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North America Medical Wellness Devices Market

Increasing numbers of lifestyle disorders to drive the market medical wellness devices market in the future

North America Medical Wellness Devices Market Segmented by Product - Blood Pressure Monitors (Manual & Automatic) | Diabetic Monitoring Devices | Thermometers | Pulse Oximeters | Sleep Trackers | Massagers and Pain Relief | Mobility Care | Braces and Supports

North America Medical Wellness Devices Market Outlook (2023-2033)

North American revenue from the medical wellness devices market stands at US$ 33.8 Bn in 2022, with the global market estimated to surge ahead at a CAGR of 7.1% to reach a valuation of US$ 72.3 Bn by the end of 2033.

Medical Wellness Devices Market Size (2022)

US$ 33.8 Bn

Projected Market Value (2033)

US$ 72.3 Bn

North America Market Growth Rate (2023-2033)

7.1% CAGR

Top 5 Companies Share

27.3%

As assessed by Persistence Market Research, diabetic monitoring devices segment is expected to hold a largest market value of US$ 12.9 Bn by 2023. Overall, North America medical wellness devices market sales account for more than 30% revenue share in the global medical wellness devices market, which was valued at approximately US$ 97.0 Bn at the end of 2022.

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Sales Analysis of the North America Medical Wellness Devices Market from 2016 to 2022 Vs Market Outlook for 2023 to 2033

The North America market for medical wellness devices recorded a historic CAGR of 6.8% in the last 6 years from 2016 to 2022.

The adoption of devices to enhance health and wellbeing among the general population is a result of the increased incidences of prolonged and infectious disease-related death. The adoption of different health tracking gadgets has been prompted by the growing awareness of wellness. This is strongly related to the millennial generation's consumer power. Manufacturers of wellness products now have a chance to innovate and support the expansion of the medical wellness devices market.

Increased demand for medical wellness devices like electric massagers and transcutaneous electric nerve stimulators is largely driven by the expanding popularity of spas and the associated thermal and mineral springs facilities across the region. Increased use of medical wellness devices to assist consumers track their general health and make an early diagnosis of any disorders has also been attributed to the growing burden on physical and mental health brought on by an exploitative work culture.

A growing need for preventative health products and services has been prompted by the growing population of adults over 60. Due to the lack of health coverage in the region, particularly in the U.S., many employers and multinational companies are responsible for covering the medical expenses of their employees in the nations where they operate.

  • The use of medical wellness devices given by wellness providers, such as oximeters and blood pressure monitors, as well as the lower cost of chronic health disorders, benefits the employees. This is correlated with a rise in the use of medical wellness devices by employees, which drives the market as a whole.

The North America market is thus likely to show high growth over the coming years at a CAGR of 7.1% and reach a market size of US$ 72.3 Bn by 2033.

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What Factors Will Drive the North America Medical Wellness Devices Market to Grow Over Forecast Period?

Technological Advancements”

Technological advancements in the design and operation of thermometers, mobility aids, light therapy devices, pulse oximeters, and orthotics are a critical aspect that can create market expansion opportunities. Pulse oximeter technology has improved dramatically over the past few years as a result of efforts to recover haemoglobin oxygen saturation and pulse rate (PR) analysis in unfortunate conditions. Mercury thermometers gave way to digital and infrared thermometers as this technology advanced over time.

Prevalence of Lifestyle-Disorders to Demand Connected Health Devices”

Over the course of the forecast period, it is predicted that demand for medical wellness devices like as wearable devices for medical purpose and remote monitoring of patients would rise as consumer preferences shift in favour of a healthier lifestyle, propelling market expansion. Additionally, during the course of the forecast period, demand for connected health devices is anticipated to increase due to the rising prevalence of lifestyle-associated disorders that requires continuous health monitoring.

Growing Trend for Wearable Medical Devices”

Since smart watches has become more and more popular in recent years, medical wellness devices such as wearable medical devices have been popular in the healthcare industry and particularly among young people. Wearable technology tends to gather or transmit biometric data, from tracking one's activities and movements to monitoring vital signs. These devices also assist diabetic people in monitoring their blood glucose levels.

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Is there Any Impact on the Growth of the North America Medical Wellness Devices Market?

