Wearable Technology Market Transforms Home Healthcare with Continuous Health Monitoring Devices, Finds Maximize Market Research

PUNE, India, July 19, 2024 /PRNewswire/ -- Wearable Technology Market size is expected to grow from US$ 59.87 Bn. in 2023 to US$ 147.90 Bn. by 2030, growing at a CAGR of 13.79% through 2024 to 2030. Wristwear segment leads the Global Wearable Technology Market by 2030.

Reports on competitive analyses encompass company overviews, financial performances, product portfolios, and strategies of key players in the Wearable Technology Market. To assess strengths and weaknesses, a comprehensive SWOT analysis was conducted, while a PESTLE analysis was carried out to understand the impact of macroeconomic factors on the market. Also, the report includes detailed analyses of investments made by market players to enhance their global presence.

The research methodology utilized in analysing the Wearable Technology market encompasses a thorough approach that combines primary data which is often collected through surveys, interviews, and focus groups with industry experts and stakeholders such as manufacturers, technology providers Healthcare providers and Regulatory Bodies. This allows for firsthand insights into market trends, consumer behaviour, and regulatory challenges and secondary research utilizing reports from government sources, industry publications, and financial statements. Market sizing and forecasting techniques are employed alongside competitive analysis to provide valuable insights into the market landscape. It also includes trade balance, market entry strategies, costs in different region, technology adoption, regulatory framework, compliance requirements and customer demographics which makes it an investor's guide. The report encompasses type, Product, Devices and Application segments and their analysis, which elucidates their influence on the market. The estimation methodology often adopts a bottom-up approach to accurately determine market sizes.

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Global Wearable Technology Market 2023-2030: Key Highlights

• Historic Market Size 2017-2023
• CAGR of the market during 2024-2030.
• Detailed information on factors that will assist Wearable Technology market growth during the next seven years.
• An estimation of the Wearable Technology market size and the impact of country's GDP on Wearable Technology market.
• Forecasts on upcoming trends and changes in consumer behaviour.
• The growth of the Wearable Technology market
• Analysis of the competitive landscape and detailed information on companies.
• Comprehensive details of factors that will impede the growth of Wearable Technology companies.

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Competitive Landscape

The Wearable Technology Market includes the presence of several global as well as regional key players. A few prominent players that offer Wearable Technology in the market are Xiaomi Corporation, Apple Inc., Sony, LG, Huawei Technologies, Intellitix, Nymi, Mclear Ltd. Jakcom Technology Co.,Token and others.

What's New: Recent Additions and Updates

• Expansion into different region.
• Localization efforts for new markets.
• Technological Advancements
• New Streaming Partnerships and Platforms
• Innovative Marketing Strategies
• Financial Performance and Investment
• Consumer Behaviour and Trends
• Regulatory Changes and Challenges

Market Overview

Wearable technology is a type of electronic devices that can be worn as accessories, embedded in clothing, implanted in the user's body, or even tattooed on the skin. The devices are hands-free tools with everyday uses, powered by microprocessors and improved with the capability to send and receive data through the Internet. Wearable technology is evolving into an important category of the Internet of things, with life-changing applications in medicine and other fields.

The launch of the Titan Celester smartwatch significantly impacts the wearable technology market by setting new standards for performance and innovation. Designed for Indian fitness enthusiasts, Titan Celeste has industry-leading capabilities like built-in GPS, altimeter, barometer, compass (ABC) and triangle, unique swim mode with sleek aluminum body, high resolution Super AMOLED display, comprehensive Fitness tracking also offers this is a difficult choice. New features such as opto-mechanical crown, SingleSync™ BT Calling, customizable Watchface Studio, and smart AI dashboard add to its appeal. Priced competitively at a discounted price of INR 9,995, Celestor is poised to attract a wide range of consumers, driving growth in the wearable technology market and widening acceptance among fitness enthusiasts and other consumers.

The launch of the Realme Watch S2 advances the wearable technology market by integrating advanced artificial intelligence (AI) capabilities, setting a new standard for smart watches.  Incorporating a powerful AI engine, the Watch S2 goes beyond simple fitness tracking and reporting to provide personalized insights, predictive features and seamless integration into daily life. This strategic move puts the empire at the forefront of AI-powered innovation, meeting growing consumer needs for advanced connected devices. AI-enabled functions, such as voice commands and real-time updates, are increasing the number of users and making AI accessible in everyday life, helping to establish that AI is marketed as wearable rising to $62.7 billion in the year 2024.

In 2023, wearable technology advancements are moving towards wearable health insights and integration of medical grade components into consumer devices. Leading brands such as Fitbit and Oura have focused on how wearables can help users not only track health statistics but improve their overall well-being through data-driven recommendations on. Emphasis is placed on women's health, with Oura development such as predictive timing, discovery of cycle-specific activity, covering previously under-researched areas. Furthermore, the transition of healthcare to the home environment is a necessity, driven by wearables that enable routine health monitoring and diagnosis.

