North America Wearable Medical Devices Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers North Americas Wearable Medical Device Market Trends and it is segmented by Device Type (Diagnostic Devices and Therapeutic Devices), Application (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare), Product Type (Watch, Wristband, Ear Wear, and Other Product Types), and Geography (United States, Canada, and Mexico). The market provides the value (in USD million) for the above segments.

North America Wearable Medical Devices Market Size

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North America Wearable Medical Devices Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 16.03 Billion
Market Size (2029) USD 33.35 Billion
CAGR (2024 - 2029) 15.79 %
Market Concentration High

Major Players

North America Wearable Medical Devices Market Major Players

*Disclaimer: Major Players sorted in no particular order

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North America Wearable Medical Devices Market Analysis

The North America Wearable Medical Devices Market size is estimated at USD 16.03 billion in 2024, and is expected to reach USD 33.35 billion by 2029, growing at a CAGR of 15.79% during the forecast period (2024-2029).

The COVID-19 pandemic put enormous pressure on the healthcare system and hospitals that were understaffed and overworked. Wearable medical devices such as oximeters, breath monitors, and heart monitors assisted in the monitoring of critically ill COVID-19 patients, allowing measurements of physiological reserves and indicating the effectiveness of therapeutic interventions during the pandemic, resulting in a positive market impact.According to an article published by PubMed Central in August 2021, during the pandemic, a number of IoT-based devices and wearables were introduced by researchers, which provided good results in terms of high accuracy in diagnosing patients and in monitoring the symptoms of patients, i.e., respiratory rate, heart rate, temperature, etc. Therefore, such instances indicate that the market witnessed considerable growth during the pandemic. However, as the pandemic has currently subsided, the market has lost some traction, but it is expected to have stable growth during the forecast period of the study.

The increasing technological advancements and innovations, the increasing incidence of chronic diseases, and the ease of use and interpretation of medical devices are the major factors driving the market's growth over the forecast period.

The rising incidence of chronic diseases is a major factor driving the growth of the market. For instance, according to the data published by the Canadian Cancer Society in 2022, the number of people living with or beyond cancer in Canada is continuing to grow, reaching over 1.5 million people, and this is caused by both increased survival and incidence. It is also estimated that around 233,900 people will be diagnosed with cancer in 2022, and this growth in incidence is largely due to Canada's growing and aging population and emphasizes the importance of cancer prevention.

Further, according to the data published by the Canadian Institute for Health Information in July 2022, about 2.4 million Canadians have heart disease, making it the second leading cause of death in Canada. Therefore, such an instance is expected to propel the demand for remote patient monitoring devices as it allows accurate and rapid diagnosis of various diseases; thereby, considerable overall market growth is expected over the forecast period.

However, the high cost of devices and reimbursement issues are likely to hinder market growth over the forecast period.

North America Wearable Medical Devices Market Trends

This section covers the major market trends shaping the North America Wearable Market according to our research experts:

Remote Patient Monitoring Segment is Expected to Witness A Significant Growth Over the Forecast Period

Remote patient monitoring technology comprises day-to-day monitoring devices, such as glucometers for patients with diabetes and heart or blood pressure monitors for patients getting cardiac care. A software application installed on the patient's internet-capable computer, smartphone, or tablet can send information to the doctor's office via telehealth communication links.

The rising cases of chronic diseases due to lifestyle changes and the increasing demand for home-based monitoring devices are the major factors propelling the segment's growth. For instance, according to the data published by the Alzheimer's Association in 2022, an estimated 6.5 million Americans aged 65 and older were living with Alzheimer's disease, of which 73% were aged 75 or older. It was also stated that in 2022, Alzheimer's and other dementias will cost the United States USD 321 billion, and by 2050, these costs could reach nearly USD 1 trillion. Hence, the increasing prevalence of neurological diseases like Alzheimer's is also expected to boost segment growth.

Furthermore, key product launches by major market players are driving market growth. For instance, in September 2022, Sleepiz launched a contactless device for remote patient monitoring in the United States. Sleepiz One+ is one of the first respiration monitoring devices to track and record patient data in a contactless manner during sleep. Its technology allows for entirely new insights into patients' health, as clinicians no longer have to rely on spot-check measurements but have access to continuous data.

Therefore, owing to the above-mentioned factors, such as the increasing prevalence of chronic diseases like diabetes and key product launches by major market players, considerable segment growth is anticipated over the forecast period.

North America Wearable Medical Devices Market - Estimated Number Of People with Diabetes ( in millions), United States, 2021-2045

The United States is Expected to Witness Growth Over the Forecast Period

Key product launches, a high concentration of market players or manufacturers' presence, acquisitions and partnerships among major players, and increasing cases of chronic diseases in the United States are some of the factors driving the growth of the North American wearable medical devices market in the country.

Hypertension is one of the major factors contributing to cardiovascular diseases in the United States. As per the data updated by the CDC in October 2022, around half of the adults in the United States, or around 47.0%, have hypertension, defined as systolic blood pressure greater than 130 mmHg or diastolic blood pressure greater than 80 mmHg, or are taking medication for hypertension. Moreover, the increasing geriatric population in the country is also expected to enhance market growth, as old age is associated with various chronic diseases that require continuous patient monitoring. Therefore, such an instance is expected to propel the demand for wearable medical devices in the United States, as these devices allow for accurate and rapid diagnosis of cardiovascular diseases.

