U.S. Wearable Medical Devices Market to Reach Around USD 112.67 Bn by 2033

The U.S. wearable medical devices market size was valued at USD 11.45 billion in 2023 and is anticipated to reach around USD 112.67 billion by 2033, growing at a CAGR of 25.69% from 2024 to 2033.

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U.S. Wearable Medical Devices Market Key Takeaways

• The diagnostic devices segment dominated the market and accounted for a share of 61.85% in 2023
• The glucose monitors in the therapeutic devices segment are expected to show the highest growth rate in the forecast period.
• The strap, clip, and bracelet segment accounted for the largest market revenue share of 51.64% in 2023
• The shoe sensors segment is expected to show the highest growth rate in the forecast period
• The home healthcare segment dominated with the largest market revenue share of 54.02% in 2023.
• The sports and fitness segment is expected to grow with the fastest rate.
• The consumer-grade wearable medical devices segment in the grade type segment dominated with the largest market revenue share of 77.55% in 2023.
• The clinical wearable medical devices segment is expected to show the fastest growth rate in the forecast period.
• The pharmacies segment dominated the market with a revenue share of 39.56% in 2023.
• The hypermarkets segment is expected to have lucrative growth in the forecast period.

U.S. Wearable Medical Devices Market Growth?

The rising prevalence of chronic diseases, growing consumer awareness, adoption of technology, and regulatory support and approval processes are the key drivers of the U.S. wearable medical devices market.

Within the market landscape, the players are allocating substantial investments towards research and development, simultaneously striving to enhance their production capacities. The companies are pursuing the development of wearable medical devices, offering them to consumers at competitive prices. They are incorporating cutting-edge health features to attract customers and enhance overall appeal.

In the U.S., the growing adoption of wearable medical devices is fueled by multiple factors, including technological advancements, transforming healthcare delivery systems, high consumer interest in health and well-being, and a shift towards prioritizing preventive care measures. Wearable medical devices spearhead a transformative era in healthcare, enabling patients to continuously track their health status and granting healthcare professionals access to invaluable real-time data. This innovative technology facilitates more tailored and proactive care approaches. Furthermore, high-end data privacy is maintained, confirming the cyber security of the real-time and past health data generated by wearable medical devices.

U.S. Wearable Medical Devices Market By Product Insights

The diagnostic devices segment dominated the market and accounted for a share of 61.85% in 2023 due to growing demand for personalized medicine, remote patient monitoring, and Cost-effectiveness. As the technology continues to advance, it is expected to witness an increase in the number of wearable devices developed and further integrated into healthcare systems worldwide. Wearable medical devices are becoming increasingly popular as they offer convenience, ease of use, and real-time data collection that helps in early disease detection and management.

U.S. Wearable Medical Devices Market By Site Insights

The strap, clip, and bracelet segment accounted for the largest market revenue share of 51.64% in 2023, contributing to the U.S. wearable medical devices market share. This is attributable to the rising consumer awareness and adoption and regulatory support and approval processes. The class I wearable medical devices, according to the FDA, pose the lowest risk to patients and are generally exempt from the stringent PMA process. The class I devices typically require a 510(k) submission, demonstrating that the device is substantially equivalent to a legally marketed device or the predicate device not subject to PMA. The manufacturers of class I wearable medical devices are expected to adhere to the Quality System Regulation (QSR), which outlines requirements for design control, documentation, and manufacturing processes.

U.S. Wearable Medical Devices Market By Application Insights

The home healthcare segment dominated with the largest market revenue share of 54.02% in 2023. This is attributable to the rising prevalence of chronic diseases involving diabetes, asthma, and cardiac diseases and the rising geriatric population in the U.S. For instance, according to Centers for Disease Control and Prevention, 6 in 10 inhabitants in the U.S. are living with chronic diseases, and about 4 in 10 adults have two or more chronic diseases. This prevalence rate of chronic diseases is expected to positively impact the U.S. wearable medical devices market, increasing the market value.

The U.S. is experiencing a rapid increase in its geriatric population. This demographic shift has significant implications for healthcare systems, as the geriatric population is more susceptible to chronic diseases, disabilities, and cognitive decline. This growing population of older adults is expected to demand increased access to healthcare services, including home healthcare, to manage their health needs and maintain their quality of life. The home healthcare services, including wearable medical devices, are expected to support the geriatric population. For instance, according to America's Health Rankings, the top states of the U.S. with the percentage of population aging 65 and older reported included Maine, Florida, Vermont, West Virginia, and Delaware.

U.S. Wearable Medical Devices Market By Grade Type Insights

The consumer-grade wearable medical devices segment in the grade type segment dominated with the largest market revenue share of 77.55% in 2023. The consumer-grade wearable medical devices are expected to experience a significant increase in demand in the forecast period. This growth is attributed to various factors, including technological advancements, changing consumer preferences, and the need for remote health monitoring, rising awareness and adoption, and reasonable use of wearable medical devices.

