U.S. Wearable Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Product (Diagnostic & Patient Monitoring Devices {Activity Monitors, Smartwatches, Smartclothing, and Others} and Therapeutic Devices {Wearable Defibrillators, Drug Delivery Devices, Pain Management Devices, Hearing Aids, and Others}), By Application (Remote Patient Monitoring & Home Healthcare and Sports & Fitness), By Distribution Channel (Retail Pharmacies, Online Distribution, and Hypermarkets & Others), and Country Forecast, 2023-2030

The U.S. wearable medical devices market size was worth USD 15.36 billion in 2022 and is projected to grow at a CAGR of 17.6% during the forecast period.

Wearable technology in healthcare refers to a range of medical devices and supportive accessories that utilize sensors, actuators, software, and electronic patches. These devices enable the general population and patients to monitor their health, identify anomalies, and even treat certain health conditions. The increasing prevalence of lifestyle-related diseases is encouraging people to adopt healthy habits and manage their health with the help of these wearable devices.

• As per an article published by FPT Software in August 2023, approximately 30% of adults in the U.S. have adopted wearable medical devices on a daily basis, with 46.3% of people willing to share their patient-generated data with healthcare providers.

Recent technological developments in the wearable medical devices industry and increasing need among the general public to ensure their well-being has prompted market players to invest in R&D to develop and introduce more innovative devices. These devices include bio-sensors and hearing aids. This factor, along with increasing per capita healthcare expenditure and rising awareness among the general population about early diagnosis, has increased the demand for these devices in the U.S.

The COVID-19 pandemic positively impacted the U.S. wearable medical devices market growth. This was attributed to rise in the demand for self-monitoring products that could help patients diagnose and manage COVID-19 symptoms.

LATEST TRENDS

Growing Awareness About Maintaining Proper Health & Fitness Regime

During the pandemic, people started prioritizing their health more than ever before, which served as an opportunity for several market players to introduce novel wearable medical devices to help individuals monitor their health and combat COVID-19. The emergence of wearable technologies and increasing desire of consumers to take charge of their health has helped the medical industry expand significantly. The potential benefits offered by these devices in monitoring and improving the health outcomes of patients with pre-existing medical conditions have augmented their penetration among the patient population.

• The Augusta University Medical Center published a research study in 2022, which observed that wearable devices helped decrease deterioration of health by 89% in patients with pre-existing cardiac or respiratory conditions.

DRIVING FACTORS

Rising Prevalence of Chronic Diseases to Drive Market Growth

The U.S. has witnessed a substantial increase in the prevalence of chronic diseases, and to combat the complications associated with these conditions, physical fitness and a healthy diet are essential. The rising prevalence of chronic diseases, such as diabetes, hypertension, and cardiac disorders has significantly increased the economic burden on healthcare systems, leading to an increased demand for prompt and regular diagnosis. As a result, the general population has become more aware of the products and devices that can be used to diagnose and monitor vital signs.

• According to the Rock Health Digital Health Consumer Adoption 2022 report in association with Stanford Center of Digital Health, 46% of American adults owned wearable devices in 2022 as compared to 45% in 2021 and 43% in 2020.

The growing adoption of wearable medical devices is expected to surge the demand for novel products that are equipped with advanced features, such as heart rate monitoring, SpO2 monitoring, and blood glucose monitoring. This led to a substantial increase in the demand for wearable medical devices among the general public and patients, thereby augmenting the U.S. market growth.

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According to the data published by the National Association of Chronic Disease Prevention in 2022, approximately 60% of adult Americans had at least one chronic disease.                                                                                                            

RESTRAINING FACTORS

High Maintenance Cost of Wearable Medical Devices to Limit Their Adoption

Wearable medical devices have seen considerable progress in terms of technology and design. However, there are a number of factors that can impede their widespread adoption. One of those factors is the relatively high maintenance cost associated with these devices. Wearable medical devices typically consist of battery, chip, sensor, and other components that require frequent replacement. When the cost of these components is added to the total cost of ownership of the device, the device’s cost is significantly higher.

According to an article published by the Nature Reviews Journal in July 2022, hydrogels are used in wearable devices for mechanical and chemical sensing. However, hydrogels tend to cost more than other polymer systems, leading to their use in specialty applications only.

This, along with limited reimbursement policies, has restrained the uptake of wearable medical devices in both the developed and developing countries.

SEGMENTATION

By Product Analysis

By product, the market is segmented into diagnostic & patient monitoring devices and therapeutic devices.

