Wearable Technology Market

Wearable technology is one of the fastest-advancing sectors of the technology industry. Wearable technology is a kind of electronic device designed to be used while worn. Common types of wearable technology include jewellery, accessories, medical devices, and clothing or elements of clothing. Some of the most advanced examples of wearable technology include artificial intelligence (AI) hearing aids, Google Glass and Microsoft's HoloLens, and holographic computers in the form of virtual reality (VR) headsets.

Increasing growth prospects of next-generation displays in wearable devices and growing demand for smart devices in healthcare applications such as adoption of internet of things (IoT) devices are the major factors driving the demand for wearable technology. The wearable technology market size is valued at USD 125.3 billion in 2021 and is anticipated to USD 272.4 billion by 2026; growing at a CAGR of 18.5% from 2021 to 2026. Among the wide variety of wearable devices, wrist wearables such as smartwatches and wrist bands seem to be the mainstream. According to the National Center for Biotechnology Information, wrist wearables had been sold 100 million units in 2019.

Furthermore, increasing cases of chronic diseases like cardiovascular diseases and obesity will lead to a greater demand for the variable devices such as wearable technology. According to National Center for Biotechnology Information, each year cardiovascular disease (CVD) causes 3.9 million deaths in Europe according to European Chronic Disease Alliance. Chronic diseases such as heart disease, stroke, cancer, chronic respiratory disease and diabetes are the leading cause of death in Europe. Therefore, the growing instance of chronic diseases and awareness towards people health globally drive the market for wearable technology.

Wearable technology form important data in order to maintain the health of the individual suffering with various chronic disorders. These products are used by patients on larger scale as they help in monitoring the activity of the individual and it also helps in tracking the other useful information. Wearable devices help in keeping track of the physiological information and various activities carried in daily basis. These devices also help in monitoring the heart rate of the patient, blood pressure, number of calories burned during a day, sleep quality as well as though oxygen level in the blood.

There's a growing demand for these devices especially among the fitness enthusiasts and the athletes. Increased consumption of these products among the younger population will lead the growth of the market. For example, small size sensors are used in the smart watches and the fabrics that help in monitoring the various aspects associated with the health of an individual. According to the National Library of Medicine, approximately 30% of US adults use wearable healthcare devices. Advances in wireless sensors and digital technology have led to the proliferation of wearable health devices that allow users to test, monitor, and track their physiological condition. Wearable health devices are autonomous, non-invasive wearable devices with built-in sensors to collect various physiological health information.

During the outbreak of the COVID-19 pandemic, the wearable technology market had a major impact. With so many restrictions and regulations set by the government most of the countries such as China, India and Japan affected to a great extent. The lockdowns in both developing and developed countries have significantly disrupted the supply chain and logistics of wearable technology industry.

Product Type Insights

On the basis of products type, the wearable technology market has been further categorized into wristwear, bodywear, neckwear, headwear, wristwear, footwear, eyewear, and others. Wrist wearables are high in demand due to the growing need for fitness tracking systems. For example, a smartwatch is basically a computer-controlled watch with various functions such as making phone calls, surfing the internet, and tracking information about the user's health. Moreover, the presence of manufacturers of these smartwatches and watches on the market, such as Apple, Nike, Fitbit, etc drive the market growth.

According to ValuePenguin report, the majority of smartwatch wearers i.e. 92% use smartwatches for health and fitness reasons and 88% use smartwatches to achieve their fitness goals. The wrist wearable devices are equipped with advanced features to monitor health-related issues and make the diagnostic process more convenient for doctors. Additionally, the introduction of wearable blood glucose meters and pulse oximeters is also gaining momentum in the healthcare sector, boosting the demand for wrist wearable devices as well.

Type Insights

On the basis of type, the wearable technology market has been further categorized into smart textile and non-textile. Wearable textiles can sense external conditions and stimuli and respond and adjust accordingly. Wearable textiles can be divided into active and passive intelligent wearable textiles, which can work with the human brain with cognition, reasoning, and activation abilities. Moreover, passive smart textiles are UV protective clothing, conductive fabrics, plasma treated clothing and waterproof fabrics.

Application Insights

On the basis of application, the wearable technology market has been further categorized into defence, healthcare, enterprise & industrial applications, fitness & wellness, and others. The most significant application of wearable technology is fitness and wellness. As people's lifestyles change, there is a demand for products that can easily disseminate health information. Wearable devices such as fitness bracelets, smart clothes, and smart health watches have become popular, expanding the segment of fitness and wellness applications. Additionally, the healthcare segment is driving wearable devices due to the growing need for smart clothing to improve healthcare practices. Increased adoption of smart clothing to monitor health and promote a healthy lifestyle creates opportunities for wearable technology. Various types of devices used in sports and fitness, multimedia, infotainment, apparel, and fashion sectors drive the market growth.

Regional Insights

North America will dominate the wearable technology market in 2022, accounting for the largest market share, followed by the Asia Pacific. North America wearable technology market growth is primarily by driven the easy availability of newly launched products and high technology adoption. Furthermore, there is a growing demand for devices that provide health benefits that facilitate prevention and help treat existing community diseases.

For instance, according to Healthcare Information and Management Systems Society, Inc. (HIMSS), the number of Americans aged 65 and over will grow from about 49 million in 2018 to about 100 million in 2060. An aging population increases the risk of chronic disease, falls, disability, and other adverse health effects. Therefore, wearable devices can be used to address several challenges related to detecting and managing poor health conditions in an aging society. Wearable devices have great potential for fall prevention in the elderly.

Key Companies Insights

Key players are focusing on technology collaborations, partnerships, mergers and acquisitions strategies to gain competitive advantage and expand product portfolios and business footprints. The market players of wearable technology have also played an instrumental role in creating awareness regarding the benefits associated with the use of such devices. For example, in April 2021, FitBit Inc. announced the launch of Luxe, a new stylish wellness and fitness tracker that offers stress and sleep monitoring features. Furthermore, constant research and development have led to the introduction of innovative products in the market. Some of the key players operating in the global diagnostic imaging services market include:

·         CASIO AMERICA INC

·         Apple Inc

·         Fitbit Inc

·         Fossil Group

·         Garmin Ltd

·         Huawei Technologies Co. Ltd

·         LG Electronics

·         Michael Kors

·         Motorola Solutions, Inc

·         Nike Inc

·         Polar Electro

·         Samsung Group

·         Sony Corporation

·         Withings

·         Xiaomi Inc

·         Others**

Segments

By Product Type

·         Wristwear

·         Bodywear

·         Neckwear

·         Headwear

·         Wristwear

·         Footwear

·         Eyewear

·         Others

By Type

·         Wearable Smart Textiles

·         Wearable Products and Devices (Non-Textiles)

By Application

·         Defence

·         Healthcare

·         Enterprise & Industrial Applications

·         Fitness & Wellness

·         Others

By Technology

·         Computing

·         Display

·         Networking

·         Positioning

·         Sensor

By Geography

·         North America

o   U.S.

o   Canada

o   Mexico

·         Europe

o   U.K.

o   Germany

o   France

o   Italy

o   Spain

o   Russia

·         Asia-Pacific

o   Japan

o   China

o   India

o   Australia

o   South Korea

o   ASEAN

·         Latin America

o   Brazil

o   Argentina

o   Colombia

·         MEA

o   South Africa

o   Saudi Arabia

o   UAE

o   Egypt