Devices are now capable of providing non-invasive biometric monitoring such as glucose and blood pressure levels, making them incredibly valuable for emergency health care. Fashionable designs and innovative products are also gaining momentum, as wearables become more integrated into everyday life. Companies like Huawei are leading the way with creative products like the Huawei Watch Buds that combine wireless headphones with smartwatches. Overall, the wearable technology market is growing rapidly, promising to deliver breakthrough health insights, improve access to healthcare, and drive behavioural change through device manufacturing surprisingly easy to use. These developments are set to change how individuals manage their health in everyday life.

In conclusion, the demand for wearable technology is constantly increasing worldwide, driven by the growing adoption of smart wearable technology products among consumers. This comprehensive perspective provides stakeholders with valuable information to navigate opportunities and challenges, and ensures strategic decisions for sustainable growth in the global Wearable Technology market.

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Segment Overview

MMR has segmented the market based on

By Type

• Wearable Smart Textiles
• Wearable Product and Textiles (Non-Textiles)

By Product

• Wristwear
• Headwear
• Footwear
• Fashion & Jewelry
• Bodywear
• Other Wearable Technology

By Devices

• Smart Watches
• Smart Glasses
• Fitness & Wellness Devices
• Smart Clothing
• Others (Earphones, Body Monitors, and Wearable Cameras)

By Application

• Consumer Electronics
• Healthcare
• Enterprise and Industrial Applications
• Other Applications

Based on the Application, the market is segmented into Consumer Electronics, Healthcare, Enterprise and Industrial Applications, and Other Applications. The Consumer Electronics segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2024-2030. In 2023, the consumer electronics segment held the highest market share of 48.4%. Fitness and sports, clothing and fashion, multifunction, infotainment and multimedia, and more uses for consumer electronics abound. With increased consumer demand for wearable electronics, industry companies are focusing on devices that allow end-users to track their working hours. Furthermore, growing connected devices and increased device-to-device communication is expected to boost the adoption of wearable electronic devices and consequently support the market growth.

Detailed segmentation values for each segment and explanations for growth are provided in the final report. https://www.maximizemarketresearch.com/market-report/wearable-technology-market/865/ 

Geography Overview

North America dominates the Global Wearable Technology market during the forecast period 2024-2030. North America held the largest market share of 35.6% in 2023 and is expected to continue its dominance by 2030. The program has a large number of Internet users and a variety of technologically advanced companies such as Alphabet, Garmin Limited and Apple Inc. Additionally, several industry players are taking steps to expand their local footprint and improve their business processes. For example, Xiaomi Corporation in May 2017 announced its entry into the North American market. This is expected to help the wearable technology market over the forecast period.

Asia Pacific to grow at the fastest pace at xx% CAGR during the forecast period 2024-2030. Moreover, owing to increasing purchasing power, increasing number of tech-savvy people and multiple key market competitors in the region, the Asia Pacific wearable technology market is expected to grow rapidly. Due to cheaper operating costs and labour costs, many manufacturing companies are expected to shift production to Asia Pacific.  Moreover, increasing urban population in this segment is likely to contribute to the adoption of wearable devices, thus increasing the market growth.

In the final report, past and future numbers and explanations are incorporated seamlessly to provide a comprehensive understanding of the Global Wearable Technology market.

Related Reports:

Wearable Technology Components Market size is projected to reach US$ 427.36 Bn. by end of 2030, at a CAGR of 17.23%.

Global Wearable Fitness Tracker Market size was valued at USD 63.11 Bn. in 2023 and the total Wearable Fitness Tracker revenue is expected to grow by 17.7% from 2024 to 2030, reaching nearly USD 197.48 Bn.

Wearable Technology Market size is expected to grow from US$ 59.87 Bn. in 2023 to US$ 147.90 Bn. by 2030, growing at a CAGR of 13.79% through 2024 to 2030. Wristwear segment leads the Global Wearable Technology Market by 2030.

Pet Wearable Market was valued at USD 3.11 Bn in 2023 and is expected to reach USD 7.93 Bn by 2030, at a CAGR of 14.3 percent during the forecast period.

Global Wearable Robots Market size was valued at US $ 1142 Million in 2023 and is forecasted to grow at a CAGR of 41.6 % from 2024 to 2030, reaching nearly US $ 13034.98 Million.

Wearable Healthcare Devices Market size was valued at USD 28.65 Bn. in 2023 and the total Wearable Healthcare Devices revenue is expected to grow at a CAGR of 20.2% from 2024 to 2030, reaching nearly USD 103.87 Bn.

Global B2B Enterprises & Industrial Wearables Market size was valued at 14.58 Bn in 2023 and is expected to reach USD 68.62 Bn by 2030, at a CAGR of 27.55 %.

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