U.S. Wearable Medical Devices Market By Distribution Channel Insights

The pharmacies segment dominated the market with a revenue share of 39.56% in 2023. This is attributable to the rising prevalence of chronic diseases in the U.S. For instance, according to the Centers for Disease Control and Prevention, approximately 38.4 million people are living with diabetes, that is 11.6% of the U.S. population, and about 97.6 million people aged 18 years and above are prediabetic, that is 38.0% of the adult U.S. population. The prevalence rate of diabetes in the U.S. is expected to positively impact the U.S. wearable medical devices market, specifically on continuous glucose monitor demand, further increasing the market value.

Key U.S. Wearable Medical Devices Market Company Insights

Some of the key players operating in the market include Apple Inc. and Koninklijke Philips N.V.

• Apple Inc. is an American multinational technology company that designs, develops, and sells consumer electronics, computer software, and online services. It is best known for its innovative products such as the iPhone, iPad, Mac, and Apple Watch
• Koninklijke Philips N.V. operates in various sectors, including healthcare, lighting, and consumer lifestyle, and is known for its innovations in medical technology, such as magnetic resonance imaging systems, ultrasound equipment, and patient monitoring devices

Fitbit, Garmin, Medtronic, Omron Corp.,Basis Science are some of the other market participants in the U.S. wearable medical devices market.

• Fitbit is known for its line of activity trackers and smartwatches that help users monitor and track their daily physical activity, exercise, sleep patterns, and overall health
• Medtronic is a healthcare technology company that offers medical devices, pharmaceuticals, and other healthcare-related products operating in various segments

U.S. Wearable Medical Devices Market Top Key Companies:

• Koninklijke Philips N.V.
• Apple Inc.
• Fitbit
• Basis Science
• Garmin
• Medtronic
• Omron Corp.
• Withings
• Vital Connect
• Polar Electro
• Everist Genomics
• Intelesens Ltd.
• Sotera Wireless
• AbbVie Inc.

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Table of Content

Chapter 1. Methodology and Scope

1.1. Market Segmentation & Scope

1.2. Segment Definitions

1.2.1. Type

1.2.2. Site

1.2.3. Application

1.2.4. Grade type

1.2.5. Distribution channel

1.2.6. Estimates and forecasts timeline

1.3. Research Methodology

1.4. Information Procurement

1.4.1. Purchased database

1.4.2. nova one advisor internal database

1.4.3. Secondary sources

1.4.4. Primary research

1.5. Information or Data Analysis

1.5.1. Data analysis models

1.6. Market Formulation & Validation

1.7. Model Details

1.7.1. Commodity flow analysis (Model 1)

1.7.2. Volume price analysis (Model 2)

1.8. List of Secondary Sources

1.9. List of Primary Sources

1.10. Objectives

Chapter 2. Executive Summary

2.1. Market Outlook

2.2. Segment Outlook

2.2.1. Type outlook

2.2.2. Site outlook

2.2.3. Application outlook

2.2.4. Grade Type outlook

2.2.5. Distribution channel

2.3. Competitive Insights

Chapter 3. U.S. Wearable Medical Devices Market Variables, Trends & Scope

3.1. Market Lineage Outlook

3.1.1. Parent market outlook

3.1.2. Related/ancillary market outlook

3.2. Market Dynamics

3.2.1. Market driver analysis

3.2.2. Market restraint analysis

3.3. U.S. Wearable Medical Devices Market Analysis Tools

3.3.1. Industry Analysis - Porter's

3.3.1.1. Supplier power

3.3.1.2. Buyer power

3.3.1.3. Substitution threat

3.3.1.4. Threat of new entrant

3.3.1.5. Competitive rivalry

3.3.2. PESTEL Analysis

3.3.2.1. Political landscape

3.3.2.2. Technological landscape

3.3.2.3. Economic landscape

Chapter 4. U.S. Wearable Medical Devices Market: Type Estimates & Trend Analysis

4.1. Type Market Share, 2024 & 2033

4.2. Segment Dashboard

4.3. U.S. Wearable Medical Devices Market by Type Outlook

4.4. Market Size & Forecasts and Trend Analyses, 2021 & 2033for the following

4.4.1. Diagnostic Devices

4.4.1.1. Market estimates and forecasts 2021 to 2033

4.4.2. Therapeutic Devices

4.4.2.1. Market estimates and forecasts 2021 to 2033

Chapter 5. U.S. Wearable Medical Devices Market: Site Estimates & Trend Analysis

5.1. Site Market Share, 2024 & 2033

5.2. Segment Dashboard

5.3. U.S. Wearable Medical Devices Market by Site Outlook

5.4. Market Size & Forecasts and Trend Analyses, 2021 & 2033for the following

5.4.1. Handheld

5.4.1.1. Market estimates and forecasts 2021 to 2033

5.4.2. Headband

5.4.2.1. Market estimates and forecasts 2021 to 2033

5.4.3. Clip/Strap/Bracelet

5.4.3.1. Market estimates and forecasts 2021 to 2033

5.4.4. Shoe Sensors

5.4.4.1. Market estimates and forecasts 2021 to 2033

5.4.5. Others

5.4.5.1. Market estimates and forecasts 2021 to 2033

Chapter 6. U.S. Wearable Medical Devices Market: Application Estimates & Trend Analysis

