North America Medical Wellness Devices Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America)

Description

North America Medical Wellness Devices Market Poised for Remarkable Growth Market Revenue to Hit US$ 38.77 Bn in 2024 and US$ 62.66 Bn by 2031 with a Steady CAGR of 7.1%

The North American medical wellness devices market is witnessing robust expansion, with revenue projected to reach US$ 38.77 Bn in 2024 and US$ 62.66 Bn by 2031. Fairfield Market Research forecasts a compound annual growth rate (CAGR) of 7.1%, driven by several key factors, including technological advancements, rising prevalence of lifestyle disorders, and an increasing trend toward wearable medical devices.

Dominance of Diabetic Monitoring Devices

The diabetic monitoring devices segment is anticipated to hold the largest market value within the medical wellness devices market. This trend is driven by the increasing adoption of health tracking gadgets among the general population, spurred by the rising incidences of prolonged and infectious disease-related deaths. The North American market alone accounts for more than 30% of the global revenue share, reflecting a substantial contribution to the overall market valued in billions of dollars.

Drivers of Market Growth

The adoption of medical wellness devices has been significantly influenced by growing awareness of wellness, particularly among the millennial generation, whose consumer power is driving innovation in wellness products. This, coupled with the expanding popularity of spas and associated thermal and mineral springs facilities, has increased demand for devices such as electric massagers and transcutaneous electric nerve stimulators.

Furthermore, the exploitative work culture and its impact on physical and mental health have led to a higher adoption of medical wellness devices to assist consumers in tracking their general health and making early diagnoses of potential disorders. The growing population of adults over 60 also drives the need for preventive health products and services, particularly in regions like the U.S., where health coverage may be lacking and employers often cover medical expenses for their employees.

Technological Advancements

Technological advancements in the design and operation of various medical wellness devices, such as thermometers, mobility aids, light therapy devices, pulse oximeters, and orthotics, present significant market expansion opportunities. The development of pulse oximeter technology, for instance, has significantly improved haemoglobin oxygen saturation and pulse rate analysis. Similarly, mercury thermometers have been replaced by digital and infrared thermometers, showcasing the evolution of technology in the sector.

Prevalence of Lifestyle Disorders and Connected Health Devices

The rising prevalence of lifestyle-associated disorders, requiring continuous health monitoring, is expected to drive demand for connected health devices over the forecast period. Wearable devices for medical purposes and remote patient monitoring are gaining popularity as consumers increasingly prioritize a healthier lifestyle.

Growing Trend for Wearable Medical Devices

The popularity of smartwatches has bolstered the demand for wearable medical devices, particularly among young people. These devices, which collect and transmit biometric data, from tracking activities to monitoring vital signs, have become indispensable in the healthcare industry. Wearable technology is particularly beneficial for diabetic individuals in monitoring their blood glucose levels.

Challenges and Restraints

Despite the promising growth outlook, the market faces certain challenges. The reliability and safety of over-the-counter pulse oximeters have come into question. The Pan American Health Organization (PAHO) advises that while pulse oximetry can aid in clinical decision-making, it should not replace clinical assessment or be used as a standalone diagnostic tool.

Additionally, market growth may be hindered by the lack of clinical evidence supporting the effectiveness of orthopedic braces and a low level of patient awareness about bracing-mediated orthopedic treatment. The increasing use of painkillers as a substitute for proper orthopedic solutions further constrains the market, as more people opt for medication over braces and supports.

1. Executive Summary

1.1. North America Medical Wellness Devices Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Snapshot, by Value and Volume, 2023
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Adoption Rate/Usage Analysis - Key Statistics
2.4. Value Chain Analysis
2.5. Regulatory Scenario
2.6. Porter's Five Forces Analysis
2.7. COVID-19 Impact Analysis
- 2.7.1. Supply
- 2.7.2. Demand
2.8. Economic Overview
- 2.8.1. World Economic Projections
2.9. PESTLE Analysis

3. Price Analysis, 2018 - 2023

3.1. North America Average Price Analysis, by Product, US$ Per Unit, 2018 - 2023
3.2. Prominent Factor Affecting Medical Wellness Devices Prices
3.3. North America Average Price Analysis, by Country, US$ Per Unit

4. North America Medical Wellness Devices Market Outlook, 2018 - 2031

4.1. North America Medical Wellness Devices Market Outlook, by Product, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Blood Pressure Monitors
  - 4.1.1.2. Diabetic Monitoring Devices
  - 4.1.1.3. Thermometers
  - 4.1.1.4. Pulse Oximeters
  - 4.1.1.5. Sleep Trackers
  - 4.1.1.6. Smart Watches
  - 4.1.1.7. Massagers and Pain Relief
  - 4.1.1.8. Mobility Care
  - 4.1.1.9. Braces and Supports
  - 4.1.1.10. Orthotic
  - 4.1.1.11. Light Therapy
4.2. North America Medical Wellness Devices Market Outlook, by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Institutional Sales
    - 4.2.1.1.1. Hospital Pharmacies
    - 4.2.1.1.2. Specialty Clinics
    - 4.2.1.1.3. Rehabilitation Centers
    - 4.2.1.1.4. Wellness Centers
  - 4.2.1.2. Retail Sales
    - 4.2.1.2.1. Retail Pharmacies
    - 4.2.1.2.2. Drug Stores
    - 4.2.1.2.3. Online Sales
    - 4.2.1.2.4. Supermarket/Hypermarket
4.3. North America Medical Wellness Devices Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S.
  - 4.3.1.2. Canada

