Market Research Reports - Ken Research Wearable Technology Market Size and Share | Page 3

Chronic diseases and conditions are among the most common, costly, and preventable of all
health problems and are on rise in the US. Health consciousness is on rise in the US with many
reports suggesting rise in obesity and other lifestyle related diseases. More than 1 in 3 adults in
the US (about 92.1 million) have at least one type of cardiovascular disease. Over the years the
number of registered fitness clubs and gyms increased from 29,960 in 2011 to 36,540 in 2016.
Growth Drivers and Challenges
Compatibility and connectivity with other devices play a very significant growth driver for
products in the smart wearable segment. Over the period the smart wearable devices have
moved from smart fitness band to headbands, smart eyewears, wearable clothes, smart
footwear and others. Companies are now focusing on developing a hardware that can allow
better software upgrade and have longer life. It is expected that smart watch and smart
eyewear will gain more market in commercial application as the device gets compact and
improved battery life.
Future Outlook to Smart Wearable Health Devices
By Type of Product
Smart watches will gain popularity in the future and are expected to sell more than half (~%) of
the total smart wearable devices to be sold in the US. Sales are expected to reach ~ million
devices in 2021. Apple is expected to continue with its dominance due innovative technology,
brand conscious consumers and slightly competitive pricing. Products are expected to become
independent of smart phones as technological advancements are achieved. Demand for smart
eyewear is expected to witness a very healthy growth as they are expected to become part of
normal day to day life. Prescription based smart wear is expected to gain a much larger demand
in future as doctors will find it useful to remotely monitor the vitals. Penetration of such devices
is also expected to increase.
By Type of Distribution Channel
Online retail will continue to remain the dominant market place for sales and distribution of
smart wearables accounting for more than half (~%) of the total sales. Many large retail chains
are expected to establish and promote their online retail stores which will further give the
boost to online retail demand in smart wearable sections. Company outlets are expected to
grow in future even though the online presence is increasing mainly on account of user
experience that one may get at these stores. Organized retail offers the best opportunity to get
on hand experience about the product from new and emerging companies. It is expected that
eyewear stores will be the largest beneficiary of the sale in the organized retail segment as
prescription based smart glasses gain market.