Global Wearable Technology Market: Snapshot
Growing demand for wearable devices has increased in various countries. Hardware and software components are driving the demand in the wearable technology market owing to a rise in the use of advanced technologies. High preference for maintaining physical fitness has increased the need for wearable technology. This market has gained immense popularity by introducing innovative technologies and expanding its boundaries by offering new types of wearable products.
The use of wearable technology is seen in healthcare, fitness and sports devices, consumer applications, defense support, and various other industry verticals. Thus, the burgeoning demand of these industries will significantly boost the demand in the wearable technology market in coming years.
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The author of the report has evaluated the global wearable technology market. The analysis given in the report will help companies to make better decisions for their business to grow effectively in near future. The market is expected to rise at 40.8% CAGR during the forecast period between 2012 and 2018. The valuation for the global wearable technology market is expected to reach US$ 5.8 bn by the end of 2018.
Outstanding Share Contributed by Healthcare and Medical Sector to Expand the Market
The global wearable technology market is categorized on the basis of end-use. Based on end users the market is further segmented into infotainment, industrial and military, fitness and wellness, and healthcare and medical. The fitness and wellness segment includes products like activity monitors, sleep sensors, smart clothing and smart sensors, and others. The infotainment segment comprises products such as heads-up displays, smart glasses, smart watches, and others. Wearable patches, continuous glucose monitor, drug delivery monitors, and others, come under healthcare and medical sector. Whereas, the industrial and military sector includes hand worn terminals, reality headsets, and others.
Out of these segments, medical and healthcare segment has gained popularity in the last few years and contributed an overwhelming share of 35.1%. This segment overpowered others due to its increasing client base for wearable electronic gadgets. Glucose monitors contribute the biggest share has led to a rise in demand for wearable technology due to medicinal and social insurance. In addition, increasing cases of diabetes in developing economies have also grown the demand for wearable devices. Thus, the use of wearables devices in the medical and healthcare sector will further boost the demand for wearable technology at the global level.
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The adoption of wearable technology is high in North America, which make that region lead at the global level. The rising use of fitness wear and wrist wear among the fitness enthusiasts have grown the demand for wearable technology in this region. According to data recorded in 2015, the U.S. contributed the largest share. Technological innovations and advancements are the major reason for the growth of wearable technology in the U.S. Moreover, the introduction of new products by the leading companies in the U.S. have escalated the demand for wearable technology. The expansion of technological innovations in emerging economies has grown the market for wearable technology. Healthcare and fitness are the two major sector in which there is a high need for wearable technology.
The report also provides analysis of other regions in the global market such as Latin America, Asia Pacific, the Middle East and Africa, and Europe. The report has also taken into consideration the key players in the global wearable technology market. Some of the key players in the market are Adidas, Nike, Abbott, Medtronic, Google, and Garmin International Inc., and various others.