Albany, NY — (SBWIRE) — 10/13/2017 — Transparency Market Research, a leading U.S.-based market research and analysis firm, has released a new report on the global market for wearable technology. This comprises devices worn on the body rather than carried around like other consumer electronics. The two main purposes of wearable technology are to monitor various bodily markers and to keep the user connected to the digital world by syncing to parent electronic devices such as smartphones. Within the former, some wearable devices can also compute data gained from the markers they monitor and take actions such as drug delivery in response.The market for wearable technology is on the rise owing to growing demand from younger demographics and the high computing power wearable devices provide in a relatively small and compact size.
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The global wearable technology market, according to TMR’s research report, was worth US$750 million in 2012. It is expected to make further gains in the coming years, at a CAGR of 40.8% from 2012 to 2018. The 2018 value of the global wearable technology market is expected to be US$5.8 billion, a jump of close to 800% on its 2012 value.The TMR report, titled ‘Wearable Technology Market – Global Scenario, Trends, Industry Analysis, Size, Share and Forecast 2012 – 2018’, is available for sale on TMR’s website.
The report categorizes the global wearable technology market by end use into the following sections: Fitness and wellness, further subcategorized into smart clothing and smart sports glasses, activity monitors, and sleep sensors; the infotainment sector, further subcategorized into smartwatches, augmented reality headsets, and smart glasses; the healthcare and medical sector, further subcategorized into continuous glucose monitors, smart drug delivery devices, wearable patches, and other monitors; the industrial and military sector, further subcategorized into hand-worn terminals and augmented reality headsets.
Growing awareness among the global populace regarding their wellbeing, the major driving factor of the global wearable technology market, is reflected in the hierarchy of the market, as the medical and healthcare end-use sector took up a dominant 35.1% share in 2012. Fitness and wellness followed the healthcare sector as the largest end user of wearable electronic devices. Continuous glucose monitors are a significant segment in the medical and healthcare sector owing to the growing prevalence of diabetes in the emerging economies of Asia Pacific and Latin America. Insulin delivery devices also play a major role in the dominance of the medical and healthcare sector in the global wearable technology market.
By geography, the global market for wearable tech is divided into North America, Asia Pacific, Europe, and Rest of the World. Due to a high proportion of the population in the U.S. and Canada being tech-savvy, health-conscious, and affluent enough to purchase and use wearable devices, North America is expected to remain the leading regional segment of the global wearable technology market, with an expected 43% share by 2019.
However, lack of such consumers is hampering wearable technology in regions such as Asia Pacific, Latin America, and Africa. The market is expected to remain above par in these regions, but growth will be slow and prone to fluctuations.Major players in the global wearable technology market include Adidas, Medtronic, Abbott Laboratories, Eurotech, Sony, Nike, and Google Inc.