Wearable devices market size is anticipated to exceed USD 12 billion by 2023 growing at a CAGR of over 24% from 2016 to 2023. Rising demand for sophisticated devices combined with innovative features is expected to drive the industry demand. Advent of various eye gear as well as wrist gear with advanced technology specifications is estimated to propel industry growth.
Increasing popularity of these devices among numerous sectors such as label reader infotainment, telemedicine, advertising, cycling and running (navigation), surgery, accessing patient records, project planning as well as remote patient monitoring is likely to fuel the market. In addition electronic wearable medical devices furnish solutions to monitor numerous health parameters such as glucose, blood sugar, chronic diseases namely diabetes, heart diseases and others.
It facilitates with feasible solutions to both health care providers as well as physicians. The solutions can be segmented as rehabilitation, monitoring & feedback, health & fitness and disease management. Monitoring & feedback sector captured more than 70% of the global wearable medical device market share in 2015. Rising health awareness accompanied by increasing spending capabilities and large number of ongoing innovative projects in electronics as well as health care sector are likely to intensely contribute to wearable devices industry growth.
In spite of being one of the most lucrative industries, it is likely to face certain challenges. Limited battery life paired with high power consumption of devices is estimated to hamper the global wearable devices market. Huge capital investment along with lack of sound technical experts might pose a challenge to the industry. In addition, need for protection for these devices as well as temperature considerations are anticipated to hider the industry demand. Ascending application of these smart devices is expected to facilitate colossal growth opportunities to the wearable technology market participants.
The wearable devices market can be segmented in terms of product as well as application. In terms of product, the industry can be segregated as eye wear, wrist & finger wear, body wear, foot wear, neck wear and others. Based on application, the industry can be segmented into military, consumer, enterprise & industrial and healthcare & medical. Consumer application is further segregated into infotainment & media as well as fitness & sports. It include device such as heart rate monitors, activity monitors, smart textiles, smart watches, smart clothing and smart glasses.
These devices aids in keeping track of numerous parameters namely, blood pressure, total calories burnt, heart rate and total distance covered that are vital to maintain body health conditions. Blood pressure monitors, ECG monitors, continuous glucose monitoring, hearing aids and insulin pumps among others contribute to the healthcare and medical sector. Wearable devices are increasingly used in industrial application namely enterprise applications, packaging & warehouse and logistics application. Military application involves smart clothing, hand-worn terminals as well as heads-up display.
North America wearable devices market is expected to dominate global demand over the forecast period owing to technological developments. Asia Pacific is anticipated to exhibit substantial growth due to low production costs in India and China. UK and Germany is estimated to lead the European industry owing to flourishing innovations in the region.
The global wearable devices market share is somewhat fragmented on a broad level with participants focusing on application specific solutions. Potential market participants in fitness & wellness sector include Jawbone, Adidas AG, Fitbit, Nike Inc., Timex Group USA Inc., Beurer and Oregon Scientific and BodyMedia among others. Key industry players in the infotainment segment include Sony Corp., Samsung, LG Corp., Motorola, Google Inc., Qualcomm, Martian, Pebble as well as GoPro among others. Major industry players in the healthcare & medical sector comprise Dexcom, Cardionet, Alive Technologies, LifeWatch, Abbot and Medtronic among others. Major vendors in industrial and military segment involves MicroVision, SAP, Eurotech and Quantum 3D among others.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.