The diagnostic & patient monitoring devices segment held a dominant share in the U.S. market in 2022. The rising prevalence of chronic diseases and increasing disposable income are driving the demand for these devices. To meet this growing demand, market players are actively investing in their R&D activities to launch new products and expand their offerings. Moreover, increasing awareness of early diagnosis and continuous disease monitoring among the population is driving the adoption of wearable medical devices, subsequently augmenting the segment’s growth.

• In January 2022, F. Hoffman-La Roche Ltd. launched the Cobas pulse system, an integrated blood glucose management solution that uses mobile digital health capabilities for enhancing patient care.  It is a device designed to manage the blood glucose level with simple usability and expanded digital capabilities similar to those of a smartphone.

By Application Analysis

Based on application, the market is divided into remote patient monitoring & home healthcare and sports & fitness.

In 2022, the sports & fitness segment accounted for the largest U.S. wearable medical devices market share. The segment’s growth is driven by the gradual shift toward sports and leisure activities among adult consumers. To meet these expectations, market players are focused on developing and introducing novel products by incorporating certain advanced features to monitor health vitals in a single device.

• In September 2022, Apple Inc. launched two watch iterations - Apple Watch Series 8 and Apple Watch SE. These devices offer temperature sensor that provides advanced features for women’s health and crash detection alert during severe car crashes.

By Distribution Channel Analysis

On the basis of distribution channel, the market is segmented into retail pharmacies, online distribution, and hypermarkets & others.

In 2022, the retail pharmacies segment held the larger U.S. market share and is likely to record a higher CAGR. One of the key factors contributing to the segment’s growth includes increasing preference for self-tracking and non-intrusive diagnostic equipment.

This segment is also expanding at a healthy pace due to the growing collaboration between medical clinics and device manufacturers. In addition to this, utilization of various coupons and offering discounts to regular patients are some of the factors that are anticipated to boost the segment’s growth.

• In October 2022, Google Cloud partnered with Rite Aid Pharmacy to enhance customer experience. The purpose of Rite Aid Pharmacy was to provide a comprehensive range of services to improve health outcomes.

KEY INDUSTRY PLAYERS

The U.S. market is extremely competitive with major players, such as Apple Inc., SAMSUNG, Fitbit Inc., and Sonova operating in the market. Apple Inc. has accounted for a dominant share of the market due to its robust portfolio of activity trackers and smartwatches. Also, key players are strengthening their market positions through various collaborations and acquisitions. For instance, in February 2023, Samsung Electronics Co. Ltd. and Natural Cycles partnered to add temperature-based menstrual cycle tracking capabilities to the Galaxy Watch 5 series in 32 countries across Europe, North America, and Asia.

In addition to Sonova, other prominent players operating in this market include OMRON Corp., BD, and neuroMetrix Inc., all of whom are continuously investing in the development of cutting-edge therapeutic wearables and expanding their distribution networks to gain a competitive edge in this market. In October 2022, OMRON CORPORATION upgraded its portfolio of BP monitors by converting them into connected devices to offer real time and proper control over hypertension management.

LIST OF KEY COMPANIES PROFILED:

• BD (U.S.)


• Fitbit, Inc. (U.S.)


• Apple Inc. (U.S.)


• Sonova (Switzerland)


• NeuroMetrix, Inc. (U.S.)


• SAMSUNG (South Korea)


• OMRON CORPORATION (Japan)


• Koninklijke Philips N.V. (Netherlands)

KEY INDUSTRY DEVELOPMENTS:

• January 2023 – Philips and Masimo expanded their partnership to enhance patient monitoring capabilities in home telehealth applications with Masimo W1 advanced health tracking watch.


• July 2022 – Bose Corporation partnered with Lexie Hearing to add self-fitting hearing aid technology to the Lexie Hearing product line.


• March 2022 – Biobeat’s remote patient monitoring device received approval from the U.S. FDA. The device measures respiration rate & temperature, blood pressure without using a cuff, oxygen levels, and pulse rate.

REPORT COVERAGE

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The U.S. wearable medical devices market report provides a detailed market analysis. It focuses on key aspects, such as an overview of technological advancements in the market. Additionally, it includes key industry developments, new product launches, and the impact of COVID-19 on the market. Besides this, the report also offers insights into the latest market trends and highlights key industry developments. In addition to the aforementioned factors, it encompasses several factors that have contributed to the market growth in recent years.

Report Scope & Segmentation