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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 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.
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Medical Wellness Devices Market Size (2022) |
US$ 33.8 Bn |
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Projected Market Value (2033) |
US$ 72.3 Bn |
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North America Market Growth Rate (2023-2033) |
7.1% CAGR |
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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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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 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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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.
“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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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.
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.
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.
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2016-2022 |
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Market Analysis |
USD Million for Value |
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Key Market Segments Covered |
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Report Coverage |
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Key Companies’ Profile |
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Customization & Pricing |
Available upon Request |
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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
