North America Smart Wearables Market

North American Smart Wearables Market Size (2023 to 2028)

The size of the North American smart wearables market is predicted to showcase a prominent growth rate from 2023 to 2028.

The growing prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases and others is one of the major factors propelling the smart wearables market growth in North America. Smart wearables also known as wearables are electronic devices that can be worn as accessories, embedded in clothing, or implanted on the user's body. These devices enable the tracking of day-to-day activities and their synchronization with mobile devices or computers. Wearable devices offer various features, including the detection of temperature, oxygen levels, blood sugar levels, blood pressure, and more, providing valuable health-related insights.

The rising awareness about fitness among the population and the growing geriatric population across North America further contributes to the smart wearables market growth in North America. In the wake of the COVID-19 pandemic, wearable devices have significantly increased as individuals prioritize monitoring their vital signs to maintain good health. The older population faces sleep and medication adherence challenges. Healthcare providers recommend the use of smart wearables to address these issues, as these devices facilitate healthy sleep patterns and provide timely medication reminders.

The growing adoption of the Internet of Things (IoT) and the growing population embracing the latest technological advancements further boost the growth rate of the North American smart wearables market. Approximately 82.7 million individuals in the United States alone are utilizing smart wearables. These devices are predominantly developed with IoT technology that enables the creation of a network comprising physical objects embedded with sensors, software and other technologies. Through this interconnected network, smart wearables can exchange data with other devices over the Internet and enhance their functionality and provide users with valuable insights.

The growing investments in R&D, increasing support from the governments of North American countries and favorable reimbursement policies contributes to the growth of the North American market. These factors have encouraged manufacturers to develop smart wearables in various forms, including watches, wristbands, smart clothing, gloves, eyeglasses and more to cater to diverse consumer preferences.

The high costs associated with smart wearables are one of the major factors hampering the growth of the North American market. Lack of awareness, shortage of skilled professionals, lengthy approval processes for novel devices, challenges in integration and degradation and concerns regarding data privacy and security further impede market expansion in the North American region. Issues such as inaccurate values, loss of stored data and difficulties understanding wearable interfaces further impede regional market growth.

Impact of COVID-19 on the North American Smart Wearables Market:

Amid the Covid-19 pandemic, companies are grasping the opportunity by launching smartwatches &fitness trackers that monitors and guides the user based on their measurements. The COVID-19 outbreak and worldwide shutdown restrictions have affected industrial activities around the world. The electronics industry is severely affected with significant influence on its supply chain and production facilities. Production was halted in China and Taiwan in February and March, influencing various OEMs around the world.

This research report on the North America Smart Wearables market has been segmented and sub-segmented into the following categories:

By Product:

• Smartwatches
• Head-mounted Displays​
• Smart Clothing
• Ear Worn
• Fitness Trackers​
• Body-worn Camera​
• Exoskeleton​
• Medical Devices

By Country:

• The United States
• Canada
• Rest of North America

North America accounted for the major share of the global market in 2022 and the domination of the North American region is expected to continue during the forecast period owing to the increased investments from medical device companies and rising healthcare expenditure by the population. Key players and manufacturers play a vital role in raising awareness about the availability of diverse smart wearables, further fueling market growth. The U.S. market is predicted to hold the major share of the North American market in the coming years due to factors such as the presence of robust manufacturing infrastructure and strategic partnerships and mergers. Personalized smart wearable devices are being produced to meet the increasing demand, complemented by a high smartphone penetration rate of approximately 90% among the U.S. population. Canada is another noteworthy regional market and is expected to occupy a considerable share of the North American market during the forecast period. Factors such as the rise of start-up companies, government investments and the availability of smart wearables through offline and online channels contribute to the Canadian market growth. Health Canada has implemented measures to ensure the launch of novel products with reduced errors in smart wearable design.

KEY MARKET PLAYERS:

A few of the prominent companies operating in the North American smart wearables market profiled in this report are Apple, Covidien Plc, Philips Electronics, Fitbit Inc., LifeWatch AG, Polar Electro, Jawbone, Sotera Wireless, Pebble Technology Corp., Drägerwerk AG & Co. KGaA, Omron Corp., Samsung, Huawei, Lifesense Group, Adidas Group, Qualcomm Technologies, Inc, Sony Corporation, Garmin, Nokia Technologies, Vital Connect, and Everist Genomics.