6.1. Application Market Share, 2024 & 2033

6.2. Segment Dashboard

6.3. U.S. Wearable Medical Devices Market by Application Outlook

6.4. Market Size & Forecasts and Trend Analyses, 2021 & 2033for the following

6.4.1. Sports & Fitness

6.4.1.1. Market estimates and forecasts 2021 to 2033

6.4.2. Remote Patient Monitoring

6.4.2.1. Market estimates and forecasts 2021 to 2033

6.4.3. Home Healthcare

6.4.3.1. Market estimates and forecasts 2021 to 2033

Chapter 7. U.S. Wearable Medical Devices Market: Grade Type Estimates & Trend Analysis

7.1. Grade Type Market Share, 2024 & 2033

7.2. Segment Dashboard

7.3. U.S. Wearable Medical Devices Market by Grade Type Outlook

7.4. Market Size & Forecasts and Trend Analyses, 2021 & 2033for the following

7.4.1. Consumer-grade Wearable Medical Devices

7.4.1.1. Market estimates and forecasts 2021 to 2033

7.4.2. Clinical Wearable Medical Devices

7.4.2.1. Market estimates and forecasts 2021 to 2033

Chapter 8. U.S. Wearable Medical Devices Market: Distribution Channel Estimates & Trend Analysis

8.1. Distribution Channel Market Share, 2024 & 2033

8.2. Segment Dashboard

8.3. U.S. Wearable Medical Devices Market by Distribution Channel Outlook

8.4. Market Size & Forecasts and Trend Analyses, 2021 & 2033for the following

8.4.1. Pharmacy

8.4.1.1. Market estimates and forecasts 2021 to 2033

8.4.2. Online Channels

8.4.2.1. Market estimates and forecasts 2021 to 2033

8.4.3. Hypermarkets

8.4.3.1. Market estimates and forecasts 2021 to 2033

Chapter 9. Competitive Landscape

9.1. Recent Developments & Impact Analysis, By Key Market Participants

9.2. Company/Competition Categorization

9.3. Vendor Landscape

9.3.1. List of key distributors and channel partners

9.3.2. Key customers

9.3.3. Key company market share analysis, 2023

9.4. Company Profiles

9.4.1. Koninklijke Philips N.V.

9.4.1.1. Company overview

9.4.1.2. Financial performance

9.4.1.3. Product benchmarking

9.4.1.4. Strategic initiatives

9.4.2. Fitbit

9.4.2.1. Company overview

9.4.2.2. Financial performance

9.4.2.3. Product benchmarking

9.4.2.4. Strategic initiatives

9.4.3. Garmin

9.4.3.1. Company overview

9.4.3.2. Financial performance

9.4.3.3. Product benchmarking

9.4.3.4. Strategic initiatives

9.4.4. Medtronic

9.4.4.1. Company overview

9.4.4.2. Financial performance

9.4.4.3. Product benchmarking

9.4.4.4. Strategic initiatives

9.4.5. Omron Corp.

9.4.5.1. Company overview

9.4.5.2. Financial performance

9.4.5.3. Product benchmarking

9.4.5.4. Strategic initiatives

9.4.6. Withings

9.4.6.1. Company overview

9.4.6.2. Financial performance

9.4.6.3. Product benchmarking

9.4.6.4. Strategic initiatives

9.4.7. Polar Electro

9.4.7.1. Company overview

9.4.7.2. Financial performance

9.4.7.3. Product benchmarking

9.4.7.4. Strategic initiatives

9.4.8. Everist Genomics

9.4.8.1. Company overview

9.4.8.2. Financial performance

9.4.8.3. Product benchmarking

9.4.8.4. Strategic initiatives

9.4.9. Intelesens Ltd.

9.4.9.1. Company overview

9.4.9.2. Financial performance

9.4.9.3. Product benchmarking

9.4.9.4. Strategic initiatives

9.4.10. Sotera Wireless

9.4.10.1. Company overview

9.4.10.2. Financial performance

9.4.10.3. Product benchmarking

9.4.10.4. Strategic initiatives

9.4.11. Abbvie Inc.

9.4.11.1. Company overview

9.4.11.2. Financial performance

9.4.11.3. Product benchmarking

9.4.11.4. Strategic initiatives

9.4.12. Apple Inc.

9.4.12.1. Company overview

9.4.12.2. Financial performance

9.4.12.3. Product benchmarking

9.4.12.4. Strategic initiatives

9.4.13. Vital Connect

9.4.13.1. Company overview

9.4.13.2. Financial performance

9.4.13.3. Product benchmarking

9.4.13.4. Strategic initiatives

9.4.14. Basic Science

9.4.14.1. Company overview

9.4.14.2. Financial performance

9.4.14.3. Product benchmarking

9.4.14.4. Strategic initiatives

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