Wearable technology includes smart devices that can be worn as accessories, embedded in clothing, or even tattooed or implanted in the skin. Products such as smartwatches, fitness trackers, smart glasses and AR/VR headsets provide real-time information and allow wearers to stay connected through calls, messages, and sensors that track important health metrics. These pioneering products offer significant advantages over smartphones like greater convenience, discreteness and seamless access to data. With the ability to seamlessly monitor health indicators and deliver alerts, wearable devices are becoming integral to users' lifestyles and health routines.
The Global Wearable Technology Market Size is estimated to be valued at US$ 165.25 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Constant innovation in functionality is expected to drive demand over the forecast period. Major brands are focused on incorporating new features like tracking oxygen saturation, ECG etc. to cater to the rising interest in self-monitoring among health-conscious consumers. The ability of wearables to integrate diagnostics and deliver medical-grade data could encourage adoption across healthcare as well. As technologies evolve to become smarter and more accurate in health and fitness tracking, the wearables industry is positioned to take off further.
Porter's Analysis
Threat of new entrants: The threat is moderate as the wearable technology market requires significant R&D investments and established distribution networks. However, cloud computing and SaaS models have lowered entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of various product options from different manufacturers. Buyers can negotiate on price and demand better services.
Bargaining power of suppliers: Major players control component supplies intensifying supplier power. However, collaboration with specialized technology startups has mitigated this threat.
Threat of new substitutes: New technologies like virtual reality and artificial intelligence pose threats, but wearable devices continue to complement other devices.
Competitive rivalry: Intense as major players compete to develop advanced products and partnerships. Price wars and frequent product launches characterize the competition.
SWOT Analysis
Strengths: Rising health awareness, preference for smart wireless devices, remote patient monitoring capabilities.
Weaknesses: High costs, reliability issues, data privacy concerns, short battery lives.
Opportunities: Expanding applications in healthcare, fitness, entertainment and industrial sectors. Growing adoption among the elderly population.
Threats: Stringent regulations, economic slowdowns limiting discretionary spend. Competition from other smart devices.
Key Takeaways
The global wearable technology market is expected to witness high growth during the forecast period. Rising health awareness among consumers for preventive care and motivation to stay fit are driving market demand.
Regional analysis: North America dominates currently due to favorable reimbursement policies and higher spending on healthcare IT. Asia Pacific market is expected to grow the fastest owing to large population, increasing affluence and focus on preventive healthcare in countries like China and India.
Key players: Key players operating in the wearable technology market are GlaxoSmithKline PLC, Baxter International Inc., and Amgen Inc. GlaxoSmithKline collaborated with technology companies on product development and recently launched smart inhalers integrated with sensors. Baxter is focused on remote patient monitoring solutions while Amgen ventured into consumer-based digital health platforms.
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In the world of technology, smartphones, tablets, wearable watches are the big things in the consumer technology industry.
If we add more to the buzz of wearable technology is the anticipation that the wearable market is predicted to grow up to $18.9 billion in revenues by 2020.
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