Incorporating MEMS sensors such as accelerometer, gyroscope, and magnetometer into specialized wearable devices has led to rapid growth of wearable device market. These sensors have aided the fitness tracking wearable in monitoring body activities. Factors such as rising demand for smart devices in the healthcare sector and a surge in demand for IoT devices will propel the market forward.
The increased frequency of chronic diseases and obesity has led to increased adoption of wearable gadgets such as activity trackers and body monitors that provide real-time data on a user’s overall health. These wearable gadgets also provide data on daily activities and physiological data like calories expended, heart rate, oxygen level, blood pressure, cholesterol level, and sleep.
Key Players: Garmin Ltd., Xiaomi, Huawei Technologies Co.Ltd., Motorola Solutions Inc, Sony Corporation, Apple Inc., Adidas AG., LG Electronics Inc., Fitbit Inc., Alphabet
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According to a HIMSS survey, more than half of healthcare providers regarded wearable technology to be beneficial in monitoring their patients. They use commercial and personal-grade wearables to track prescriptions, check health conditions and vitals, follow post-operative patients’ recovery, and track sleep.
However, as smart wearables’ technological capabilities expand, complexity and data security issues are likely to become roadblocks to industry expansion. Nonetheless, in the coming years, ongoing research in the smart wearable field is expected to overcome these issues.
Segmentation:
By Type:
- Wearable Textiles
- Wearable Products and Devices (Non-Textiles)
By Product:
- Wristwear
- Headwear
- Footwear
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Key Trends and Drivers:
- Over the projected period, the increased adoption of smartwatches and fitness trackers in the healthcare industry is expected to promote category growth.
- Other growth factors for the market include product advancements such as the integration of linked devices with the Internet of Things (IoT), artificial intelligence (AI), and virtual reality (VR). Next-generation screens and tiny sensors are also being developed by manufacturers for use in head-mounted displays for high-end gaming and virtual and mixed reality experiences.
- Sensors allow athletes and their coaches to collect data on anything from heart rate to acceleration to sleep, which has revolutionized the way certain athletes train. Athletes can use this information to create more effective training regimens, identify shortcomings, and track progress toward fitness goals.
- Some of the key drivers in developing regions are the rise in disposable income and the fast acceptance and popularity of upgraded technologies.
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