Wearable Tech in Medical Devices - Thematic Intelligence

Wearable Tech in Medical Devices - Thematic Intelligence

Summary

Wearable tech will become a $291 billion industry by 2030

The wearable tech industry was worth $99.5 billion in 2022 and will reach $290.6 billion by 2030, expanding at a compound annual growth rate (CAGR) of 14.3% between 2022 and 2030, according to GlobalData forecasts.

Sales of hearables and smartwatches will drive growth in the market. Integration of artificial intelligence (AI) could usher in a new era of interactive and intelligent wearable devices, offering improved user experiences. The next generation of hearables will be designed for greater comfort, provide longer battery life, and feature immersive spatial audio, health monitoring, and AI-based communication.

The growth of the smartwatch market is driven by consumer interest in health and fitness tracking. With health monitoring features and capabilities advancing beyond just recording activity, smartwatches will continue to challenge the relevance of fitness trackers.

Smart glasses and virtual reality (VR) headsets have been around for some time but have not become mainstream due to a dearth of compelling use cases, high prices, and privacy concerns. Companies that can find a niche and create compelling use cases will have the best chance of succeeding.

The medical industry is key for wearable tech

Medical will be a key market for wearable tech devices over the next three years. Wearable tech devices are currently deployed across logistics, defense, manufacturing, travel and tourism, and healthcare, primarily for training and remote support. Healthcare, particularly patient monitoring, remote training and support, and telehealth services, holds significant promise. Creating devices that can be used for longer, are lightweight, and have practical use cases will help companies generate demand and revenue.

Scope

• This report is a thematic brief, which identifies those companies most likely to succeed in a world filled with disruptive threats. Inside, we predict how each theme will evolve and identify the leading and disrupting companies.
• The report covers the wearable tech theme.

Reasons to Buy

• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
• Develop and design your corporate strategies through an in-house expert analysis of wearable tech by understanding the primary ways in which this theme is impacting the healthcare industry.
• Stay up to date on the industry’s major players and where they sit in the value chain.
• Identify emerging industry trends to gain a competitive advantage.