Wearable Devices Market Size, Share, Opportunities, And Trends By Products (Watches, Fabric, Glasses, Fitness Trackers, Others), By End Users (Personal Users, Enterprises), By Connectivity Medium (ANT+, Bluetooth, Wi-Fi, Cellular, NFC), By Technology (Computer Technology, Display Technology, Networking Technology, Positioning Technology, Sensor Technology), And By Geography - Forecasts From 2024 To 2029

The wearable devices market is evaluated at US$87.6 billion for the year 2022 growing at a CAGR of 15.94% reaching the market size of US$246.736 billion by the year 2029.

Wearable technology is becoming a focus of invention and development as a result of technological breakthroughs. For instance, the Internet of Things (IoT) is being incorporated into devices to give them sophistication, and Smart Shirts track health-related metrics invisibly. Watch synchronization with smartphones is also a developing technology with a slew of innovative features being incorporated into the devices. To speed up and simplify the process of receiving the phone, eyewear or spectacles now have a calling capability.

The rise of social media usage and the underlying tendency towards remaining updated with its posts is driving the demand for this market. Increasing Convenience in the handling of devices is a reason why people use wearable devices. The Global Wearable Device Market is growing due to its increasing adoption of diverse applications. The number of functions performed by smartwatches is rising spree with heavy investments by companies in their research and development projects. The watch industry has been totally transformed since smartwatches emerged, which are now perceived as a mark of prosperity among high-status people.

What are the wearable devices market growth drivers?

• Rising prevelance of chronic diseases

A rise in health problems linked to lifestyle especially obesity, diabetes and heart diseases come with a parallel rise in portable health-tech gadgets that are quite popular today. Portable technologies for health that can be worn form a way for individuals to control their healthcare at the same time as they monitor their diseases for a better life. Additionally, if prevention and treatment strategies are not improved the World Obesity Federations 2023 report projects that the annual global economic cost of overweight and obesity will reach USD 4. 32 trillion by 2035. Being obese increases the chance of acquiring long-term health issues like type 2 diabetes heart disease and some types of cancer highlighting the importance of preventive healthcare techniques.

Moreover, the global impact of diabetes is estimated and data is available in the IDF Diabetes Atlas. It also demonstrates how diabetes becomes more common as people age. For instance, In 2021, the prevalence of diabetes among adults between 20 and 24 stood at 21.2% as opposed to 24% among those aged 75-79. It is projected that by 2045, seven hundred million individuals globally will have diabetes as per the IDC computations.

• Integration of artificial intelligence and machine learning

There are many opportunities to improve wearable healthcare devices give users personalized insights and advance predictive healthcare analytics when AI and ML technologies are integrated into them. Numerous datasets such as physiological parameters activity patterns and genetic data can be analyzed by wearable AI algorithms. An AI-enabled wearable for instance can provide individualized health information by analyzing physical activity sleep patterns and heart rate variability. This can involve offering advice on how to get a better night's sleep pinpoint stressors and create customized exercise plans based on personal health objectives.

• Increasing need for safety, security and privacy

The requirement for customer information privacy security and safety is posing a significant obstacle to the rapid growth of wearable technology. Due to the lithium batteries they use and their proximity to the body wearable technology poses a risk to users. Moreover, the increasing danger of hackers manipulating data also impedes user security and privacy. The use of wearable technology is also being threatened by issues with security and privacy which can result in insecure communication a lack of end-to-end encryption of data and the development of cyber-related vulnerabilities.

• High demand from the consumer electronics industry

This segment's high share can be attributed to the rise in wearable technology use including fitness bands and AR/VR headsets. Many producers including Garmin Ltd. Yo Omron Inc. as well as Nemaura focus on developing devices that transmit data that includes both clinical and non-clinical information. For Instance, Nemauras sugarBEAT Wearable Technology allows diabetic patients to undergo frequent blood glucose monitoring eliminating the need for the daily finger-prick calibration procedure.

• Increasing use in the medical industry

Over the projection period, wearable device applications in the pharmaceutical industry will encourage segment growth. Doctors can communicate with their patients through phone apps and telehealth solutions due to digital health technology. This enables doctors to virtually monitor their patients. The health sector is becoming increasingly interested in VR and AR advancements. VR technology is used in medicine to help with surgical procedures and training.

Major challenges hindering the growth of the wearable devices market:

• Absence of a reliable battery system

One factor restricting the wearable technology market is the lack of an effective and dependable battery system without sacrificing the wearable device's portability and ease of use. Controlling power consumption, power requirements, and battery recharging is a significant challenge. The element that is anticipated to have a restraint on the market is the management of power consumption in a way that is both economical and meets the power efficiency requirements of wearable devices.

What are the key geographical trends shaping the wearable devices market?

