WEARABLE TECHNOLOGY MARKET ANALYSIS

The global wearable technology market is estimated to be valued at US$ 128.07 Billion in 2023 and is expected to exhibit a CAGR of 12.0% over the forecast period (2023-2030). Wearable technology or also referred to as wearable are smart electronic devices worn close to or on the surface of skin wherein they can detect, analyze, and transmit information regarding the body such as vital signals. Wearable devices such as activity trackers are a prime example of the Internet of Things, wherein it enables the object to exchange data through the Internet with a manufacturer. The sleek design and multi-functionality are the factors that always attract a customer towards a product and wearable technology products offer these benefits, which are likely to boost the demand for wearable technology products. Apart from this, hand-worn terminals are now used in the industrial and military sectors in providing information regarding maps and routes.

Global Wearable Technology Market: Regional Insights

North America dominated the global industry in 2022 and accounted for the maximum share of 33.80 % of the overall revenue followed by the Asia Pacific and Europe regions. High technology adoption and the ease with which newly released items are made available have been major growth drivers for the regional market. Devices that promote health, facilitate preventive treatment and help manage ongoing ailments are in greater demand in the region. In Oct 2020 According to the National Library of Medicine, 30% of Americans use wearable medical technology. The Asia Pacific region is expected to register the fastest growth rate from 2022 to 2030.

Global Wearable Technology Market Drivers:

Compactness and portability of wearable devices is expected to drive growth of the global wearable technology market during the forecast period. Over the years, wearable devices have become more and more compact and portable. This is attributed to technological advancements in the sector of wearable technology products. Previously, computing devices were bulky however, the size of these devices kept decreasing gradually and now a new era of technology has arrived where the products with computing technology can be worn in a slim and sleek fashion. These technologically advanced devices such as sleep sensors, smart glasses, smartwatches, and military heads-up displays and so on are compact yet multi-functional.

Growing application of wearable technology products in various sectors is expected to propel the global wearable technology market growth over the forecast period. Wearable technology is being adopted in various sectors including healthcare, infotainment, wellness, medical, military, industry, and others. Wearable devices such as heads-up displays are expected to find applications in various sectors including construction, industrial sector, and military sector apart from the healthcare and fitness sector.

Global Wearable Technology Opportunities:

Product innovations can present lucrative growth opportunities. Enhanced product quality design will result in better acceptance of wearable technology products. In the present scenario, only a few players are present in this market that enjoys complete dominance. Products currently available such as Google glasses, Nike + Fuelband, and so on, offer multi-functionality to the users but are priced high, and hence not affordable to middle-class consumers. This is a niche market and new entrants are likely to enhance product quality and lower the price.

New entrants are expected in the market, and Apple is already making efforts. The entry of Apple's product will likely pose fierce competition to the existing players in the wearable segment. Apple Watch 8 could detect skin temperature, unlike Fitbit Sense, despite adding additional health functions to Apple's wearable lineup. The watch can also track menstrual cycles, detect falls, ask for help using its fall detection feature, find low and high heart rates, and diagnose irregular heart rhythms using a 30-second test. The introduction of such cutting-edge capabilities in smartwatches drives the expansion of the wearable industry worldwide.

Global Wearable Technology Market- Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 pandemic outbreak has had a profound impact on every industry and has caused a number of unforeseen changes in the global economy. The market for wearable technology was significantly impacted by the COVID-19 epidemic. In the Asia Pacific area, production of these gadgets has decreased. Lockdowns severely impacted this industry's supply chain and logistics in both developed and emerging nations.

Sales volume and revenue from sales were both impacted by the epidemic. The use of wearable technology in healthcare has increased as a result of the COVID-19 pandemic because it offers both patients and healthcare providers a number of advantages and benefits, such as earlier disease detection or risk of a significant health event and real-time health monitoring of vital statistics.

