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North America Wearable Medical Devices Market – Industry Trends and Forecast to 2030

Semiconductors and Electronics

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North America Wearable Medical Devices Market – Industry Trends and Forecast to 2030

  • Semiconductors and Electronics
  • Upcoming Report
  • Aug 2023
  • North America
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

North America Wearable Medical Devices Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2021–2030
Diagram Market Size (Base Year) USD 15,067.05 USD million
Diagram Market Size (Forecast Year) USD 50,490.00 USD million
Diagram CAGR %

Major Markets Players

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North America Wearable Medical Devices Market, By Type (Diagnostic Devices and Therapeutic Devices), Site (Headband, Handheld, Arm & Wrist, Clip, Shoe Sensor, and Others), Device (Wristwatch/Wristband, Smart Clothing, Smartwatch, Ear Wear, and Others) Application (Cardiac Health, Obesity, Diabetes Care, Fitness Monitoring, Sleep Tracking, and Others) – Industry Trends & Forecast to 2030.

North America Wearable Medical Devices Market

North America Wearable Medical Devices Market Analysis and Size

The North America wearable medical devices market is segmented on the basis of type, site, device and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Data Bridge Market Research analyses that the North America wearable medical devices market, which was USD 15,067.05 million in 2021, would rocket up to USD 50,490 million by 2030 and is expected to undergo a CAGR of 13.6% during the forecast period. “Diagnostic Devices” dominates the type segment of the North America wearable medical devices market due The North America region has witnessed a rise in the incidence of chronic diseases such as diabetes, cardiovascular disorders, and respiratory diseases. Wearable diagnostic devices enable individuals to monitor their health conditions regularly, allowing for early detection and timely management of these chronic conditions. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

North America Wearable Medical Devices Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

By Type (Diagnostic Devices and Therapeutic Devices), Site (Headband, Handheld, Arm & Wrist, Clip, Shoe Sensor, and Others), Device (Wristwatch/Wristband, Smart Clothing, Smartwatch, Ear Wear, and Others) Application (Cardiac Health, Obesity, Diabetes Care, Fitness Monitoring, Sleep Tracking, and Others)

Countries Covered

U.S., Canada and Mexico

Market Players Covered

Fitbit (U.S.), Apple Inc. (U.S.), Abbott Laboratories (U.S.), Dexcom, Inc. (U.S.), BioTelemetry, Inc. (U.S.), Masimo Corporation (U.S.), ResMed Inc. (U.S.), Smiths Medical (U.S.), Stryker Corporation (U.S.), Owlet Baby Care Inc. (U.S.), Becton, Dickinson and Company (U.S.), Hill-Rom Holdings, Inc. (U.S.), GE Healthcare (U.S.), Johnson & Johnson (U.S.), 3M Company (U.S.), Cerner Corporation (U.S.), and Honeywell International Inc. (U.S.) among others.

Market Opportunities

  • Rising healthcare expenditure
  • Increasing adoption of digital health technologies
  • Growing aging population

Market Definition

The market refers to the demand for medical devices designed to be worn on the body and provide healthcare-related monitoring, diagnosis, treatment, and management of various health conditions. These devices are typically equipped with sensors, wireless connectivity, and data processing capabilities, allowing for real-time monitoring of vital signs, physical activity, and other health-related parameters. In North America, wearable medical devices encompass many products, including smartwatches, fitness tracker, patches, clothing, and other accessories. They are used for remote patient monitoring, chronic disease management, fitness and wellness tracking, medication adherence, sleep monitoring, and rehabilitation.

North America Wearable Medical Devices Market Dynamics

Drivers

  • Increasing prevalence of chronic diseases

The North America region is witnessing a rising prevalence of chronic diseases such as diabetes, cardiovascular disorders, and respiratory infections. Wearable medical devices offer continuous monitoring and real-time data collection, enabling individuals to manage their conditions effectively. The need for early detection, timely intervention, and improved disease management drives the demand for wearable medical devices.

  • Technological advancements

Rapid advancements in sensor technology, miniaturization, connectivity, and data analytics have greatly enhanced the capabilities of wearable medical devices. These devices can now monitor vital signs, track physical activity, measure sleep patterns, and even monitor chronic conditions like glucose levels and heart rhythms. Technological advancements have improved wearable devices' accuracy, reliability, and ease of use, making them more appealing to consumers and healthcare providers.

  • Increasing focus on preventive healthcare

There is a growing emphasis on preventive healthcare in the North America region. Wearable medical devices are crucial in empowering individuals to monitor their health proactively. These devices provide personalized health insights, encourage healthier lifestyle choices, and facilitate early detection of potential health issues. As individuals become more health-conscious, the demand for wearable medical devices as preventive tools is increasing.

Opportunities

  • Rising healthcare expenditure

The North America region is experiencing an increase in healthcare expenditure due to economic growth, expanding middle-class population, and increasing healthcare awareness. This allows wearable medical device manufacturers to cater to the growing demand for advanced healthcare technologies and devices.

