The medical wellness device market in the US has experienced tremendous growth over the past decade and even greater growth is expected over the next 10 years, according to a new report.
The North American Medical Wellness Device Market revenue stands at $33.8 million as of 2022 and is expected to have a compound annual growth rate of 7.1%, reaching $72.3 billion by the end of 2033, according to Persistence Market Research.
Medical wellness devices are used to help individuals monitor and manage important health factors such as heart rate, blood pressure, blood glucose levels, sleep quality, physical activity and other vital signs. They can be used for chronic disease management, fitness and wellness, women’s health, respiratory care and other health-related purposes.
All play a key role in certain long-term care settings.
“The COVID-19 pandemic has accelerated the adoption of remote monitoring and telehealth technologies, including medical wellness devices,” a Persistence Market Research news release stated. “These devices enable healthcare providers to remotely monitor patients’ health parameters, offer virtual consultations, and provide personalized recommendations for health management.
“This trend is expected to continue, driving the demand for medical wellness devices that can support remote monitoring and telehealth initiatives,” the release said.
The report found several market factors are driving the increase, including expanding awareness about preventative healthcare, rising healthcare costs, growing adoption of digital health technologies and a focus on personalized wellness and health.
Some of the challenges facing the medical wellness device market include data privacy and security concerns and heavy competition in the North American market, the report found.
“Medical wellness devices collect and transmit sensitive health data, which raises concerns about data privacy and security,” the company release said. “Ensuring the confidentiality and integrity of health data is a significant challenge for the market, as any data breaches or security lapses can erode consumer trust and hinder market growth.
