Wearable Technology Market to surpass US$ 235,312.4 Mn by end of 2028, Says Coherent Market Insights

Wearable Technology Market to surpass US$ 235,312.4 Mn by end of 2028, Says Coherent Market Insights

PR Newswire

SEATTLE, Dec. 16, 2021

SEATTLE, Dec. 16, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global wearable technology market is estimated to account for 235,312.4 Mn in terms of value by the end of 2028.

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Medical wearables are worn to monitor sleep patterns and other health-related information. The future of this technology is vast, and it is redefining the way people live. In addition to improving patient safety and quality of life, wearable technology could also improve productivity in many different industries. For instance, wearables could be used to detect adverse health conditions in aging populations, such as falls. According to the CDC, around 30% to 60% of older adults experience a fall each year. About 10% of falls result in hospitalization, and about 20% cause death. Moreover, wearable technology can improve the health and safety of employees in many industries. For example, construction workers can see inside walls while building a new building. Retail employees can look up information through tech lanyards and wearable wrist displays. Using this technology can increase the productivity of employees and increase their job satisfaction.

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Market Drivers:

Increasing demand for wearable technology for health and wellness is driving growth of the wearable technology market. For instance, in September 2020, Apple Inc., a U.S.-based electronics company launched Apple Watch Series 6 and Apple Watch SE for significant developments in health and wellness features to iPhone, iPad, and Apple TV. Similarly, in September 2020, Samsung Electronics Co., Ltd., a South Korea based electronics company launched the first-ever titanium model of Galaxy Watch3, built with premium materials and a stunning signature rotating bezel. The watch features military-grade durability and water resistance.

Factor such as compactness and portability of the wearable device is again augmenting wearable technology market growth. Moreover, multi-functionality of wearable technology products and advancement in the sensor are other major factor propelling growth of the market. The advent of wearable technology with microphones, computer displays, speakers, and forward-facing cameras, wireless, and phone calls and work through voice and gesture commands is another key factor fostering market growth. 

Market Opportunities:

The increasing launch of wearable bands for tracking women's health is expected to provide lucrative growth opportunities. For instance, in August 2021, Xiaomi launched Mi Smart Band 6 in India for women's health tracking and continuous heart-rate tracking. Similarly, in March 2018, Fitbit the global wearables brand, unveiled Fitbit Versa™, a modern, intuitive smartwatch at an approachable price. The lightest metal smartwatch in the U.S. market, it offers a comfortable design and a new dashboard that simplifies how user access health and fitness data.

Increasing disposable income and the growing popularity of consumer electronic products are projected to bring new market opportunities in the near future. According to the India Brand Equity Foundation, the Indian appliance and consumer electronics (ACE) market reached Rs. 76,400 crore (US$ 10.93 billion) in 2019. Appliances and consumer electronics industry is expected to double to reach Rs. 1.48 lakh crore (US$ 21.18 billion) by 2025.

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Market Trends:

The growing investment by key players in wearable technology is one of the emerging trends in the market. For instance, in August 2021, WHOOP, a Digital Health and Fitness Company has boosted its valuation to $3.6 billion after securing $200 million in a Series F funding round led by SoftBank Vision Fund 2. Similarly, in March 2021, Iterate Labs, a wearable technology company, announced that it raised more than $1 million in wearable technology company Tyson Ventures.

Growing adoption of partnership and agreement among key players for geographical expansion is one of the emerging trends. This is expected to foster growth in the market. For instance, in January 2021, Tracesafe Inc., a provider of location-aware Internet of Things (IoT) platforms for large-scale industrial and enterprise operations, announced a wearable technology partnership with Royal Caribbean Cruises Ltd. ("Royal Caribbean"). Working in collaboration with Royal Caribbean's Innovation Team, TraceSafe has developed custom wearable devices and bands that are equipped with long-lasting batteries and RFID modules.

Competitive Landscape:

Key players operating in the global wearable technology market are Adidas, Suunto, Abbott laboratories, Sony, Eurotech, Nike, Google, Inc., Garmin International Inc., Medtronic, Fitbit Inc., and Apple In

Market segmentation:

By Application Type

Global Wearable Technology Market, By Region:

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