Wearable Technology Market Overview, 2023-28

Wearable technology or also referred to as wearable are smart electronic devices worn close to or on the surface of skin wherein they can detect, analyse, and transmit information regarding the body such as vital signals. These devices can also be embedded into the clothing or implanted in the user’s body. Some of the commonly used devices integrated with wearable technology include smartwatches, head-mounted displays, smart jewelry, implantable devices and fitness trackers that enable the wearer to track pulse rate, heart rate, steps and sleep hours. These gadgets are hands-free and use microprocessors and sensors to receive and track information in real-time. Wearable devices such as activity trackers are a prime example of the Internet of Things, wherein it enables the object to exchange data through the Internet with a manufacturer. The sleek design and multi-functionality are the factors that always attract a customer towards a product and wearable technology products offer these benefits, which are likely to boost the demand for wearable technology products. Apart from this, hand-worn terminals are now used in the industrial and military sectors in providing information regarding maps and routes. The rising technological advancement in wearable devices is driving the growth of the global wearable technology market. The increasing usage of smart wearables among young generation is also a major factor driving the growth of wearable technology market across the globe. Many companies are entering in wearable technology market due to high demand and introducing smart wearable technologies to attract customers. For instance, in January 2020, Nuheara launched advanced hearing buds, the IQbuds2 MAX. Built on Nuheara’s innovative new smart-hearing platform, the IQbuds2 MAX feature hybrid active noise cancellation and unique features for personalizing and enhancing the wearer’s soundscape are on rise. Additionally, due to increased awareness regarding physical fitness people go to walk and on jogging wearing hearables due to which many companies are introducing smart hearable devices with fitness tracker so that consumers can enjoy the music and at the same time they can track their steps, distance, calories burnt, etc.

According to the research report, “Global Wearable Technology Market Overview, 2023-28” the market is anticipated to cross USD 135 Billion by 2028, increasing from USD 60.42 Billion in 2022. The market is expected to grow with 13.32% CAGR by 2023-28. The increasing concerns about obesity and other chronic diseases have led to the adoption of wearable products such as body monitors and activity trackers, which offer real-time information about overall health. These wearable products can offer information such as blood pressure, oxygen levels, quality and quantity of sleep, calorie intake, cholesterol levels, heartbeat monitoring, and other information required by the body for day-to-day activities. The growing popularity of the Internet of Things and connected devices are driving the Global Wearable Technology Market. IoT technologies offer an array of the latest devices and repair options that make lives and jobs easier. This is especially the case with the subset of IoT technologies referred to as wearables. Also, IoT plays a big role in a broad range of healthcare applications, from managing chronic diseases to preventing diseases. Moreover, the increasing popularity of the benefit of these devices among professional athletes and recreational fitness consumers is expected to drive the demand for wearable technology products over the forecast period. Moreover, increasing consumer preference for sleek and compact health and fitness devices is providing a thrust to the market growth. They are used for monitoring the patients under intensive care and as prompt warning systems for the virus infection. Additionally, various product innovations, such as the integration of connected devices with the Internet of Things (IoT), artificial intelligence (AI) and virtual reality (VR), are acting as other growth-inducing factors. Product manufacturers are also developing next-generation displays and miniaturized sensors, which are used in head-mounted displays for high-end gaming and virtual and mixed reality experiences. Other factors, including rising expenditure capacities of the consumers, along with the widespread adoption of wearable devices among professional athletes and recreational fitness enthusiasts, are anticipated to drive the market toward growth.

