by Wearable technology refers to electronic devices that can be worn as accessories or embedded in clothing. These devices are equipped with advanced sensors that can collect biometric and contextual data from the human body. Some common examples of wearable devices include smartwatches, fitness trackers, smart glasses, augmented reality headsets, and wearable cameras. These devices are widely used across various industries like healthcare, fitness, industrial, and defense. In the healthcare sector, wearable devices are used for remote patient monitoring, fitness tracking, diagnostics, and providing therapeutic functions. The global wearable technology market is dominated by devices such as fitness trackers, smartwatches, and smart glasses.
The global wearable technology market is estimated to be valued at US$ 143.44 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Health Awareness Among Consumers (refered from heading): The rising awareness regarding health and fitness among consumers globally has led to immense growth of the wearable technology market. Wearable devices help track vital health parameters like heart rate, blood pressure, calories burned, and quality of sleep, enabling users to monitor their health in real-time. Advance features offered by wearable devices like ECG monitoring, fall detection, and advanced tracking of activities is raising interest of users towards these devices for healthcare management.
Technological Advancement in Wearable Devices: Continuous technological developments such as integration of advanced sensors, improved battery capacities, enhanced connectivity, and minimalistic designs are expanding the potential of wearable devices. Introduction of revolutionary technologies like augmented reality, virtual reality, artificial intelligence, and 5G networking are expected to transform wearable devices. Ongoing R&D towards developing smart wearable medical devices, exoskeletons, and advanced brain-machine interface technology will further drive growth of this market during the forecast period.
Segment Analysis
Wearable Technology market is broadly segmented into Fitness & Wellness, Medical & Healthcare, Infotainment and Industrial & Military. The Fitness & Wellness segment dominates the wearable technology market with maximum market share. This is because of high adoption of fitness trackers and smartwatches for tracking daily activities, sports activities, heart rate monitoring and calorie counting. Increasing health awareness among consumers is a key factor driving growth of this segment.
PEST Analysis
Political: Governments across countries are supporting development of wearable technologies for various applications like healthcare, industrial etc through funding initiatives which is positively impacting the market growth.
Economic: Rising disposable income levels globally are enabling consumers to spend more on lifestyle and health technologies like wearables. The economic growth is also driving demand from industrial sector for wearables.
Social: Changing lifestyles, increasing health consciousness and focus on fitness are some of the key social factors boosting adoption of wearable devices among consumers. Social media also plays a role in increasing awareness.
Technological: Continuous innovation in areas of miniaturization, connectivity, sensor technology, battery life etc. are enhancing capabilities and use cases of wearables. Integration of technologies like AI, augmented reality are widening applications.
Key Takeaways
The Global Wearable Technology Market Growth is expected to witness high given rising health awareness, growing applications across sectors and continuous tech innovations. North America accounts for the largest share currently led by US due to high consumer adoption rates for fitness trackers and smartwatches. Key players operating in the wearable technology market are Apple, Samsung, Fitbit, Garmin, Xiaomi and Huawei. Apple continues to dominate the market with its smartwatch business while Xiaomi is emerging as a strong player in affordable smart bands segment. Continuous new product launches by these players across different price points and form factors is also driving the market momentum. Wearables are diversifying into medical, industrial, defense and more allowing opportunities for long term growth beyond consumer segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
