by The wearable technology market comprises devices that can be worn on the body as implants or accessories allowing for hands-free operation and continuous monitoring of different body parameters. Wearable technologies have the potential to completely transform the healthcare industry by enabling real-time remote health monitoring and assisting doctors in early diagnosis and treatment of medical conditions. These devices can track a range of health metrics including heart rate, blood pressure, oxygen levels, quality of sleep as well as activity and calorie-burn providing users with actionable insights to lead a healthier lifestyle.
The global wearable technology market is estimated to be valued at US$ 165.25 billion in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period between 2024 to 2031.
Key Takeaways
Key players operating in the wearable technology market are GlaxoSmithKline PLC, Baxter International Inc., and Amgen Inc. Wearable Technology Market Size are being adopted at a higher rate in the healthcare sector driven by growing demand for self-health management tools. Continuous tracking of physiological parameters provided by wearables allows for early detection of health issues enabling timely intervention improving patient outcomes. With rising health awareness and growing geriatric population, the adoption of remote health monitoring wearables is expected to increase multifold in the coming years. Major players are expanding their product portfolio and focusing on emerging regions to capitalize on the immense opportunities provided by this rapidly growing market.
Market Key Trends
One of the major trends gaining traction in the wearable technology market is the increased focus on power-efficient designs and extended battery life to improve user experience. As wearables are meant to be worn continuously, short battery life has been a major limitation. Companies are developing innovative solutions such as energy harvesting and low-powered electronics in collaboration with semiconductor manufacturers to address this challenge. Introduction of novel form factors such as electronic tattoos and advanced sensor technology are also expanding the potential of wearables. The integration of AI and machine learning functionality in newer generations of devices is expected to enhance pattern recognition capabilities, driving personalized health insights and disease prediction.
Porter’s Analysis
Threat of new entrants: The Wearable Technology Market requires huge R&D investments to develop innovative products and technologies, making it difficult for new companies to enter this market. However, the market opportunity is steadily growing.
Bargaining power of buyers: Individual consumers have low bargaining power in this market due to the availability of a variety of product options at different price points. However, bulk buyers like corporations and governments can negotiate prices.
Bargaining power of suppliers: A few large players dominate the supply of core technologies like sensors, connectivity and wearable displays used in these products. This gives them significant bargaining power over wearable manufacturers.
Threat of new substitutes: New and emerging technologies in adjacent areas like augmented reality and smart fabricspose the threat of substituting existing wearable form factors and functionalities.
Competitive rivalry: The market is highly competitive with tech giants like Apple, Samsung, Fitbit continuously innovating to differentiate their offerings.
Geographical Regions
North America currently accounts for the largest share of the global wearable technology market, both in terms of value and volume. This is attributed to the early adoption of novel technologies and strong presence of leading manufacturers in the region.
The Asia Pacific region is expected to be the fastest growing market during the forecast period. This growth can be attributed to the rising health awareness as well as increasing disposable income in highly populated countries like China and India which are driving the demand for affordable wearable devices in this region.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