The Middle East & Africa region has seen an increase in disposable income and a growing middle-class population. As people in the region have more purchasing power, they are increasingly able to afford wearable devices like smart-watches and fitness trackers. There is a growing awareness of health and fitness in the Middle East & Africa region, which has driven the demand for wearable that can monitor physical activity, heart rate, and other health metrics. People are becoming more health-conscious and are willing to invest in devices that help them lead healthier lifestyles. The Middle East & Africa region is undergoing a digital transformation, with governments and businesses investing in technology infrastructure and connectivity. This creates an environment where wearable devices can easily connect to smartphones and the internet, making them more appealing and functional. Several countries in the Middle East & Africa region are making efforts to improve healthcare services. Wearable technology plays a significant role in telehealth and remote patient monitoring, which aligns with these healthcare initiatives. E-commerce platforms have gained popularity in the Middle East & Africa region, making it easier for consumers to access and purchase wearable devices. Additionally, an expanding retail presence for tech products, including wearable, contributes to their growth in the market. As more people in the Middle East & Africa region move to urban areas, they are exposed to modern lifestyles and technologies. Urbanization leads to increased interest in wearable tech as it becomes part of the urban lifestyle. Global tech companies have been expanding their presence in the Middle East & Africa region, and local start-ups are emerging with innovative wearable technology solutions. Partnerships between tech giants, healthcare providers, and local businesses are driving the adoption of wearable technology in the region. Companies are increasingly developing wearable technology solutions that cater to the specific needs and preferences of the Middle East & Africa market, such as devices designed for hot and arid climates or culturally relevant features.

Eyewear, such as AR glasses and VR headsets, are a significant part of the wearable technology market. AR glasses like those produced by companies like Microsoft and Google have applications in various industries, from gaming and entertainment to healthcare and education. VR headsets are used for immersive gaming, training simulations, and virtual experiences, contributing to the growth of this segment. Smart glasses with AR capabilities are increasingly adopted by enterprises for tasks like remote assistance, maintenance, and training. These devices enhance productivity and efficiency in various industries, such as manufacturing, field service, and healthcare. The integration of technology into stylish and fashionable headwear and eyewear is making these wearables more appealing to consumers. Brands are designing products that not only provide functionality but also complement personal style and fashion preferences. Smart eyewear and headwear are also used for health and fitness applications. They can track physical activity, monitor heart rate, and provide real-time feedback to users, contributing to the growth of these wearables in the health and wellness sector. Headsets designed for sports and entertainment, like smart ski goggles and sports-specific headsets, are gaining popularity. They offer features such as real-time data, audio enhancements, and immersive experiences, making them attractive to athletes and enthusiasts. Wearable cameras, such as those integrated into eyewear and headwear, are being used in various professional and recreational settings, including sports, journalism, and personal video recording. Smart eyewear can assist individuals with visual impairments through features like object recognition and text-to-speech capabilities. This application is contributing to the growth of eyewear wearables in the assistive technology sector. Some eyewear and headwear offer hands-free connectivity, allowing users to access information, make calls, and interact with digital assistants while on the go, which enhances convenience and productivity. Ongoing innovations in the field are expanding the use cases for eyewear and headwear. For example, emerging technologies like brain-computer interfaces (BCIs) and neural control systems are being integrated into headwear, paving the way for new possibilities. The growing interest and investment in the wearable technology sector have spurred competition and innovation, leading to the development of new and improved eyewear and headwear wearables.

Furthermore, smart textiles are designed to integrate technology seamlessly into fabric, making them comfortable to wear. Unlike traditional wearable devices, such as wristbands or smartwatches, smart textiles are less obtrusive and adapt to the body's movements, providing a higher level of comfort. Smart textiles are capable of monitoring various health and fitness metrics, such as heart rate, body temperature, and respiration rate. These textiles can provide real-time data to users, athletes, and healthcare professionals, making them valuable for health monitoring and wellness applications. Smart textiles enable continuous monitoring, which can be especially beneficial for individuals with chronic conditions. This continuous data collection can provide insights into long-term health trends and early detection of issues. Smart textiles can be integrated into various clothing items, including shirts, socks, and underwear. This integration allows users to incorporate wearable technology into their everyday attire without the need for additional accessories. Wearable smart textiles are becoming more fashionable and aesthetically pleasing. The integration of technology with clothing designs allows consumers to express their style while benefiting from the functionality of smart textiles. Smart textiles are highly versatile and adaptable. They can be designed to conform to different body shapes and sizes, making them suitable for a wide range of users. In healthcare, smart textiles have the potential to be used for remote patient monitoring, early disease detection, and rehabilitation. For example, they can monitor vital signs or assist in post-surgery recovery. Smart textiles are finding applications in the military and sports industries for tracking soldiers' health and performance or monitoring athletes' physical data during training and competitions. Smart textiles can also include sensors that monitor environmental factors such as air quality, UV radiation, or temperature. This data can be valuable for various purposes, from outdoor activities to workplace safety. Also, smart textiles have the potential to be more sustainable and environmentally friendly compared to traditional electronic devices. They can be integrated into eco-friendly fabrics and may lead to a reduction in electronic waste.

