North America Wearable Medical Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Wearable Medical Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The North America wearable medical devices market is expected to register a CAGR of 8.8% over the forecast period.

The COVID-19 pandemic put enormous pressure on the healthcare system and hospitals that were understaffed and overworked. Wearable medical devices such as remote patient monitoring devices, such as oximeters, breath monitors, and heart monitors helped in the monitoring of critically ill COVID-19 patients, which allows the measurements of physiological reserves and indicates the effectiveness of therapeutic interventions during the pandemic, showing a positive impact on the market. For instance, the United States Food and Drug Administration (FDA) established a new regulation allowing the healthcare practitioners to use Food and Drug Administration (FDA) approved remote patient monitoring (RPM) devices to assess patients' body temperature, respiration rate, heart rate, and blood pressure without invasive procedures. Companies were expected to invest in RPM devices to adapt to their ready-to-work protocols during the pandemic as most COVID-19 patients were asymptomatic. Furthermore, in October 2020, the United States Food and Drug Administration issued a new policy that helps in expanding the availability and capability of non-invasive remote monitoring devices to facilitate patient monitoring while reducing patient and healthcare provider contact and exposure to COVID-19 for the duration of the COVID-19 public health emergency. Therefore, such instances indicate that the market witnessed a considerable growth during the pandemic.

The increasing technological advancements and innovations, increasing incidence of chronic diseases, and ease of use and interpretation of medical devices are the major factors driving the market growth over the forecast period. For instance, as per the report published by the Trust for America's Health Organization in 2020, the United States adult obesity rate represents around 42.4% and it is for the first time the national rate has passed the 40.0% mark. Similarly, hypertension is one of the major factors contributing to cardiovascular diseases. As per the report published by the Centers for Disease Control & Prevention (CDC) in 2020, around half of the adults in the United States which is around 47.0% have hypertension, defined as a systolic blood pressure greater than 130 mmHg or diastolic blood pressure greater than 80 mmHg or are taking medication for hypertension. Therefore, such an instance is expected to propel the demand for remote patient monitoring devices in the United States as it allows accurate and rapid diagnosis of cardiovascular diseases, thereby considerable overall market growth is expected over the forecast period.

However, high cost of devices and reimbursement issues are likely to hinder the market growth over the forecast period.

However,

Key Market TrendsRemote Patient Monitoring Segment is Expected to Witness 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. Information can be sent to a physician's workplace via telehealth communication links by a software application installed on the patient's internet-capable computer, smartphone, or tablet.

The rising cases of chronic diseases due to lifestyle changes and increasing demand for home-based monitoring devices are the major factors propelling the segment growth. For instance, according to the Center for Medicare and Medicaid Services in 2021, remote monitors help several high-risk patients avoid being readmitted to the hospital and make the most of their healthy days at home. Clients who use remote monitoring report a 76.0% reduction in readmission rates, an average of 89.0% patient satisfaction, and a total medical cost savings of nearly USD 370.0 million.

Therefore, owing to the above mentioned factors considerable segment growth is anticipated over the forecast period.

The United States is Expected to Witness Growth Over the Forecast Period

Key product launches, high concentration of market players or manufacturer's presence, and acquisition & 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 America 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 report published by the Centers for Disease Control & Prevention (CDC) in 2020, around half of the adults in the United States which is around 47.0% have hypertension, defined as a systolic blood pressure greater than 130 mmHg or diastolic blood pressure greater than 80 mmHg or are taking medication for hypertension. Therefore, such an instance is expected to propel the demand for wearable medical devices market in the United States as these devices allow accurate and rapid diagnosis of cardiovascular diseases. The key product launches by major players are also anticipated to propel the market growth. For instance, in July 2021, Abbott introduced Jot Dx, an insertable cardiac monitor. It is designed to reduce data burden and diagnose abnormal heart rhythms. Similarly, in October 2020, the United States Food and Drug Administration issued a new policy that helps in expanding the availability and capability of non-invasive remote monitoring devices to facilitate patient monitoring while reducing patient and healthcare provider contact and exposure to COVID-19 for the duration of the COVID-19 public health emergency.

Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the United States.

Competitive Landscape

Many players in this market are trying to expand their product portfolio in order to top the market. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known including Fitbit, Lifesense, Apple, Garmin, and Samsung among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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