ICT & Electronics Smart Wearable Device Market | Page 2

The global smart wearable devices market is segmented into product type such as
wearable smart textiles and wearable devices (non-textile). Among these
segments, wearable technology (non-textile) segment is expected to occupy the
top position in the market during the forecast period. The rise of the wearable
technology (non-textile) segment is backed by growing demand for products such
as smart watches, fitness bands and other health monitors. Moreover, wearable
smart textiles segment is also anticipated to witness significant growth over the
forecast period owing to growing demand for smart cloths in developed regions.
Global smart wearable devices market is expected to register a 16.0% CAGR over
the forecast period. Moreover, the global smart wearable devices market was
valued at USD 16.2 Million in 2016 and is anticipated to reach at a valuation of
USD 52.5 Billion by the end of 2024. Further, high adoption rate of advanced
technologies and growing disposable income of the consumers are expected to be
the dynamic factors which are fostering the growth of global smart wearable
device market.
The fitness & wellness segment by application is likely to grow at remarkable pace
during the forecast period. Increasing demand for wearable devices that can
monitor heart rate, blood sugar and other health parameters is anticipated to
foster the growth of this segment in near future.
Wearable technologies in healthcare & medical sector
Smart wearable devices such as heart rate monitor and glucose monitor are some
of the very highly used wearable technologies in healthcare & medical sector.
Further, the demand for smart wearable devices in health care and medical sector
is expected to rise in near future due to rising need for continuous monitoring of
patient’s health in hospitals.
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Technological advancements with wearable technologies
Rapid technological advancements with wearable technologies in order to
improve their performance are likely to impel the growth of global smart
wearable devices. However, continuous introduction of innovative and advanced
smart wearable technologies in consumer market is bolstering the growth of
global smart wearable devices market.
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