Wearable technology market set to surpass €207bn by end of 2028
According to Coherent Market Insights, the global wearable technology market is forecast to account for US$235bn (€207bn) in terms of value by the end of 2028.
Medical wearables are worn to monitor sleep patterns and other health-related information. The future of this technology is, says the report, 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 ageing populations, such as falls.
According to the CDC, around 30% of older adults experience a fall each year. About 10% of falls result in hospitalisation. 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.
Increasing demand for wearable technology for health and wellness is driving growth of the wearable technology market. For instance, in September 2020, Apple 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 launched the first titanium model of Galaxy Watch 3, 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.
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 for women’s health tracking and continuous heart-rate tracking. Similarly, in March 2018, Fitbit unveiled Fitbit Versa, a modern, intuitive smartwatch at an approachable price. The lightest metal smartwatch in the US market, it offers a comfortable design and a new dashboard that simplifies 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.
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 US$3.6bn (€3.18bn) after securing US$200m (€177m) 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 $1m (€0.88m) in wearable technology company Tyson Ventures.
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