetes to cardiac care, and employs advanced technology to enable consistent and precise patient health assessment.
An upsurge in neurological conditions, such as Alzheimer's disease, further underscores the segment's growth trajectory, with the disease's economic impact on the United States projected to approach USD 1 trillion by 2050.
United States Dominates Regional Market Growth
The United States maintains a stronghold in the market, spurred on by new product launches, a robust network of manufacturers, strategic industry partnerships, and a notable uptick in chronic disease cases. The country's expanding elderly population coupled with cardiovascular health concerns necessitates the demand for dependable wearable medical devices that can deliver swift and accurate diagnostics.
Innovative developments, such as the laudable introduction of BioIntelliSense Inc's BioButton Rechargeable Device, underscore the ongoing commitment to enhancing patient monitoring with wearable technology.
A selection of companies mentioned in this report includes
- Garmin Ltd
- Apple Inc.
- Fitbit
- Samsung Electronics Co Ltd
- LifeSense Group
- Koninklijke Philips NV
- Sotera Wireless
- Xiaomi Inc.
For more information about this report visit https://www.researchandmarkets.com/r/6kz8ux
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