Rising demand for wearable devices in healthcare applications and increasing consumer preference for sophisticated wearables are expected to drive the growth of the wearable devices market. However, high initial cost of manufacturing wearable devices is expected to impede the growth of the market in the coming years.
The global wearable devices market was valued at USD 34.5 Bn in 2020 and is expected to reach USD 208.6 Bn by 2027, growing at a CAGR of 12.9% during the forecast period (2017-2027).
Increasing concern about chronic diseases and obesity has led to the adoption of wearable devices such as health activity trackers, which provide real-time updates about our overall health. Wearable devices can show information such as cholesterol levels, calorie intake, heartbeat, sleeping time, blood pressure levels, oxygen levels, and other information required by a person for day-to-day activities.
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Customers' requirement to maintain an active and healthy lifestyle is leading to an increasing demand for wearable devices. Fitness and sports wearable devices are mainly used for sports analytics. Activity parameters are tracked by wearable devices which helps in better decision-making in training a player. These wearable devices are frequently used for monitoring speed, distance covered, heart rates, and also for monitoring the performance and fitness levels of players. The emerging fitness and healthcare trends are accentuating the growth of the wearable devices market.
Increasing geriatric population in many countries is creating opportunities for the wearable devices market. This segment requires continuous long-term care. Preventive care and monitoring through wearable devices decrease patient readmission rates, improves patient outcomes, and reduces the length of hospital stays.
Wearable technology-enabled devices have evolved as an important consumer interface for IoT-based applications. The wearable device technology such as smart wristwear is compatible with multiple devices such as home automation units and connected automobiles, with the functionality of remote access.