The new report by Expert Market Research titled, ‘Global Wearable Technology Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global wearable technology market, assessing the market based on its segments like component, type, technology, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): 181 Million Shipments
• Forecast CAGR (2021-2026): 17%
• Forecast Market Size (2026): 464 Million Shipments
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Technological advancements have been driving the growth of the market. The growing need for health monitoring is expected to boost demand for healthcare applications over the forecast period. Few new wearable medical devices include AI-enabled wearable devices, wearable and portable dialysis devices, and wearable sweat sensors which are used to inform athletes of electrolyte and water loss. Increased need to minimise hospital stays, growing prevalence of chronic illnesses, and patients in need of long-term care and a higher proportion of seniors are expected to boost the demand for healthcare products over the projected period, further boosting the demand for wearable technology.
Industry Definition and Major Segments
Wearable technology is a classification of electronic devices that can be embedded in clothing, worn as accessories, or implanted in the user’s body. The wearables use the sensors to connect with the person and help the users to achieve goals such as staying fit, tracking physical & mental health, and other activities. Several wearable technologies have expanded the access of the users to the information, both in terms of convenience and speed of access and the kind of information which can be accessed.
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On the basis of component, the industry can be divided into:
• Software
• Service
The type of the product can be categorised into the following:
• Wrist-Wear
• Eye-Wear and Head-Wear
• Foot-Wear
• Neck-Wear
• Body-Wear
• Others
The technology can include the following:
• Computing Technology
• Display Technology
• Networking Technology
• Positioning Technology
• Sensor Technology
• Others
The application sectors for the product can be categorised as follows:
• Consumer Electronics
• Healthcare
• Enterprise and Industrial Application
• Others
The regional markets for wearable technology include the following:
1 North America
1.1 United States of America
1.2 Canada
2 Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Others
3 Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 ASEAN
3.5 Others
4 Latin America
4.1 Brazil
4.2 Argentina
4.3 Mexico
4.4 Others
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 Nigeria
5.4 South Africa
5.5 Others
Market Trends
The breakout of the COVID-19 crisis has boosted the growth of wearable technology in the healthcare sector. Some players in the wearable technology sector in other industries are ready to join the healthcare wearables landscape to be used as prompt warning systems for virus infection. In addition, growing popularity about the benefits of these devices among professional athletes and leisure fitness customers is projected to boost the demand for fitness and wellness products in the coming years. Rising purchasing power and mobile penetration are projected to fuel industry growth in the coming years. A high level of research and development by market participants is projected to advance technology over the coming years, further propelling the wearable technology market.
Key Market Players
The major players in the market are Apple Inc., Samsung Electronics Co., Ltd., Fitbit, Inc., Xiaomi Corp, Alphabet Inc., LG Electronics, Inc., and Huawei Technologies Co., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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