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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