Challenges/ Restraints

  • High costs of wearable medical devices

Wearable medical devices often involve advanced technology and sophisticated sensors, making them relatively expensive. The high cost of these devices may limit their affordability and accessibility, particularly for individuals with lower incomes or in less developed regions. Cost constraints can hinder market penetration and adoption, especially in price-sensitive markets within the North America region.

  • Limited healthcare professional adoption and integration

Healthcare professionals play a crucial role in adopting and integrating wearable medical devices into clinical practice. However, some healthcare providers may resist or be reluctant to incorporate these devices into their workflows. Factors such as lack of training, concerns about data interpretation and integration, and uncertainties about liability and reimbursement can impede the integration of wearable devices into healthcare systems.

This North America wearable medical devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the variable frequency drive market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Development

  • In January 2023, Garmin received FDA approval for its electrocardiogram (ECG) feature, and the functionality could potentially be added to existing devices. This development positions Garmin as the only current smartwatch capable of utilizing ECG technology, with speculations that it may extend to other models in the future.
  • In August 2021, Fitbit partnered with LifeScan to integrate health-tracking apps with glucose-monitoring devices, aiming to provide a comprehensive approach to diabetes management by considering lifestyle factors. The collaboration offers tools and resources to track activity, nutrition, sleep, and blood glucose levels, empowering patients with diabetes to make healthy lifestyle choices and improve health outcomes.

North America Wearable Medical Devices Market Scope

The North America wearable medical devices market is segmented on the basis of type, site, device, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Diagnostic Devices
  • Therapeutic Devices

Site

  • Headband
  • Handheld
  • Arm & Wrist
  • Clip
  • Shoe Sensor
  • Others

Device

  • Wristwatch/Wristband
  • Smart Clothing
  • Smartwatch
  • Ear Wear
  • Others

 Application

  • Cardiac Health
  • Obesity Control
  • Diabetes Care
  • Fitness Monitoring
  • Sleep Tracking

North America Wearable Medical Devices Market Country Analysis/Insights

The North America wearable medical devices market is analysed and market size insights and trends are provided by country, type, site, device, and application, as referenced above.

The country covered in the North America wearable medical devices market report is U.S., Canada and Mexico.

The U.S. dominates in the North America wearable medical devices market because The U.S. has a highly advanced and robust healthcare infrastructure, including hospitals, clinics, research institutions, and regulatory bodies. This infrastructure supports the development, manufacturing, and distribution of wearable medical devices. The presence of well-established healthcare systems and a supportive regulatory environment facilitates the adoption and integration of wearable devices into the healthcare ecosystem. Canada is the fastest growing country in the North America wearable medical devices market due to similar to other countries, and there is a growing awareness of health and wellness among Canadians. People are becoming more proactive in managing their health and are seeking tools that enable them to monitor their vital signs, track their fitness levels, and manage chronic conditions. This increased interest in personal health management can drive the demand for wearable medical devices.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Semiconductor Infrastructure growth Installed base and New Technology Penetration

The North America wearable medical devices market also provides you with a detailed market analysis for every country’s growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the North America wearable medical devices market, the impact of technology using lifeline curves, and changes in healthcare regulatory scenarios and their impact on the variable frequency drive market. The data is available for the historic period 2010-2020.

Competitive Landscape and North America Wearable Medical Devices Market Share Analysis

The North America wearable medical devices market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the North America Wearable Medical Devices market.

Some of the major players operating in the North America Wearable Medical Devices market are:

  • Fitbit (U.S.)
  • Apple Inc. (U.S.)
  • Abbott Laboratories (U.S.)
  • Dexcom, Inc. (U.S.)
  • BioTelemetry, Inc. (U.S.)
  • Masimo Corporation (U.S.)
  • ResMed Inc. (U.S.)
  • Smiths Medical (U.S.)
  • Stryker Corporation (U.S.)
  • Owlet Baby Care Inc. (U.S.)
  • Becton Dickinson and Company (U.S.)
  • Hill-Rom Holdings, Inc. (U.S.)
  • GE Healthcare (U.S.)
  • Johnson & Johnson (U.S.)
  • 3M Company (U.S.)
  • Cerner Corporation (U.S.)
  • Honeywell International Inc. (U.S.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The North America Wearable Medical Devices Market will be worth USD 50,490 million by 2030.
The North America Wearable Medical Devices Market Growth Rate is 13.6% during the forecast period.
The Increasing prevalence of chronic diseases, Technological advancements, and Increasing focus on preventive healthcare are the Growth drivers of the North America Wearable Medical Devices Market.
The type, site, device, and application are the factors on which the North America Wearable Medical Devices Market research is based.
Garmin received FDA approval for its electrocardiogram (ECG) feature, and the functionality could potentially be added to existing devices and Fitbit partnered with LifeScan to integrate health-tracking apps with glucose-monitoring devices, aiming to provide a comprehensive approach to diabetes management by considering lifestyle factors are the latest developments in the North America Wearable Medical Devices Market.
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