Wearable devices are increasingly used for remote patient monitoring, allowing healthcare providers to track patients' vital signs, medication adherence, and overall health status from a distance. This is particularly valuable for managing chronic conditions, post-surgery recovery, and elderly care. The COVID-19 pandemic accelerated the adoption of telehealth and telemedicine services. Wearable devices, such as smartwatches and health trackers, are often integrated with telehealth platforms, enabling patients to have virtual consultations with healthcare professionals and share real-time health data. Wearables equipped with sensors and advanced algorithms can detect early signs of health issues, such as irregular heart rhythms, high blood pressure, or respiratory problems. This early detection can lead to timely intervention and prevention of more severe health conditions. Wearables offer tools for the management of chronic diseases, like diabetes and hypertension. They can monitor blood glucose levels, track medication adherence, and provide insights to help patients better manage their conditions. Wearable devices provide users with continuous data on their physical activity, heart rate, sleep quality, and more. This information can motivate individuals to lead healthier lifestyles and prevent health problems. As the global population ages, there is an increasing need for healthcare solutions that support elderly individuals. Wearable devices can enhance their quality of life by providing tools for fall detection, medication reminders, and general health monitoring. Wearable medical devices, such as smart insulin pumps, continuous glucose monitors, and ECG monitors, offer precise and convenient solutions for patients with specific medical needs. Wearable technology allows for the collection of individual health data, enabling healthcare providers to deliver personalized treatment plans and interventions based on a patient's unique health profile. The data collected by wearable devices can be integrated into electronic health records (EHRs) and analyzed to provide a comprehensive view of a patient's health. This data-driven approach can improve diagnostic accuracy and treatment outcomes. Wearable healthcare technology is accessible and convenient for patients. It allows them to be proactive about their health, receive timely alerts and guidance, and engage in their care, promoting a sense of empowerment and control. Regulatory bodies, such as the U.S. Food and Drug Administration (FDA), have established guidelines for the development and use of medical wearables. Clear regulations provide confidence to healthcare providers and consumers about the safety and reliability of these devices. Continuous advancements in sensors, battery life, connectivity, and data analytics are enhancing the capabilities and accuracy of healthcare wearables, making them more effective in monitoring and managing health conditions.

Market Drivers

• Remote Work and Health Concerns: The COVID-19 pandemic has accelerated the adoption of wearable technology, particularly for remote work and health monitoring. As remote work became the norm for many, there was a greater demand for wearables that could track not only physical activity but also mental health and stress levels. Wearables that offer features like stress management, guided meditation, and productivity tracking have gained popularity. Additionally, these devices have been used to monitor COVID-19 symptoms, which have led to a greater emphasis on the health and safety aspects of wearables, further driving market growth.
• Aging Population and Healthcare Applications: The aging global population is a significant driver for wearable technology, especially in healthcare applications. Wearable devices are increasingly used to support aging individuals by providing continuous health monitoring, fall detection, medication reminders, and telehealth capabilities. These devices help seniors live independently while ensuring their health and safety. As the population continues to age, the demand for healthcare-focused wearables is expected to grow, creating new market opportunities.

Market Challenges

• Interoperability and Ecosystem Integration: One of the challenges facing the wearable technology market is ensuring interoperability and seamless integration with various devices and ecosystems. Consumers often use multiple wearable devices and want them to work together effortlessly. Achieving compatibility with smartphones, smart home devices, and other wearables can be complex, as different manufacturers may use different operating systems and communication protocols. Overcoming these interoperability challenges requires industry-wide standards and cooperation to create a more unified and user-friendly wearable ecosystem.
• Regulatory Compliance and Certification: The wearable technology market is subject to various regulatory requirements, especially when it comes to health-related wearables. Devices that collect and process health data are often subject to medical device regulations and data protection laws. Compliance with these regulations, such as FDA approval in the United States or CE marking in Europe, can be a complex and costly process. Ensuring that wearables meet the necessary standards and certifications is a challenge that manufacturers must navigate to bring their products to market.

