Healthcare Wearable Devices Market in the US

Overview

Industry Overview(1)
• A wearable medical device refers to a device that is noninvasive, autonomous, and performs specific medical function for example support or monitoring over a long period of time. These devices are smart devices
equipped with sensors & other technologies and can be worn on a human body as a piece of clothing
 The convenient and stylish ways to wear these devices have improved every year. Wearables have become more mainstream in fashion as their technology and tracking abilities increase, as well as their
aesthetics. The increasing attractiveness of wearables has enabled them to appeal to a wider consumer base, encompassing health and style conscious consumers

• The Wearable Medical Devices Market in North America was worth $10.49 Bn in 2020 and is expected to grow with a CAGR of 17.90%, to reach $33.20 Bn by 2027

• The two primary purposes of wearable technology are to monitor various bodily markets and to keep user well informed on health conditions by syncing the relevant data to electronic devices such as smartphones
 Numerous wearable devices including smartwatches and smart bands help in monitoring fitness parameters such as calories burned, total distance walked, and footstep count. All these factors are further
boosting the market’s growth in the coming years

• Growing demand for wearables has generated a booming market. Market penetration has increased due to advancements such as tracking fitness activity data in real time and remote operations. Additionally,
heart rate monitoring and sleep cycle supervision have become easier through wearable devices. Lastly, connectivity between wearables and other devices (such as the Apple Watch and iPhone) has increased
wearables appeal

• Healthcare wearables offer the potential to lower the cost of medical care, reduce doctor visits, and help patients return home from the hospital sooner which has generated wide acceptance of these products

• The emergence of the COVID-19 pandemic has led to strong demand for the market. With the outbreak of coronavirus, the consumers are actively looking for self-monitoring wearable medical devices to regularly
monitor their health condition instead of visiting hospitals and clinics for check-ups

North America Industry Revenue ($Bn)(2) Major Players)(3)

$35.00 $33.20

$30.00
$25.00
$20.00 Fitbit NeuroMetrix Dexcom
Apple
$15.00
$10.49
$10.00
$5.00
$-
Masimo iRhythm Tech Abbott Laboratories VitalConnect
2020 2027

Sources: (1) Grand View Research, Data Bridge Market Research, Market Data Forecast, Globe Newswire, GMI Research (2) Data Bridge Market Research (3) Fortune Business Insights, Markets and Markets
Healthcare Wearable Devices Market in the US
Drivers and Trends

Drivers(1)
• Increasing awareness regarding health-oriented lifestyle, fitness, and wearable devices and technologies is a high-impact driver for this market
 Various wearable medical products and software have been developed for the management of weight and for monitoring fitness. Usually, wristbands are connected
with cell phones that display real-time tracking of activities such as steps walked, calories burned, calorie intake, miles a person ran, etc.
 The fitness club count is seen increasing in recent years. According to the 2019 IHRSA Global Report, there are around 183 million users of fitness clubs globally

• Rise in the sedentary lifestyle has eventually led to lifestyle-related disorders, such as hypertension and diabetes that is anticipated to boom over the forecast timeframe of
2020-27
 Also, the rising mortality rate due to non-communicable diseases such as cancer, diabetes, breathing illness, obesity and others is the major reason for concern
demanding more focus on personalized monitoring and care. Hence, this shifting focus towards personalized care is eventually anticipated to increase the demand of
the healthcare wearable devices market
 Some of these diseases demand continuous monitoring of several physiological parameters, for instance, blood sugar levels and blood pressure which ultimately drives
this market

• The recent outburst of the COVID-19 pandemic has extended the role of wearable medical devices in the country

• Advancement in technologies such as Artificial Intelligence (AI), Cloud based technologies, and Internet of Things (IoT) are also one of the major factors driving the
innovations in this segment

Trends(2)
• Due to the Covid-19 Pandemic, various companies are actively working in the wearable medical products industry for identifying the early warning signs of viral infection with
the help of wearable medical devices
 For example, Ava Bracelet, which is primarily used as a fertility tracker, is now being leveraged to help in combating the coronavirus. This bracelet tracks heart rate
variability, breathing rate, and skin temperature making it useful in tracking symptoms of the virus

• Healthcare providers are offering personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting routine life

• Rising health awareness and increasing fitness clubs to cater the personal fitness goals of the individuals have given rise to the personal fitness bands market

• Companies have started to cater to specific needs of the consumers, which are making the market more competitive and user-friendly by increasing the product choices at
lower prices

Sources: (1) ) Grand View Research, Market Data Forecast, Globe Newswire (2) Grand View Research, Market Data Forecast
Healthcare Wearable Devices Market in the US
Segmentation and Challenges

Segmentation(1)

Monitoring & Diagnostic Wearable Devices

By Type
Therapeutic Wearable Device
Wearable Medical Devices Market
Sports and Fitness
By Application
Home Healthcare & Patient Monitoring

• Based on the type of product, the monitoring & diagnostic segment held the dominating share in 2019 due to rising chronic diseases, disposable income, and new product technologies
 The therapeutic segment is anticipated to grow at significant rate owing to reasons such as easy to use devices, precise dosing, and multi-functionality of these devices

• Based on the application, the patient monitoring segment accounted for the highest revenue in 2019 while the sports and fitness market is expected to grow at the fastest rate in the coming years due to shifting
preferences of adults towards sports and leisure activities

Challenges(2)
• Cost Factors:
 Wearable medical devices face challenges mainly in allocating cost-effective monitoring to patients and providing multi-platform functionality
 High cost of devices accessories and maintenance are responsible for comparatively limited adoption of wearable medical devices

• Privacy Concerns:
 Privacy concerns concerning transmitting sensitive patient information and need for miniaturized devices with long battery life are few of the other challenges faced by the industry

• Data Breaches:
 Rising concerns for data security along with increasing incidences of data breach has prominently surged the user concern for these devices is one of the major headwind for this
industry
Sources: (1) Market Data Forecast, Fortune Business Insights (2) Market Data Forecast, Globe Newswire