Throughout the projected period, the worldwide wearable technology market is anticipated to rise at a rapid rate due to wearable devices' small size and portability. Wearable technology has gotten smaller and more portable over time. Technology improvements in the field of wearable technology devices are to blame for this. Computing equipment were formerly big, but their sizes kept shrinking over time, and now a new technological era has arrived when computing-enabled products may be worn in a slim and stylish way. These cutting-edge gadgets, like sleep monitors, smart watches, smart glasses, and military heads-up displays, are small yet multi-purpose.
The global Wearable Technology Market is estimated to be valued at US$ 17,142.3 million in 2021 and is expected to exhibit a CAGR of 45.4 % over the forecast period (2021-2028).
Prominent Players in the Wearable Technology Industry:
1. Abbott Laboratories
Abbott is a global healthcare leader in medical products and devices manufacturing. It serves people in more than 160 countries. Abbott was established in 1888 and is based in North Chicago, Illinois. In February, 2023 Abbott and Cardiovascular Systems, Inc. (CSI), today announced a definitive agreement for Abbott to acquire CSI, a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease.
2. Adidas
Adidas AG, together with its subsidiaries, designs, develops, distributes, and markets athletic and sports lifestyle products worldwide. Adidas AG was founded in 1920 and is headquartered in Herzogenaurach, Germany. In 2023 Adidas Announces Partnership with Rheon™ As It Unveils New High−Tech Apparel.
3. Sony, LLC
Sony Group Corporation designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets. Sony Group Corporation was incorporated in 1946 and is headquartered in Tokyo, Japan.
4. Eurotech
Founded in 1992, Eurotech, Ltd., a development stage company, engages in acquiring, developing, and marketing chemical and electronic technologies for use in environmental and security sectors. Eurotech, Ltd. is based in Manassas, Virginia.
5. Nike
NIKE, Inc., together with its subsidiaries, designs, develops, markets, and sells men's, women's, and kids athletic footwear, apparel, equipment, and accessories worldwide. NIKE, Inc. was founded in 1964 and is headquartered in Beaverton, Oregon. Nike is offering Nike Training Club (NTC) content for Netflix members to stream starting December 30, 2022.
6. Garmin International Inc.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.
7. Medtronic Plc.
The company was founded in 1949 and is headquartered in Dublin, Ireland. Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. On June 2022, India Medtronic Private limited, a wholly-owned subsidiary of Medtronic plc, announced the launch of CE marked fourth-generation flow diverter, Pipeline Vantage with Shield Technology for the endovascular treatment of brain aneurysms.
8. Apple Inc.
Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. Apple Inc. was incorporated in 1977 and is headquartered in Cupertino, California.
*Definition- Wearables, also known as wearable technology, are intelligent electronic devices that can detect, analyse, and send information about the body, such as vital signals, when they are worn near to or on the surface of the skin.