• North America is projected to grow at a high rate during the forecast period

More potent and advanced wearable technologies are becoming rising in demand as smart devices become more commonplace. Several key drivers in this geographic area include the rise in disposable income and the quick uptake and appeal of upgraded devices. Additional factors supporting the market expansion include the region's robust wearable vendor base which includes Apple Fitbit Garmin and others. Expected to drive the wearables market in the region are the growing investments made by numerous sports associations to ensure that highly compensated professional athletes never suffer avoidable injuries. For instance, the Golden State Warriors and the smart clothing company Athos are working together to use these products to improve player performance and prevent injuries. The American athletic industry's role in the smart clothing market is far from fully represented by this investment.

Recent developments in the wearable devices market:

• In August 2023, Gizmore and Staunch Electronics India announced a strategic alliance to increase Gizmore's market share in the wearable and hearable markets and provide its clients with cutting-edge merchandise. Within 2023–2024, Gizmore plans to sell one million audio devices in partnership with, focusing more on truly wireless earphones market.
• In June 2023, Arena Italia, an Italian swimwear company, declared that it was searching for acquisition opportunities in the wearable technology space for the sports industry. Additionally, companies with in-house technological backgrounds in sports science that produce a variety of wearable devices and technological devices to track swimmers' performances could be considered targets of interest.

Wearable Devices Market is analyzed into the following segments:

• By Product
  • Watches
  • Fabric
  • Glasses
  • Fitness Trackers
  • Others
• By End-User
  • Personal Users
  • Enterprises
• By Connectivity Medium
  • ANT+
  • Bluetooth
  • Wi-Fi
  • Cellular
  • NFC
• By Technology
  • Computer Technology
  • Display Technology
  • Networking Technology
  • Positioning Technology
  • Sensor Technology
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. WEARABLE DEVICES MARKET BY PRODUCT

5.1. Introduction

5.2. Watches

5.3. Fabric

5.4. Glasses

5.5. Fitness Trackers

5.6. Others

6. WEARABLE DEVICES MARKET BY END-USER

6.1. Introduction

6.2. Personal Users

6.3. Enterprises

7. WEARABLE DEVICES MARKET BY CONNECTIVITY MEDIUM

7.1. Introduction

7.2. ANT+

7.3. Bluetooth

7.4. Wi-Fi

7.5. Cellular

7.6. NFC

8. WEARABLE DEVICES MARKET BY TECHNOLOGY

8.1. Introduction

8.2. Computer Technology

8.3. Display Technology

8.4. Networking Technology

8.5. Positioning Technology

8.6. Sensor Technology

9. WEARABLE DEVICES MARKET BY GEOGRAPHY

9.1. Introduction

9.2. North America

9.2.1. By Product

9.2.2. By End-User

9.2.3. By Connectivity Medium

9.2.4. By Technology

9.2.5. By Country

9.2.5.1. USA

9.2.5.2. Canada

9.2.5.3. Mexico

9.3. South America

9.3.1. By Product

9.3.2. By End-User

9.3.3. By Connectivity Medium

9.3.4. By Technology

9.3.5. By Country

9.3.5.1. Brazil

9.3.5.2. Argentina

9.3.5.3. Others

9.4. Europe

9.4.1. By Product

9.4.2. By End-User

9.4.3. By Connectivity Medium

9.4.4. By Technology

9.4.5. By Country

9.4.5.1. United Kingdom

9.4.5.2. Germany

9.4.5.3. France

9.4.5.4. Italy

9.4.5.5. Others

9.5. Middle East and Africa

9.5.1. By Product

9.5.2. By End-User

9.5.3. By Connectivity Medium

9.5.4. By Technology

9.5.5. By Country

9.5.5.1. Saudi Arabia

9.5.5.2. UAE

9.5.5.3. Israel

9.5.5.4. Others

9.6. Asia Pacific

9.6.1. By Product

9.6.2. By End-User

9.6.3. By Connectivity Medium

9.6.4. By Technology

9.6.5. By Country

9.6.5.1. Japan

9.6.5.2. China

9.6.5.3. India

9.6.5.4. South Korea

9.6.5.5. Taiwan

9.6.5.6. Thailand

9.6.5.7. Indonesia

9.6.5.8. Others

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Competitive Dashboard

11. COMPANY PROFILES

11.1. Apple, Inc.

11.2. Covidien (Medtronic Zephyr)

11.3. Tex-Ray (Aiq Smart Clothing)

11.4. Fitbit

11.5. Xiaomi

11.6. LG Electronics

11.7. Garmin Ltd.

11.8. Essilor (Luxottica Group)

11.9. Huawei Device Co., Ltd

Apple, Inc.

Covidien (Medtronic Zephyr)

Tex-Ray (Aiq Smart Clothing)

Fitbit

Xiaomi

LG Electronics

Garmin Ltd.

Essilor (Luxottica Group)

Huawei Device Co., Ltd