Smart Wearables Market

Smart Wearables Market Overview

The global smart wearables market is currently valued to be $5.4 billion and is projected to reach $32 billion by 2030. Owing to the indispensable need of every individual to remain healthy, the healthcare sector has been a key element in the overall growth of society and economy. With the ever increasing global population that currently stands at 7.4 billion, healthcare management is a primary challenge as more and more people become aware about fitness and health. In order to address this challenge, the industry is obligated to revise, restructure and improve its services and methodologies. The trend has recently shifted towards the adoption of a more proactive approach in healthcare; this is being achieved by focusing on early detection of any / all adverse health conditions and implementing preventive measures. A blend of information technology within healthcare sector has resulted in several revolutionary developments for personalized healthcare. Examples of such innovations include genome sequencing, use of robots in healthcare and remote patient monitoring; in fact, smart wearables form a key component of remote patient monitoring while offering several associated benefits.

Defined as wearables that contain active electronics such as sensors, audio / video feedback mechanisms and data processing / transmission capabilities, smart wearables are becoming quite popular amongst the masses. Such wearables allow an individual to monitor and share critical insights on his / her health with the physician without having to visit a healthcare professional. These wearables are generally classified as smart wrist wearables, smart patches, smart clothes, smart head / neck wear and smart ear / eye wearables while their applications span across activity / fitness tracking, monitoring & diagnostics, therapy and other areas. At present, smart wrist wearables dominate the market with presence of a large variety of wearables, primarily for activity / fitness tracking. Several start-ups, with innovative wearables, have surfaced in the past 6-7 years and have continuously encouraged the use of novel technologies. A sizeable proportion of these companies are focused on gaining foothold in the field of monitoring & diagnosis and wearables offering therapeutic benefits. The current market is primarily concentrated in North America and Europe; these regions have presence of a large number of companies focused on development of smart wearables. It is fair to state that, in the long term, emerging markets of Asia (specifically India and China) are likely to emerge as credible contributors; commoditized prices will be a significant factor that could result in mass adoption amongst the wide consumer base in these regions.

The overall interest continues to rise as is evident from the number of partnerships / agreements that have taken place amongst the stakeholders. Product development agreements have been very common and are likely to play an active role in industry’s development. Moreover, several venture capital firms including (indicative list, in no specific order) Qualcomm Ventures, Intel Capital, Khosla Ventures, Mohr Davidow Ventures, Sanderling Ventures, DCM Ventures, ff Venture Capital and True Ventures have led multiple funding rounds in these companies, acting as a key enabler in the current ecosystem. A well distributed market of these next generation wearables across several stakeholders presents a good opportunity for evolution of innovative technologies. A stronger and more collaborative ecosystem amongst the wide variety of stakeholders could result in a significantly higher market growth compared to what the industry has experienced in the recent past.

Recent Developments in Smart Wearables Market:

Several recent developments have taken place in the field of smart wearables market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

• In May 2023, Medtronic acquired wearable insulin patch maker EOFlow in order to strengthen its portfolio. 
• In May 2023, Viridian Therapeutics entered into a partnership with Enable Injections with an aim to support its preclinical programs outside of thyroid eye disease and enhance patient’s experience. 
• In February 2023, Insulet acquired insulin pump patents from Bigfoot Biomedical in order to offer improved insulin delivery technologies.

Scope of the Report

The ‘Smart Wearables Market, 2016-2030’ market report provides a comprehensive analysis of the current market landscape, smart wearables market size, market share, market growth, market trends, market value, smart wearables market forecast, market outlook, statistics and future opportunities of the smart wearables market. The market report highlights the various applications of smart wearables across a wide range of sectors such as gaming, entertainment, healthcare / fitness and lifestyle. A significant amount of innovation in smart wearables industry is centred in the healthcare sector. The market research report provides a holistic coverage of developments that are impacting the current healthcare setup and are likely to drive significant changes in healthcare management approaches in the future. In fact, a close look at historical trends on social media platforms clearly indicates the growing popularity of smart wearables / devices amongst the masses.

One of the key objectives of this market report was to identify the various smart wearable technology that are currently available / being developed and evaluate the future potential of the smart wearables market within the healthcare industry. Combined, these wearable technology offer a huge opportunity for their respective developers as the industry gets ready for the launch of next generation of these products. In addition to other elements, the market report elaborates on the following areas:

• The current status of the market with respect to key players in this segment, specific applications (such as activity / fitness tracking, monitoring & diagnostics and therapy) and therapeutic areas these products intend to address.
• 2x2 matrices depicting product competitiveness and supplier power across the growing landscape of smart wearables to assess the likely influence such products will have in the future.
• Impact of venture capital funding as well as numerous partnerships inked between the stakeholders; it is important to stress that these are the two key enablers that will continue to drive developments in the near term.
• Detailed profiles of some of the established as well as emerging players in the industry highlighting key product features, user / professional reviews and other relevant information.
• Case study on the various components that are commonly used in smart wearables along with a list of manufacturers / service providers for these components.
• Potential future growth of smart wearables (both in terms of volume and value) across the different segments (wrist wearables, smart patches, smart clothes, head / neck wearables and ear / eye wearables) and application areas (activity / fitness tracking, monitoring & diagnostics and therapy). The report provides sales forecast for the global and specific regional markets (North America, Europe, Developed Asia and Rest of the World) till 2030. We have taken into account the price variation that is likely to happen because of mass acceptance and increased competition.
• The key objective of smart wearables market report is to provide a detailed market analysis in order to estimate the existing smart wearables market size, market share, market growth, market trends, market value, smart wearables market forecast, market outlook, statistics and future opportunity for smart wearables market during the forecast period

For the purposes of the market research report, we invited over 150 stakeholders to participate in the study to solicit their opinions on upcoming opportunities and challenges that must be considered for a more inclusive growth. Our opinions and insights presented in this market report were influenced by discussions conducted with several key players in smart wearables market. The market report features detailed transcripts of interviews held with Andrew Ronchi (CEO, dorsaVi), Anthony Gonzales (Co-founder and Executive Director, Force Impact Technologies), Jeff Sweeney (Director Market Development, Nortek Security & Control), Marc Paquin (Director Partnerships and Business Development, Hexoskin), Soulaiman Itani (Founder and Chief Technology Officer, Atheer), Steve Axelrod (President and Chief Executive Officer, G-Tech Medical) and Tansy Brook (Marketing Director and Research Lead, Lumo Bodytech).