Figure 1: Global Wearable Technology Market Share (%), By Region, 2022

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Global Wearable Technology Trends:

At present, there are several products available in the market such as smart glasses, smartwatches, sleep sensors, smart clothing, activity monitors, wearable patches, drug delivery, continuous glucose monitors, hand-worn terminals, and more. Additional wearable technology products are likely to arrive in this market as major players continue with their research and innovations in this sector. However, new entrants are also likely to enter this market. For instance, in 20 Jan 2022 Microsoft is developing its own augmented reality headset, which is expected to be a direct competitor to Google’s Glass headset.

In the fitness and wellness sector, smart sports glasses will attract the youth with its advanced features. Activity monitors and sleep sensors are also likely to witness high growth with increasing incidence of old age diseases and rising awareness about health and fitness both among young and old people. Rising aging population will highly contribute to the sale of wearable technology products in the fitness and wellness segment.

Global Wearable Technology Market Restraints:

High cost of wearable devices is expected to restrain growth global wearable technology market during the forecast period. Wearable devices are more expensive as compared to other electronic devices. Since the technology is in its nascent stage and there are fewer players in the market, the price of the product is significantly high. This high price is making the products unaffordable to middle-class consumers.

Slower acceptance of products by consumers is expected to hinder the global wearable technology market growth over the forecast period. Since this technology is new, consumer acceptance remains the biggest obstacle. Easy acceptance of technologically advanced products takes time when it comes to wearable technology products. For instance, products with wearable technology in a cyborg-like shape will be tough for a person to accept when they are not used to such products.      

Global Wearable Technology Segmentation:

The global narcotics scanner market report is segmented by Application type.

Based on Application Type the market is segmented into Fitness and wellness, infotainment, healthcare and medical and industry and military. Out of which, healthcare and medical is expected to dominate the global market over the forecast period In the fitness and wellness sector, smart sports glasses will attract the youth with its advanced features. Activity monitors and sleep sensors are also likely to witness high growth with increasing incidence of old age diseases and rising awareness about health and fitness both among young and old people. Rising aging population will highly contribute to the sale of wearable technology products in the fitness and wellness segment.

Figure 2: Global Wearable Technology Market Share (%), By Application, 2022

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The healthcare held dominant position in the market and accounted for xx% share in the global wearable technology market in 2022. The segment is expected to reach US$ xx million in 2030, owing to the increasing need for health monitoring owing to the surge in health awareness among individuals is expected to fuel the demand for healthcare applications over the forecast period.

Global Wearable Technology Market: Key Developments

Key companies in the market are focused on product launches, in order to enhance the product portfolio. For instance, in January 2020, Suunto Oy, a Finland-based sport swatch company, launched Wear OS smartwatch.

In September 2020, Samsung Electronics Co., Ltd., a South Korea-based electronics company launched the first-ever titanium model of Galaxy Watch3, built with premium materials and a stunning signature rotating bezel. The watch features military-grade durability and water resistance.

In September 2020, Apple Inc., a U.S.-based electronics company launched Apple Watch Series 6 and Apple Watch SE for significant developments in health and wellness features to iPhone, iPad, and Apple TV. Apple Watch Series 6 expanded the health capabilities of previous Apple Watch models with a new feature that measures the oxygen saturation of blood for a better understanding of fitness and wellness.

In April 2021 FitBit Inc., announced the launch of Luxe, a new fashion-forward wellness and fitness tracker with stress and sleep monitoring features.

Global Wearable Technology Market: Key Companies Insights

The Global Wearable Technology Market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global wearable technology market are Key players operating in the global wearable technology market are Adidas, Suunto, Abbott laboratories, Sony, Eurotech, Nike, Google, Inc., Garmin International Inc., Medtronic, Fitbit Inc., and Apple Inc.

*Definition: Wearable technology is any kind of electronic device designed to be worn on the user's body. Such devices can take many different forms, including jewelry, accessories, medical devices, and clothing or elements of clothing. The term wearable computing implies processing or communications capabilities, but in reality, the sophistication among wearable can vary.