by Wearable technology has gained major prominence in recent years owing to the growing popularity of smartwatches and fitness trackers. The advent of low-cost and easy to use wearable devices integrating health and fitness tracking features has generated major interest among health-conscious customers. The ability to track vitals, measure calories burned, count steps, monitor sleeping patterns remotely in real-time has made wearables quite attractive. Constant technology upgrades favoring miniaturization, more accurate sensor integration and longer battery lives are further spurring sales volumes. In addition, increasing investment by major tech players to introduce advanced features such as heart rate monitoring, ECG measurements, blood pressure tracking etc. is fueling the market growth.
The Global wearable technology market is estimated to be valued at US$ 165.25 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Wearable Technology Market Size are GlaxoSmithKline PLC, Baxter International Inc., and Amgen Inc. These players are focused on introducing innovative products and expanding their presence across various countries.
The market provides several opportunities for players to capitalize on including growing emphasis on telehealth and telemedicine, rising focus on workplace wellness programs, and increasing collaboration with app developers. There is also scope for integration of more advanced technologies such as artificial intelligence, augmented reality and blockchain.
North America is expected to continue dominating theglobal wearable technology demand over the forecast period. However, Asia Pacific is likely to witness fastest growth owing to growing health awareness and increasing disposable incomes in countries like China and India. Manufacturers are also shifting production bases to Asia Pacific countries to take advantage of lower labor costs.
Market Drivers
Increased adoption by millennial population: Millennials are the major contributors to the growing wearables sales as they are highly attracted towards technologically advanced gadgets that help track fitness levels and support healthy lifestyles. They prefer wearables as a stylish accessory and are willing to pay premium prices for branded products.
PEST Analysis
Political: Regulations about data privacy and security as Wearable Technology Market collect sensitive user data. Governments advocating personalized healthcare through such technologies.
Economic: Growth in disposable incomes increasing affordability of wearable devices. Healthcare costs rising globally raising demand for preventive healthcare delivered via wearables.
Social: Increasing health awareness and focus on fitness. Tech-savvy population receptive to adopt new age tech-led healthcare solutions. Wearables enabling active lifestyles and independent aging.
Technological: Advancements in areas of biosensors, miniaturization, battery life, data analytics and AI improving functionality and user experience of wearables. Integration of devices with smartphones and cloud-based platforms.
The wearable technology market is concentrated highly in North America and Europe in terms of value currently owing to large tech-savvy populations and advanced healthcare infrastructures in countries like the US, Germany, UK and France. However, the market is witnessing the fastest growth in the Asia Pacific region led by China and India. This can be attributed to rising incomes, burgeoning young demographics, proliferation of smartphones and improving awareness about fitness and health in the region. The above factors are expected to drive heavy adoption of affordable wearable devices here over the coming years.
*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