The key product launches by major players are also anticipated to propel the market's growth. For instance, in March 2022, BioIntelliSense Inc., a United States-based company, launched the commercial availability of a new wearable device that allows for remote patient monitoring. The medical-grade BioButton Rechargeable Device allows for continuous remote monitoring of more than 20 vital signs and biometrics, and a charge can last up to 30 days.

Therefore, owing to the aforesaid factors, such as increasing cases of chronic diseases and key product launches by major market players, the growth of the studied market is anticipated in the United States.

North America Wearable Medical Devices Market - Location of Cardiac Arrest (%), United States, 2021

North America Wearable Medical Devices Industry Overview

The North American wearable medical devices market is highly fragmented due to the presence of many players. Many players in this market are trying to expand their product portfolios in order to dominate the market. The competitive landscape includes an analysis of a few international as well as local companies that hold market shares and are well known, including Fitbit, Koninklijke Philips NV, Apple, Garmin, and Samsung Electronics Co Ltd, among others.

North America Wearable Medical Devices Market Leaders

  1. Garmin Ltd

  2. Apple Inc.

  3. Fitbit

  4. Koninklijke Philips NV

  5. Samsung Electronics Co Ltd

*Disclaimer: Major Players sorted in no particular order

North America Wearable Medical Devices Market Concentration
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North America Wearable Medical Devices Market News

  • November 2022: Ardent Health Services and BioIntelliSense launched a new continuous patient monitoring initiative to empower clinicians with greater data-driven insights for patient care and to optimize clinical and operational workflow. Clinicians at Ardent's BSA Hospital in Amarillo, Texas, started using the BioButton wearable device and BioCloud analytics engine to automate the collection of inpatient vital signs in general care units and make both patients and clinicians happier.
  • March 2022: Biobeat announced that its wearable remote patient monitoring device has received 510(k) clearance from the United States FDA to monitor respiratory rate and body temperature in addition to cuffless blood pressure, blood oxygen saturation, and pulse rate.

North America Wearable Medical Devices Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Technological Advancements and Innovations

      2. 4.2.2 Increasing Incidence of Chronic Pain and Diabetes Patients

      3. 4.2.3 Ease of Use and Interpretation of Medical Devices

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of Devices

      2. 4.3.2 Reimbursement Issues

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD Million)

    1. 5.1 By Device Type

      1. 5.1.1 Diagnostic Devices

        1. 5.1.1.1 Vital Sign Monitoring Devices

        2. 5.1.1.2 Sleep Monitoring Devices

        3. 5.1.1.3 Electrocardiographs Fetal and Obstetric Devices

        4. 5.1.1.4 Neuromonitoring Devices

      2. 5.1.2 Therapeutic Devices

        1. 5.1.2.1 Pain Management Devices

        2. 5.1.2.2 Rehabilitation Devices

        3. 5.1.2.3 Respiratory Therapy Devices

        4. 5.1.2.4 Other Therapeutic Devices

    2. 5.2 By Application

      1. 5.2.1 Sports and Fitness

      2. 5.2.2 Remote Patient Monitoring

      3. 5.2.3 Home Healthcare

    3. 5.3 By Product Type

      1. 5.3.1 Watch

      2. 5.3.2 Wristband

      3. 5.3.3 Ear Wear

      4. 5.3.4 Other Product Types

    4. 5.4 Geography

      1. 5.4.1 United States

      2. 5.4.2 Canada

      3. 5.4.3 Mexico

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Garmin Ltd

      2. 6.1.2 Apple Inc.

      3. 6.1.3 Fitbit

      4. 6.1.4 Samsung Electronics Co Ltd

      5. 6.1.5 LifeSense Group

      6. 6.1.6 Koninklijke Philips NV

      7. 6.1.7 Sotera Wireless

      8. 6.1.8 Xiaomi Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments
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North America Wearable Medical Devices Industry Segmentation

As per the scope of the report, wearable medical devices are capable of diagnosing or monitoring medical conditions, combined with digital health information, and are typically worn over the body. The North American wearable medical devices market is segmented by device type (diagnostic and therapeutic devices), application (sports and fitness, remote patient monitoring, and home healthcare), product type (watch, wristband, earwear, and other product types), and geography (United States, Canada, and Mexico). The report offers the value (in USD million) for the above segments.

By Device Type
Diagnostic Devices
Vital Sign Monitoring Devices
Sleep Monitoring Devices
Electrocardiographs Fetal and Obstetric Devices
Neuromonitoring Devices
Therapeutic Devices
Pain Management Devices
Rehabilitation Devices
Respiratory Therapy Devices
Other Therapeutic Devices
By Application
Sports and Fitness
Remote Patient Monitoring
Home Healthcare
By Product Type
Watch
Wristband
Ear Wear
Other Product Types
Geography
United States
Canada
Mexico
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North America Wearable Medical Devices Market Research FAQs

The North America Wearable Medical Devices Market size is expected to reach USD 16.03 billion in 2024 and grow at a CAGR of 15.79% to reach USD 33.35 billion by 2029.

In 2024, the North America Wearable Medical Devices Market size is expected to reach USD 16.03 billion.

Garmin Ltd, Apple Inc., Fitbit, Koninklijke Philips NV and Samsung Electronics Co Ltd are the major companies operating in the North America Wearable Medical Devices Market.

In 2023, the North America Wearable Medical Devices Market size was estimated at USD 13.84 billion. The report covers the North America Wearable Medical Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Wearable Medical Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

North America Wearable Medical Devices Industry Report

Statistics for the 2024 North America Wearable Medical Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Wearable Medical Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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North America Wearable Medical Devices Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)