“Reliability and Safety of Oximeters Are Doubtful”

The reliability and safety of over-the-counter pulse oximeters are in question. The PAHO recommends that while pulse oximetry may be a useful tool in clinical decision-making, it is neither a replacement for clinical assessment nor a basis for diagnosis in and of itself.

“Growing Adoption of Pain Medications & Minimum Patient Qualification for Orthopaedic Treatment”

Market growth is anticipated to be constrained by a lack of clinical evidence supporting the treatment effectiveness of orthopaedic braces and a low level of patient awareness of bracing-mediated orthopaedic treatment. Due to the frequent use of painkillers, braces and supports are being marketed for much less. More and more people are taking painkillers to treat the discomfort caused by orthopaedic disorders instead of the proper orthopaedic solutions.

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Country-wise Insights

Why is the U.S. Market Booming?

“High Disposable Income”

The U.S. is expected to hold around 88.2% market share in the North America medical wellness devices market at the end of 2023.

Among the most important macroeconomic factors that allow people to select the best solutions for various medical conditions are reimbursements and high disposable income. A significant element driving individuals to choose improved thermometers, smart watches, thermometers for diabetes, orthotic devices, and other health monitoring equipment is rising healthcare costs. Thus, increased investment in the U.S. is fuelling rapid market expansion.

Will the Canada Be a Lucrative Market for the Manufacturers?

“Product Innovations and More Focus on After Sale Services to Drive the Market”

With a 11.8% market share, Canada will hold a fair amount of share in North America market at the end of 2023.

Market players are incorporating new technologies into their products. For instance, digital and infrared versions of mercury thermometers are now being introduced. New products that can satisfy customers in terms of quality, quantity, durability, and cost are being produced by manufacturers. Companies are also concentrating on after-sales services that will help in generating significant income in the race for revenue development.

  • Tao Tronics, for instance, introduced a foldable Light Therapy Lamp 18 and UV-Free 10000 Lux LED Therapy Light that are convenient to carry and use less current than other products.

Category-wise Insights

Which Product is Driving Growth of the North America Market?

“High Number of Diabetic Patients”

Diabetic monitoring devices segment is expected to hold highest share of around 35.7% of the North America medical wellness devices market by the end of 2023.

As per NIH estimates, about 34.2 million U.S. citizens have diabetes. An estimated 26.9 million people of all ages have been received a diagnosis of diabetes. Diabetes has been diagnosed in 210,000 teens and children, including 187,000 cases of type 1 diabetes. 7.3 million adults over the age of 18 are thought to have diabetes yet lack a diagnosis. Owing to such estimates, it is anticipated that diabetic monitoring devices will be in greater demand in the region during the projected period.

Which Distribution Channel is Expected to Emerge as a Market Leader in the Future?

“Wide Availability of Products and Easy Access”

Retail sales segment is expected to hold the larger share of about 60.2% by the end of 2023 within the North America medical wellness devices market.

The expansion of retail and independent pharmacies, as well as the accessibility of medical wellness devices in mass retailers and supermarkets and because medical wellness devices can be used directly by patients, the segment is growing as more walk-in patients visit retail pharmacies.

Competition Landscape

The market for medical wellness devices is competitive. To improve their market penetration, a number of the major market players make strategic alliances, prosper regionally, and introduce new products. The manufacturer's long-term goal of extending their operations in emerging markets focuses on mergers and acquisitions among local players.

Key instances include:

  • On Feb 2022, the FDA approved the next-generation Eversense E3 CGM System, according to Senseonics Holdings, Inc., a medical technology company pioneer in the design and production of long-term, implantable CGM (continuous glucose monitoring) systems for patients with diabetes.
  • In Jan 2022, the launch of iPulseOx was announced by Smart Meter, a manufacturer and supplier of patient monitoring devices. It is the first pulse oximeter with cellular connectivity to offer remote patient monitoring services for long-term diseases like heart disease and chronic obstructive pulmonary disease (COPD).

