Wearable Technology Market | Size, Share, Growth, Trends Industry Analysis and Market Forecast

The global wearable technology market size is valued at USD 116.2 billion in 2021 and is anticipated to USD 265.4 billion by 2026; growing at a CAGR of 18.0% from 2021 to 2026. Increasing growth prospects of next-generation displays in wearable devices, surge in demand for IoT devices and growing demand for smart devices in the healthcare applications are the factors driving the growth of the market during the forecast period.

Driver: Growing consumer preference for sleek and compact devices in fitness and healthcare applications

With wearable electronic devices all set to join the mainstream of personal computing, it is expected that the consumer preference for sleek and compact wearable devices would be the key driver for the wearable technology market. Wearable devices, specifically smartwatches and wristbands, are gaining traction among consumers worldwide. Also, there is an increase in demand for wearables in fitness and healthcare applications.

Wearable medical devices are handheld monitoring tools used for the identification and monitoring of potential diseases. Currently, several patients are opting for home healthcare, which is a cost-effective and efficient way of treatment, over hospital services. Wearable technologies could help in lowering costs by facilitating easy health and fitness monitoring and connecting people to their healthcare providers.

Restraint: Limited battery life

The absence of efficient and reliable battery system without compromising the ease of use of wearable device and its compactnessis a limiting factor in the wearable technology market. A major challenge to be addressed is to manage power consumption, power requirement and recharging of batteries. Managing power consumption in a cost efficient manner to meet the power efficiency of wearable devices is the factor that is expected to have restraining impact on the market.

Opportunity: Multiple application adoption of wearables

The wearable technology market is expected to witness an increasing number of new product launches. The application area for these devices is increasing rapidly-from wellness and fitness to more sophisticated and complex sectors such as medical and military-owing to the technical maturity of wearable devices. All these factors, coupled with high growth potential, would enable the rapid growth of the wearable technology market.

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Challenge: Unaddressed regulatory issues and vulnerability of healthcare information

Regulatory requirements, especially for medical devices, are well established worldwide; however, other devices which can also be used in the medical application owing to advancements in technology are not yet required to follow the same rules. Wearables are designed to capture various data including personal, fitness, and financial data, and transmit this data for analysis or sharing; thus, challenges with regard to information security need to be handled. With further market growth and emergence of such issues, governments are expected to implement certain rules and regulations regarding privacy, security, data ownership, and consent. The GDPR has established a set of principles and tools for developers of smart glasses to assess privacy impacts. It includes recommendations to establish a new framework for privacy and electronic communication, as proposed with the ePrivacy regulation

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