Healthcare Sector Holds Good Promise for the Wearable Technology Market

Published Date : Jul 11, 2014

What is Wearable Technology?

Wearable technology [] means any electronic gadget or product that can be worn by a person. This helps to integrate computing in the person’s daily activities which can be personal or work-related. Wearable gadgets help an individual to utilize advanced technological features. Over two years of concentrated efforts from the researchers have resulted into a number of sophisticated products and devices which are now seen in the market.

Wearable technology has the potential to influence the growth of many industries by a great extent. Some of the products which can influence various industries are the consumer electronics and communications. Many industries are currently adopting wearable gadgets. This is because computing and wireless communications are now finding their way into virtually every consumer product and service.

Various factors are helping to facilitate integration of wearable technology such as wireless technologies, saturation of cellular market, wireless companies focusing on establishing new revenue streams, continuous decline in the cost of data, and backing from major companies like Apple, Sony, Google, and others. There is also advancement in key technologies which include Augmented Reality, Ambient Awareness, Body Area Networks, and Peer-to-Peer Communications. This helps to drive the evolution in consumer perception regarding the value of new communication forms, e-commerce, and applications.
Wearable Technology Products

Basically, the wearable technology market is dived by product type into fitness and wellness products, infotainment products, healthcare and medical products, and industrial and military products.

Fitness and Wellness - In this category, devices which help to monitor activity or emotions are included. Some example of the devices which fall under the fitness and wellness category are activity monitors, sleep sensors, smart clothing, and smart sports glasses.

Infotainment - Infotainment wearable technology products refers to devices which are used to receive and transmit information for the purpose of entertainment or for the purpose of enhanced lifestyle. Some examples of infotainment wearable gadgets include smart glasses, smart watches, and augmented reality headsets.

Healthcare and Medical - Healthcare and medical wearable gadgets are those which are used to monitor vital signs and for augmenting senses. Product examples of healthcare and medical wearable technology are drug delivery devices, continuous glucose monitors, wearable patches, and other health monitors. 

Industrial and Military - Military or industrial wearable technology gadgets refers to devices which are used to receive and transmit real-time data in military or industrial environments. Hand worn terminals, heads-up display, and augmented reality headsets are some examples of industrial and military wearable gadget products.

Global Market Outlook

According to geography, the market of wearable technology is segmented into four major zones which are North America, Europe, Asia Pacific, and Rest of the World. It is predicted that in China the wearable infotainment technology will increasingly commercialize due to the commoditization of electronic wristwatches and earphones.

Some of the major key players in this market are Apple, Adidas, Accenture, Nike, Fujitsu, Reebok, Philips, SAP, Samsung, and Roche. These companies display the potential for the most promising innovations. Competition is fierce between the world’s largest software, electronics, and services. The biggest potential is in the healthcare sector. The huge market of wearable gadgets is now entering a rapid growth phase.

Analysts from a market intelligence company have forecasted that the wearable technology business powers from USD 14 billion in the year 2014, and it will reach over USD 70 billion in the year 2024. It is also projected that the dominant sector in this market will remain the healthcare sector which comprises medical, fitness, and wellness products.

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