Wearable Devices
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Wearable Devices Market Size Growth Forecast: What to Expect by 2025?
The growth of the wearable devices market has been swift and substantial in the past few years, with the market forecasted to expand from a size of $108.53 billion in 2024 to $125.22 billion in 2025, accruing a compound annual growth rate (CAGR) of 15.4%. The historical period’s growth has been driven by various factors including the escalating need for remote health monitoring, an enhanced focus on preventive healthcare, the deepening integration with various healthcare systems, a growing interest in personalized wellness, and an increasing use in workplace wellness schemes.
How Will the Wearable Devices Market Size Evolve and Grow by 2029?
The market for wearable devices is projected to experience a swift expansion in the coming years, escalating to a value of $219.12 billion by 2029 with a compound annual growth rate (CAGR) of 15%. The anticipated growth during the forecasted period is a result of rising smartphone usage, growing understanding of the importance of fitness, surge in urban population, burgeoning popularity of digital health tracking and the increasing implementation of wireless connectivity. The forecast period is characterized by major trends like advances in biometric sensor technology, improvements in battery efficiency, investments in research and development for product miniaturization, the creation of flexible and wearable display technologies and user experience design innovations.
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What Drivers Are Propelling the Growth of Wearable Devices Market Forward?
The growth of the wearable devices market is predicted to be driven by the growing adoption of smartphones in the next few years. Considered as handheld electronic gadgets, smartphones combine the functionalities of mobile phones with enhanced features like access to the internet, touchscreens, and a plethora of communication, entertainment, and productivity apps. The surge in smartphone usage is attributed to the greater accessibility of the internet, enabling people to remain connected, obtain information, and take advantage of online services almost anywhere. As smartphones act as the primary hubs that synchronize, administer, and display data gathered by wearables, the escalating usage of smartphones bolsters the demand for wearable devices, bolstering their functionality and user experience via uninterrupted connectivity. For example, as per a report from UK-based price comparison services provider, USwitch Ltd., in February 2024, the UK at the beginning of 2022 had 71.8 million mobile connections, 4.2 million more than the total population, this represented a 3.8% rise, or approximately 2.6 million additional connections compared to 2021. It’s forecasted that by 2025, the population of the UK will be 68.3 million, with about 95 percent, or an estimated 65 million people, being smartphone users. Thus, the escalating adoption of smartphones is anticipated to stimulate the growth of the wearable devices market.
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Which Emerging Trends Are Transforming the Wearable Devices Market in 2025?
Major players in the market for wearable devices are concentrating their efforts on designing innovative solutions such as multi-parameter monitoring gadgets. These tools allow for the reduction of multiple separate devices, make patient care more straightforward, and enhance comfort. Multi-parameter monitoring instruments are electronic setups that measure and track a range of physiological metrics concurrently, supplying real-time data for comprehensive health evaluations. One example was in April 2022 when BioIntelliSense Inc., a medical tech company based in the US, unveiled the BioButton Rechargeable wearable product. This tool consistently monitors over 20 vital signs and physiological metrics for a maximum of 30 days on a single charge, facilitating the early detection of health shifts in home and hospital environments. It presents an effective, economically-advantageous alternative for constant care of patients suffering from intricate or recurring health disorders. Automating regular vitality sign collection lessens dependence on healthcare practitioners for repeated manual inspections, conserving time and resources. By offering up to 1,440 records daily, it provides detailed data that enables prompt interference and aids in easing healthcare staff-related issues.
What Are the Key Segments in the Wearable Devices Market?
The wearable devices market covered in this report is segmented –
1) By Product Type: Smartwatches, Fitness Trackers, Smart Glasses, Wearable Health Monitors, Smart Clothing, Other Product Types
2) By Technology: BlueTooth, Wi-Fi, Near Field Communication (NFC), Cellular Technology, Augmented Reality (AR) Applications
3) By Distribution Channel: Online Retailers, Physical Retail Stores, Wholesale Distributors, Direct-To-Consumer Sales, Telecommunications Service Providers
4) By Application: Health And Fitness Tracking, Mobile Payments, Remote Patient Monitoring, Navigation And Location Tracking, Emergency Alerts And Notifications
5) By End-User: General Consumers, Healthcare Professionals, Fitness Enthusiasts, Corporate Wellness Programs, Sports Teams And Athletes
Subsegments:
1) By Smartwatches: Standalone Smartwatches, Companion Smartwatches, Hybrid Smartwatches
2) By Fitness Trackers: Wristbands, Clip-on Trackers, Ring-based Trackers
3) By Smart Glasses: AR Glasses, VR Glasses, Mixed Reality Glasses
4) By Wearable Health Monitors: Heart Rate Monitors, Blood Pressure Monitors, Blood Oxygen Monitors (SpO2), ECG Monitors, Glucose Monitors
5) By Smart Clothing: Smart Shirts, Smart Shoes, Smart Socks, Smart Sports Bras, Smart Jackets
6) By Other Product Types: Smart Rings, Wearable Cameras, Wearable Headsets, Wearable Patches, Smart Earwear
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Who Are the Key Players Shaping the Wearable Devices Market’s Competitive Landscape?
Major Companies operating in the wearable devices market are Apple Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., ITOCHU Corporation, Sony Corporation, Nike Inc., Qualcomm Technologies Inc., Xiaomi Corporation, Honeywell International Inc., Adidas AG, ASUSTEK Computer Inc., Seiko Epson Corporation, Motorola Solutions Inc., Garmin Ltd., Fitbit Inc., HTC Corporation, WHOOP Inc., Doodle Labs LLC, Vuzix Corporation, Humon
What Geographic Markets Are Powering Growth in the Wearable Devices Market?
North America was the largest region in the wearable devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wearable devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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