North America Wearable Medical Devices Market Size

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.