Market Trends of North America Wearable Medical Devices Industry
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.
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.
