May 22, 2019

Demand for Wearable Devices Market to Witness Rapid Surge During the Period 2018 - 2028

Wearable Devices Market: Introduction

A wearable device is a technology that is worn on the human body. This type of device has become a more common part of the tech world as companies have started to evolve more types of devices that are small enough to wear and that include powerful sensor technologies that can collect and deliver information about their surroundings. Wearable devices are also known as wearable gadgets, wearable technology or simply wearables.

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A wearable device is often used for tracking a user’s vital signs or pieces of data related to health and fitness, location or even his/her biofeedback indicating emotions. Wearable device models may rely on short-range wireless systems such as Bluetooth or local Wi-Fi setups. Examples of wearable devices include various types of computerized wristwatches such as the Apple iWatch, fitness tracking devices and the revolutionary Google Glass, the first device of its kind to be embedded in a pair of glasses. Some issues around wearable devices include privacy, the extent to which they change social interactions, how users look when wearing them and various issues with user-friendly design.

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Wearable devices are high in demand owing to the rising demand for sophisticated devices combined with innovative features. Advent of various eye gear as well as wrist gear with advanced technology specifications is estimated to propel the growth of wearable devices market. 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 market growth.

Increasing popularity of wearable 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 medical wearable devices furnish solutions to monitor numerous health parameters such as glucose, blood sugar, chronic diseases namely diabetes, heart diseases and others.

Wearable Devices Market Segmentation

Global wearable devices market can be segmented on the basis of application type, product type and region.

On the basis of application type, global wearable devices market can be segmented as:

  • Fitness and sports
  • Infotainment
  • Healthcare
  • Defense
  • Enterprise and industrial

On the basis of product type, global wearable devices market can be segmented as:

  • Wrist-wear
  • Foot-wear
  • Eye-wear
  • Body-wear
  • Neck-wear
  • Others

On the basis of region, global wearable devices market can be segmented as:

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

Wearable Devices Market: Regional Outlook

Global sales of wearable devices primarily attributed to the presence of developed healthcare infrastructure, focus on technological advancements, and the development of interconnected and highly advanced healthcare apps and compatible devices in various regions. With the growing emergence of IT technology along with changing lifestyles in emerging countries, substantial growth potential in wearable devices market is expected in the Asia Pacific region. Increasing penetration of smartphones, increased preventive care, increased prevalence of chronic disease, aging population, rising awareness about health & fitness, etc. are some of the factors driving the demand for wearable devices in the regions of North America, Asia Pacific, Europe, Middle East and Africa and rest of the world.

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Wearable Devices Market: Key Market Participants

Key market participants in the wearable devices market are typically engaged in enhancing product portfolio to suit typical specifications of each end use industry. The products offered in this segment meet industrial quality and calibration standards thus, increasing their span of usage and applications. This report focuses on the top manufacturers’ wearable devices’ capacity, production, value, price, and market share of wearable devices in global market. Some of the market participants identified across the value chain include:

  • Activeinsights
  • Drgerwerk
  • Fitbit
  • Samsung
  • Jawbone
  • Lifewatch
  • Misfit
  • Monica Healthcare
  • Nokia Technologies
  • Omron
  • Philips
  • Polar Electro
  • Vitalconnect
  • World Global Network
  • Xiaomi