5. U.S. Medical Wellness Devices Market Outlook, 2018 - 2031

5.1. U.S. Medical Wellness Devices Market Outlook, by Product, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Blood Pressure Monitors
  - 5.1.1.2. Diabetic Monitoring Devices
  - 5.1.1.3. Thermometers
  - 5.1.1.4. Pulse Oximeters
  - 5.1.1.5. Sleep Trackers
  - 5.1.1.6. Smart Watches
  - 5.1.1.7. Massagers and Pain Relief
  - 5.1.1.8. Mobility Care
  - 5.1.1.9. Braces and Supports
  - 5.1.1.10. Orthotic
  - 5.1.1.11. Light Therapy
5.2. U.S. Medical Wellness Devices Market Outlook, by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Institutional Sales
    - 5.2.1.1.1. Hospital Pharmacies
    - 5.2.1.1.2. Specialty Clinics
    - 5.2.1.1.3. Rehabilitation Centers
    - 5.2.1.1.4. Wellness Centers
  - 5.2.1.2. Retail Sales
    - 5.2.1.2.1. Retail Pharmacies
    - 5.2.1.2.2. Drug Stores
    - 5.2.1.2.3. Online Sales
    - 5.2.1.2.4. Supermarket/Hypermarket
- 5.2.2. BPS Analysis/Market Attractiveness Analysis

6. Canada Medical Wellness Devices Market Outlook, 2018 - 2031

6.1. Canada Medical Wellness Devices Market Outlook, by Product, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Blood Pressure Monitors
  - 6.1.1.2. Diabetic Monitoring Devices
  - 6.1.1.3. Thermometers
  - 6.1.1.4. Pulse Oximeters
  - 6.1.1.5. Sleep Trackers
  - 6.1.1.6. Smart Watches
  - 6.1.1.7. Massagers and Pain Relief
  - 6.1.1.8. Mobility Care
  - 6.1.1.9. Braces and Supports
  - 6.1.1.10. Orthotic
  - 6.1.1.11. Light Therapy
6.2. Canada Medical Wellness Devices Market Outlook, by Distribution Channel, Value (US$ Bn), 2018 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Institutional Sales
    - 6.2.1.1.1. Hospital Pharmacies
    - 6.2.1.1.2. Specialty Clinics
    - 6.2.1.1.3. Rehabilitation Centers
    - 6.2.1.1.4. Wellness Centers
  - 6.2.1.2. Retail Sales
    - 6.2.1.2.1. Retail Pharmacies
    - 6.2.1.2.2. Drug Stores
    - 6.2.1.2.3. Online Sales
    - 6.2.1.2.4. Supermarket/Hypermarket
- 6.2.2. BPS Analysis/Market Attractiveness Analysis

7. Competitive Landscape

7.1. Company Market Share Analysis, 2023
7.2. Competitive Dashboard
7.3. Company Profiles
- 7.3.1. Abbott
  - 7.3.1.1. Company Overview
  - 7.3.1.2. Product Portfolio
  - 7.3.1.3. Financial Overview
  - 7.3.1.4. Business Strategies and Development
- 7.3.2. 3M Company
  - 7.3.2.1. Company Overview
  - 7.3.2.2. Product Portfolio
  - 7.3.2.3. Financial Overview
  - 7.3.2.4. Business Strategies and Development
- 7.3.3. Dexcom, Inc.
  - 7.3.3.1. Company Overview
  - 7.3.3.2. Product Portfolio
  - 7.3.3.3. Financial Overview
  - 7.3.3.4. Business Strategies and Development
- 7.3.4. F. Hoffmann-La Roche AG t
  - 7.3.4.1. Company Overview
  - 7.3.4.2. Product Portfolio
  - 7.3.4.3. Financial Overview
  - 7.3.4.4. Business Strategies and Development
- 7.3.5. Koninklijke Philipds N.V.
  - 7.3.5.1. Company Overview
  - 7.3.5.2. Product Portfolio
  - 7.3.5.3. Financial Overview
  - 7.3.5.4. Business Strategies and Development
- 7.3.6. Tandem Diabetes Care
  - 7.3.6.1. Company Overview
  - 7.3.6.2. Product Portfolio
  - 7.3.6.3. Financial Overview
  - 7.3.6.4. Business Strategies and Development
- 7.3.7. Masimo Corporation
  - 7.3.7.1. Company Overview
  - 7.3.7.2. Product Portfolio
  - 7.3.7.3. Financial Overview
  - 7.3.7.4. Business Strategies and Development
- 7.3.8. Fitbit, Inc.
  - 7.3.8.1. Company Overview
  - 7.3.8.2. Product Portfolio
  - 7.3.8.3. Financial Overview
  - 7.3.8.4. Business Strategies and Development
- 7.3.9. Garmin Ltd
  - 7.3.9.1. Company Overview
  - 7.3.9.2. Product Portfolio
  - 7.3.9.3. Financial Overview
  - 7.3.9.4. Business Strategies and Development
- 7.3.10. Withings
  - 7.3.10.1. Company Overview
  - 7.3.10.2. Product Portfolio
  - 7.3.10.3. Financial Overview
  - 7.3.10.4. Business Strategies and Development
- 7.3.11. Oura
  - 7.3.11.1. Company Overview
  - 7.3.11.2. Product Portfolio
  - 7.3.11.3. Financial Overview
  - 7.3.11.4. Business Strategies and Development
- 7.3.12. Verilux, Inc.
  - 7.3.12.1. Company Overview
  - 7.3.12.2. Product Portfolio
  - 7.3.12.3. Financial Overview
  - 7.3.12.4. Business Strategies and Development

8. Appendix

8.1. Research Methodology
8.2. Report Assumptions
8.3. Acronyms and Abbreviations