North America Medical Wellness Devices Industry Report Scope

Attribute

Details

Forecast Period

2023-2033

Historical Data Available for

2016-2022

Market Analysis

USD Million for Value

Key Countries Covered

  • U.S.
  • Canada

Key Market Segments Covered

  • Product
  • Distribution channel
  • Country

Report Coverage

  • Market Forecast
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Key Companies’ Profile

  • Abbott
  • 3M Company
  • Dexcom, Inc.
  • F. Hoffmann-La Roche AG t
  • Koninklijke Philips N.V.,
  • Fossil Group, Inc.
  • Garmin Ltd
  • LifeScan, Inc.
  • Tandem Diabetes Care
  • Masimo Corporation
  • Fitbit, Inc.
  • Garmin Ltd
  • Withings
  • Oura
  • Verilux, Inc.,
  • Otto Bock Holding GmbH& Co

Customization & Pricing

Available upon Request

Key Segments Covered in North America Medical Wellness Devices Industry Research

Product:

  • Blood Pressure Monitors
    • Manual Blood Pressure Monitors
    • Automatic Blood Pressure Monitors
  • Diabetic Monitoring Devices
    • Glucometers
    • Smart Glucose Monitors
    • Continuous Glucose Monitors
    • Connected CGM Insulin Pens
    • Insulin Pumps
    • Insulin Pens
  • Thermometers
    • Mercury Thermometers
    • Digital Thermometers
    • Infra-red Thermometers
    • Tympanic Thermometers
  • Pulse Oximeters
    • Finger Pulse Oximeters
    • Handheld Pulse Oximeters
    • Wrist Worn Pulse Oximeters
    • Table Top Pulse Oximeters
  • Sleep Trackers
    • Ring Sleep Trackers
    • Wristband Sleep Trackers
    • Headband Sleep Trackers
    • Mask Sleep Trackers
  • Smart Watches
  • Massagers and Pain Relief
    • Electric Massagers
    • Transcutaneous Electric Nerves Stimulator
  • Mobility Care
    • Bath Safety and Products
    • Canes
    • Crutches
    • Walkers and Rollaters
    • Wheelchairs
  • Braces and Supports
    • Upper Extremity
      • Shoulder Braces and Supports
      • Neck Braces and Supports
      • Elbow Braces and Supports
      • Wrist Braces and Supports
      • Spinal Braces and Supports
    • Lower Extremity
      • Knee Braces and Supports
      • Ankle Braces and Supports
      • Hip Braces and Supports
  • Orthotic
    • Functional Orthotics
    • Accommodative Orthotics
  • Light Therapy
    • Light Box
    • Floor and Desk Lamp
    • Light Visors
    • Dawn Stimulators
    • Light Therapy Bulbs
    • Handheld Devices for Skin Treatments

End User:

  • Institutional Sales
    • Hospital Pharmacies
    • Specialty Clinics
    • Rehabilitation Centers
    • Wellness Centers
  • Retail Sales
    • Retail Pharmacies
    • Drug Stores
    • Online Sales
    • Supermarket/Hypermarket

Country:

  • U.S.
  • Canada

- Companies Covered in This Report -

  • Abbott
  • 3M Company
  • Dexcom, Inc.
  • F. Hoffmann-La Roche AG t
  • Koninklijke Philips N.V.,
  • Fossil Group, Inc.
  • Garmin Ltd
  • LifeScan, Inc.
  • Tandem Diabetes Care
  • Masimo Corporation
  • Fitbit, Inc.
  • Garmin Ltd
  • Withings
  • Oura
  • Verilux, Inc.,
  • Otto Bock Holding GmbH& Co

- Frequently Asked Questions -

The North America market is currently valued at around US$ 33.8 Bn in 2022.

Sales of the market are set to witness growth at a CAGR of 7.1% and be valued at around US$ 72.3 Bn by 2033.

Demand for the market increased at a 6.8% CAGR from 2016 to 2022.

U.S. will account for the major share in the North America market as of year 2023, holding around 88.2% market share.

Canada held about 11.2% of the North America market share at the end of 2023.

Diabetic monitoring devices are expected to hold close to 35.7% revenue share at the end of 2023.

Fitbit Inc, Garmin Ltd, Withings, Oura, Verilux Inc and Ottobock Holdings GmbH & Co are among the top players within this market space.

Custom made products with additional services to increase product attractiveness, introduction of multipurpose smart devices gaining traction and development of digital memory chip embedded MRI pulse oximeter are some of the key trends within the North America medical wellness devices market

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