Wearable Technology Market

As per the IMARC Group, the global wearable technology market size was around US$ 56.1 Billion in 2022. The expanding healthcare industry, coupled with the increasing consumer preferences for sleek and compact health and fitness devices, is primarily driving the global wearable technology market. Moreover, the rising health concerns due to the high prevalence of lifestyle disorders, such as cardiac arrest, diabetes, obesity, etc., are also propelling the demand for wearable devices. Additionally, the continuous development of innovative products integrated with the Internet of Things (IoT), Artificial Intelligence (AI), and Virtual Reality (VR) is positively influencing the market growth. Apart from this, the emergence of smart goggles, smart garments, and smart shoes, particularly among professional athletes and recreational fitness enthusiasts, is augmenting the global market for wearable technology.

We expect the global wearable technology market to exhibit a CAGR of 13.4% during 2023-2028.

Some of the major trends in the global wearable technology market include the increasing prevalence of several lifestyle disorders, rising consumer health consciousness, growing adoption of compact fitness devices, etc. Moreover, numerous product manufacturers are focusing on the development of advanced product variants with generation displays and miniaturized sensors, which will continue to propel the market growth in the coming years. Apart from this, the growing utilization of the wearable technology to monitor the patients under intensive care and as prompt warning systems for various serious medical conditions is also expected to augment the global market over the forecast period.

Currently, the most popular wearable technology that is available in the market is smartwatches/health and fitness trackers. They are growing at a steady rate owing to their convenience, user-friendliness, and appealing designs. These wearable devices not only can keep a track on the number of steps covered, but also monitor blood pressure levels and heart rates using electrocardiograms. Moreover, the growing integration of smartwatches with fitness apps to provide insightful information regarding the overall health of individuals and track their nutritional intake is also catalyzing the product demand on a global level.

The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of wearable technology among health-conscious consumers for easy access to useful data, including remote health monitoring, fatigue detection, disease management, etc.

Based on the product, the global wearable technology market has been segregated into wrist-wear, eye-wear and head-wear, foot-wear, neck-wear, body-wear, and others. Among these, wrist-wear holds the largest market share.

Based on the application, the global wearable technology market can be bifurcated into consumer electronics, healthcare, enterprise and industrial application, and others. Currently, consumer electronics exhibit a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global wearable technology market include Alphabet Inc, Apple Inc., Garmin Ltd., HTC Corporation, Huawei Technologies Co. Ltd, Intel Corporation, Microsoft Corporation, Qualcomm Incorporated, Samsung Electronics Co. Ltd., and Sony Corporation.