Wearable Technology Market Forecasts to 2028 – Global Analysis By Type (Wearable Products and Devices (Non-Textiles) and Wearable Smart Textiles), Product (Bodywear, Eyewear, Footwear, Headwear, Neckwear and Wristwear), Material (Fluoroelastomers, Polymer

Wearable Technology Market Forecasts to 2028 – Global Analysis By Type (Wearable Products and Devices (Non-Textiles) and Wearable Smart Textiles), Product (Bodywear, Eyewear, Footwear, Headwear, Neckwear and Wristwear), Material (Fluoroelastomers, Polymer Dispersed Liquid Crystal (PDLC), Polyurethanes, Silicones and Other Materials) and Application and By Geography

According to Stratistics MRC, the Global Wearable Technology Market is accounted for $61.30 billion in 2022 and is expected to reach $154.05 billion by 2028 growing at a CAGR of 16.6% during the forecast period. Wearable technology is a category of gadgets that are worn by a consumer and sometimes include tracking information related to location, health, and fitness. Sensors are attached to the gadget, allowing it to detect blood heat, pulse, brain activity, and muscle activation. In the healthcare sector, wearable technology is also being utilised to monitor a user's health. Because it is in intimate contact with the user, it can easily capture data. Wearables are used in a variety of areas including defence, consumer applications, lifestyle, fitness and sports, enterprise, and industrial.

According to the National Library of Medicine, 30% of Americans use wearable medical technology.

Market Dynamics:

Driver:

Growing consumer preference for sleek and compact devices in fitness and healthcare applications

Wearable technologies, particularly smartwatches and bracelets, are gaining popularity with customers all around the world. There is also an increase in demand for wearables in fitness and healthcare applications. Wearable medical devices are handheld monitoring instruments used to identify and monitor suspected diseases. Currently, many patients prefer home healthcare over hospital treatments since it is more cost-effective and efficient. Wearable technology have the potential to reduce healthcare expenses by allowing for convenient health and fitness monitoring and connecting consumers to their healthcare providers.

Restraint:

Limited battery life

The lack of an efficient and reliable battery system that does not compromise the convenience of use of the wearable device or its compactness is a limiting factor in the wearable technology sector. A significant difficulty to be addressed is managing power usage, power requirements, and battery recharge. The aspect projected to have a constraining impact on the market is managing power consumption in a cost-effective manner to match the power efficiency of wearable devices.

Opportunity:

Multiple application adoption of wearables

The market for wearable technology is likely to see an increase in the number of new product launches. Because of the technical maturity of wearable devices, the application space for these devices is constantly expanding--from wellness and fitness to more sophisticated and complex industries such as medical and military. All of these characteristics, along with a strong development potential, would enable the wearable technology market to expand rapidly.

Threat:

Unaddressed regulatory issues and vulnerability of healthcare information

Regulatory rules and regulations, particularly for medical devices, are firmly established over the world; however, other devices that can be utilised in medical applications due to technological improvements are not yet required to follow the same criteria. Wearables are intended to collect and send data such as personal, fitness, and financial data for analysis or sharing; hence, information security issues must be addressed. With continued market growth and the rise of such challenges, governments are likely to create specific rules and regulations concerning privacy, security, data ownership, and consent.

Covid-19 Impact

The influence of COVID-19 on the wearable segment was significant in 2020, particularly in the early half of the year. This is due to supply chain interruption caused by COVID-19 limits and regulatory prohibitions. Furthermore, Asia-Pacific countries such as India, China, Taiwan, South Korea, and Japan have a large supply of producers for raw materials used in wearable products. Manufacturing had anticipated a lockdown, which had an impact on production plans. As a result, sales fell during the lockdown in major global economies, resulting in constrained deliveries and a decline in sales ratio.

The wristwear segment is expected to be the largest during the forecast period

The wristwear segment is estimated to have a lucrative growth. Devices such as smartwatches, fitness trackers, and others are examples of wristwear. In recent years, smartwatches have been equipped with a variety of sensors and heterogeneous wireless protocols, making them suitable for a variety of Social Internet of Things (SIoT) applications. These applications require using the IoT cloud to relay sensor data from millions of watches. Wristwear devices, such as smartwatches and fitness trackers, enable applications such as continuous wireless monitoring of important health indicators such as arterial oxygen saturation (SpO2) and heart rate.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the highest CAGR growth during the forecast period. Wearable technology offers a wide range of applications in healthcare, including neurocognitive illnesses such as Alzheimer's disease and Parkinson's disease, as well as physiological maladies such as hypertension, Cardiovascular Diseases (CVD), and even muscle difficulties. Continuous and real-time monitoring, which wearable devices may provide, is critical for improving the care of patients with chronic conditions such as cardiovascular disease, diabetes, and neurological issues.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to the presence of significant market participants like as Apple Inc. and Fitbit (Google) in countries such as the United States and Canada, which has led to an increase in the availability of a wide variety of wearable devices at a competitive price. This has resulted in an increase in the number of companies investing in R&D to develop better products and expand their product variety in order to attract more customers.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period because of the rising frequency of chronic diseases and an ageing population, the demand for continuous and real-time monitoring of health vitals via wearable devices is predicted to rise. Devices using wearable technology can help people manage their health issues by monitoring and tracking chronic diseases over time. This is predicted to increase demand for wearable technology in this region, resulting in market revenue growth.

Key players in the market

Some of the key players profiled in the Wearable Technology Market include Apple Inc., ASUSTeK Computer Inc, ADIDAS AG, CASIO AMERICA INC., Fitbit Inc., Fossil Group Inc., Xiaomi Global Community, SAMSUNG, Motorola Solutions Inc., Huawei Technologies Co. Ltd., Michael Kors, TomTom International BV, LG Electronics, HTC Corporation, Sony Corporation, Google LLC and Nike Inc.

Key Developments:

In December 2020, Huawei launched Health Lab to advance sports & health innovation via smart wearables. Health Lab is an innovative facility that provides an avenue for researchers from Huawei, as well as engineers and developers to cross-fertilize ideas and concepts and jointly explore the innovation and application of emerging technologies in sports and health, bringing a scientific and conducive experience through their smart wearables, which are tiny gadgets that provide consumers with a more comprehensive and scientific exercise experience and healthier living.

In August 2020, LG Electronics launched its revolutionary wearable personal air solution at IFA 2020. From November 2020, LG PuriCare Wearable Air Purifier was rolled out in key regions, including Asia and the Middle East.

In July 2020, Sony launched Reon Pocket, a wearable air conditioner for Android and IOS. Currently, the product is available only in Japan. The device supports cooling as well as heating and is meant to be around the neck; to that end, the company has designed an undershirt with a pocket located on the back of the neck.

Types Covered:
• Wearable Products and Devices (Non-Textiles)
• Wearable Smart Textiles

Products Covered:
• Bodywear
• Eyewear
• Footwear
• Headwear
• Neckwear
• Wristwear

Materials Covered:
• Fluoroelastomers
• Polymer Dispersed Liquid Crystal (PDLC)
• Polyurethanes
• Silicones
• Other Materials

Applications Covered:
• Fitness And Sports
• Enterprise and Industrial Applications
• Consumer Applications
• Lifestyle
• Healthcare
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements