Wearable Technology Market was valued at USD 61.30 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.6% from 2023 to 2030.
Wearable technology is one of the fastest-advancing sectors of the technology industry. Wearable technology is a kind of electronic device designed to be used while worn. Common types of wearable technology include jewellery, accessories, medical devices, and clothing or elements of clothing. Some of the most advanced examples of wearable technology include artificial intelligence (AI) hearing aids, Google Glass and Microsoft’s HoloLens, and holographic computers in the form of virtual reality (VR) headsets.
Increasing growth prospects of next-generation displays in wearable devices and growing demand for smart devices in healthcare applications such as adoption of internet of things (IoT) devices are the major factors driving the demand for wearable technology. The wearable technology market size is valued at USD 125.3 billion in 2021 and is anticipated to USD 272.4 billion by 2026; growing at a CAGR of 18.5% from 2021 to 2026. Among the wide variety of wearable devices, wrist wearables such as smartwatches and wrist bands seem to be the mainstream. According to the National Center for Biotechnology Information, wrist wearables had been sold 100 million units in 2019.
Furthermore, increasing cases of chronic diseases like cardiovascular diseases and obesity will lead to a greater demand for the variable devices such as wearable technology. According to National Center for Biotechnology Information, each year cardiovascular disease (CVD) causes 3.9 million deaths in Europe according to European Chronic Disease Alliance. Chronic diseases such as heart disease, stroke, cancer, chronic respiratory disease and diabetes are the leading cause of death in Europe. Therefore, the growing instance of chronic diseases and awareness towards people health globally drive the market for wearable technology.
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Some of the key players operating in the global diagnostic imaging services market include:
• Xiaomi Global Community
• Huawei Technologies Co. Ltd.
• Nike Inc.
• Motorola Solutions Inc.
• Sony Corporation
• Google LLC
• HTC Corporation
• Michael Kors
• ADIDAS AG
• Polar Electro
• TomTom International BV
• Fossil Group Inc.
• ASUSTeK Computer Inc
• SAMSUNG
• Apple Inc.
• LG Electronics
• CASIO AMERICA INC.
• Garmin Ltd.
• Withings
• Fitbit Inc.
• Other Players
Segments
By Product Type
• Wristwear
• Bodywear
• Neckwear
• Headwear
• Wristwear
• Footwear
• Eyewear
• Others
By Type
• Smart Textile
• Non-Textile
By Application
• Defence
• Healthcare
• Enterprise & Industrial Applications
• Fitness & Wellness
• Others
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
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