As wearables continue to move from niche markets into the mainstream, a number of industries are integrating the technology to introduce new services. A new report by Transparency Market Research (TMR) on wearable technology reveals the global market is expected to grow at a CAGR of 40.8 percent from 2012 to 2018.
This will increase the value of the global wearable technology market to $5.8 billion, which is a whopping 700 plus percent increase of its value in 2012, when it was only $750 million.
Wearable technology is identified by TMR as devices that are worn on the body instead of being carried like other consumer electronics, such as smart phones and MP3 players. In most cases wearable technologies are used to monitor activity of the user and bodily markers. That is why the healthcare sector is dominating the wearable segment.
In the report TMR lists a long list of categories in which wearable technologies are being applied. This includes fitness and wellness, infotainment, industrial and military, and the health and medical sector.
The different segments in healthcare include, glucose monitors, smart drug delivery devices, wearable patches, and other types of monitors. As the healthcare industry continues to migrate to digital technology, wearables will be part of telemedicine services delivered in many parts of the world.
Physicians can use these wearable technologies to monitor their patient’s heartrate, sugar level, sleeping pattern, exercise, and more without having the patient come to the office. Continuous glucose monitoring devices have seen a spike, largely due to the growing numbers of diabetics around the world.
Globally the medical and healthcare sector grabbed the largest share of the market at 35.1 percent in 2012, and that trend will continue through the forecast period.
The North American region will keep its lead, peaking at 49 percent of the global market by 2019. The other regions, Asia Pacific, Europe, and the rest of the world will experience growth, but according to TMR, it will be slow and prone to fluctuations. Some of the key players identified in the report were Adidas, Medtronic, Abbott Laboratories, Eurotech, Garmin International, Google, Nike, Sony, Suunto and Zephyr.
Edited by Kyle Piscioniere