Market Trends

• Augmented Reality (AR) and Virtual Reality (VR) Integration: The integration of augmented reality (AR) and virtual reality (VR) into wearables is a growing trend. This includes AR glasses and VR headsets that offer immersive experiences for gaming, education, training, and remote collaboration. As these technologies become more compact and affordable, wearables are evolving to provide a seamless AR/VR experience. This trend is expected to have a significant impact on various industries, including gaming, education, healthcare, and remote work.
• Sustainability and Eco-Friendly Wearables: Sustainability is a rising trend in the wearable technology market. Consumers are increasingly conscious of the environmental impact of electronic devices. Wearable manufacturers are responding by using eco-friendly materials, reducing energy consumption, and designing products that are easier to recycle. Sustainable wearables are not only appealing to environmentally conscious consumers but also help companies meet corporate social responsibility goals.

Covid-19 Impacts

The COVID-19 pandemic has had a significant impact on the wearable technology industry. While initial disruptions in supply chains and manufacturing processes were felt, the pandemic also accelerated the adoption and development of wearables for health monitoring. Wearable devices, such as smartwatches and fitness trackers, gained prominence as they could track vital signs and detect early symptoms of the virus, providing users with valuable health insights. Additionally, the demand for remote healthcare solutions led to the integration of telehealth features in many wearables, enabling users to consult with healthcare professionals from the safety of their homes. As a result, the wearable technology market witnessed a surge in sales, with an increased focus on health and wellness features, paving the way for innovations in this sector and reinforcing the importance of wearable technology in our daily lives.

Competitive Landscape

Major manufacturers focus on new product launches to attain a competitive edge in the industry and expand their product offerings. For instance, on August 2022, Fitbit Inc. announced the launch of its lineup of new watches. The lineup includes Sense 2, Inspire 2, and Versa 4. The wearable technology market is moderately competitive and consists of significant individual players. Key players considered in the report include Samsung Electronics Co., Ltd, Apple Inc., Garmin Ltd., Sony Group Corporation, Xiaomi Corporation, HTC Corporation, Huawei Technologies Co., Ltd, Fossil Group, Inc., Google LLC, Toray Industries, Inc., Seiko Epson Corporation, Axon Enterprise, Inc, Vuzix Corporation, Titan Company Limited, Lenovo Group Limited,, Polar Electro Oy, Magic Leap, Inc., Bellabeat, Adidas AG and Withings.

Key Developments

• In August 2023, Gizmore announced a strategic partnership with Staunch Electronics India to expand its presence in the hearable and wearable categories and bring innovative products to its customers. With this partnership, Gizmore plans to sell one million audio devices in 2023-24, with a major focus on the truly wireless earphones category.
• In June 2023, Italian swimwear brand Arena Italia announced that it was looking for acquisition opportunities in the wearable devices for the sports market. Moreover, targets of interest could include companies with in-house technological backgrounds in sports science, producing a range of technological sensors and wearable devices to track swimmers’ performances.
• In March 2023, Samsung, in collaboration with Google and Qualcomm, announced to work on an upcoming mixed-reality headset. While not much is known about Samsung’s mixed reality headsets, a recent US trademark filed by the South Korean tech giant suggests that the product might have the brand name ‘Galaxy Glasses.’

Considered in this report:

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:

• Global Wearable Technology market Outlook with its value and forecast along with its segments
• Region-wise Wearable Technology market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa

By Product:

• Wristwear
• Eyewear & Headwear
• Footwear
• Fashion & Jewelry
• Bodywear
• Other Wearable Technology (Wearable Camera)

By Type:

• Wearable Smart Textiles
• Wearable Products and Devices (Non-Textiles)

By Application:

• Consumer Electronics
• Healthcare
• Enterprise and Industrial Applications
• Other Applications (fashion and lifestyle, gaming and entertainment, military and defense, education and training, tourism and navigation, pet and animal health, etc.)

Intended audience:

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Wearable Technology industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.