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Wearable Devices Market size with 24% CAGR expectations
over the forecast period: Global Market Insights Inc.
Wearable devices market size is anticipated to exceed USD 12 billion by 2023 growing at a
CAGR of over 24% from 2016 to 2023.Wearable devices market 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
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
includes 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
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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.
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