Transparency Market Research Brings Out Wearable Technology Market Report [Health & Beauty Close - Up]

(Health & Beauty Close - Up Via Acquire Media NewsEdge) According to a new market report published by Transparency Market Research, "Wearable Technology Market-Global Scenario, Trends, Industry Analysis, Size, Share and Forecast, -2018," the global wearable technology market stood at USD 750.0 million in 2012 and is expected to reach USD 5.8 billion in 2018, at a CAGR of 40.8 percent from 2012 to 2018.

According to a release, North America is expected to maintain its lead position at 43.0 percent of the global wearable technology revenue share in 2018 followed by Europe.

Transparency Market said wearable technology market is in early stage of evolution with adoption in various end-use segments such as fitness and wellness, healthcare and medical, industrial and military and infotainment sectors. Wearable fitness and wellness products include smart clothing, activity monitors, sleep sensors and others; whereas the infotainment segment includes smart watches, smart glasses and heads-up displays among others. On the other hand, products like continuous glucose monitors (CGM), drug delivery, and wearable patches are being predominantly used in healthcare and medical sector. Hand worn terminals, heads-up displays and other such products are being used in the industrial and military settings.

Among all the wearable technology end use segments, the Company noted that the healthcare and medical segment held a revenue share followed by fitness and wellness in 2012. However, in 2018, the infotainment segment is expected to surpass the fitness and wellness segment driven by growth of smart watches and smart glasses. The healthcare and medical segment accounted for about 35.1 percent of the overall wearable technology market in 2012 primarily due to the rising aging population and increase in diabetic population.

Wearable technology is driven by factors like compactness, portability and use along with the multi-functionality and increasing applications of these products in various sectors. The increasing adoption of such products among youth coupled with increasing demand for real time and actionable data will also fuel the growth of the wearable technology market. However, factors including high price and lack of consumer awareness are expected to hinder the market growth.

North America led the wearable technology market growth with high adoption rate and better consumer awareness in the region. The North America region contributed over 2/5th of the global wearable technology market revenue and will consolidate its lead position during the forecast period. Europe and Asia Pacific region will collectively account for about 49 percent of the market revenue by 2018.

Transparency Market Research is a global market intelligence company.

More information: www.transparencymarketresearch.com/technology-market-reports- 8.html www.transparencymarketresearch.com ((Comments on this story may be sent to newsdesk@closeupmedia.com)) (c) 2013 ProQuest Information and Learning Company; All Rights Reserved.

[ Back To Technology News's Homepage ]