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)

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 a 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 towards 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 orthopaedic braces and a low level of patient awareness about bracing-mediated orthopaedic treatment. The increasing use of painkillers as a substitute for proper orthopaedic solutions further constrains the market, as more people opt for medication over braces and supports.

Future Outlook

The North American medical wellness devices market is set for substantial growth, with revenue projected to reach US$ 38.77 Bn in 2024 and US$ 62.66 Bn by 2031, maintaining a steady CAGR of 7.1%. As technological advancements continue to drive innovation and the demand for preventive health products rises, the market is poised to overcome challenges and capitalize on new opportunities.

Key Market Players:

• Abbott
• 3M Company
• Dexcom, Inc.
• F. Hoffmann-La Roche AG t
• Koninklijke Philips N.V.,
• Fossil Group, Inc.
• Garmin Ltd
• LifeScan, Inc.
• Tandem Diabetes Care
• Masimo Corporation
• Fitbit, Inc.
• Garmin Ltd
• Withings
• Oura
• Verilux, Inc.,
• Otto Bock Holding GmbH& Co

Global North America Medical Wellness Devices Market is Segmented as Below:

By Product:

• Blood Pressure Monitors
• Manual Blood Pressure Monitors
• Automatic Blood Pressure Monitors
• Diabetic Monitoring Devices
• Glucometers
• Smart Glucose Monitors
• Continuous Glucose Monitors
• Connected CGM Insulin Pens
• Insulin Pumps
• Insulin Pens
• Thermometers
• Mercury Thermometers
• Digital Thermometers
• Infra-red Thermometers
• Tympanic Thermometers
• Pulse Oximeters
• Finger Pulse Oximeters
• Handheld Pulse Oximeters
• Wrist Worn Pulse Oximeters
• Table Top Pulse Oximeters
• Sleep Trackers
• Ring Sleep Trackers
• Wristband Sleep Trackers
• Headband Sleep Trackers
• Mask Sleep Trackers
• Smart Watches
• Massagers and Pain Relief
• Electric Massagers
• Transcutaneous Electric Nerves Stimulator
• Mobility Care
• Bath Safety and Products
• Canes
• Crutches
• Walkers and Rollaters
• Wheelchairs
• Braces and Supports
• Upper Extremity
• Shoulder Braces and Supports
• Neck Braces and Supports
• Elbow Braces and Supports
• Wrist Braces and Supports
• Spinal Braces and Supports
• Lower Extremity
• Knee Braces and Supports
• Ankle Braces and Supports
• Hip Braces and Supports
• Orthotic
• Functional Orthotics
• Accommodative Orthotics
• Light Therapy
• Light Box
• Floor and Desk Lamp
• Light Visors
• Dawn Stimulators
• Light Therapy Bulbs
• Handheld Devices for Skin Treatments

By End User:

• Institutional Sales
• Hospital Pharmacies
• Specialty Clinics
• Rehabilitation Centers
• Wellness Centers
• Retail Sales
• Retail Pharmacies
• Drug Stores
• Online Sales
• Supermarket/Hypermarket

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa

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