As wearables continue to move from niche markets into the mainstream, a number of industries are integrating the technology to introduce new services. A new report by Transparency Market Research (TMR) on wearable technology reveals the global market is expected to grow at a CAGR of 40.8 percent from 2012 to 2018.
This will increase the value of the global wearable technology market to $5.8 billion, which is a whopping 700 plus percent increase of its 2012 valuation of $750 million.
Wearable technology is identified by TMR as devices that are worn on the body instead of being carried like other consumer electronics, such as smart phones and MP3 players. In most cases wearable technologies are used to monitor activity of the user and bodily markers. That is why the healthcare sector is dominating the wearable segment.
In the report, TMR lists categories in which wearable technologies are being applied. This includes fitness and wellness, infotainment, industrial and military, and the health and medical sector.
The different segments in healthcare include, glucose monitors, smart drug delivery devices, wearable patches, and other types of monitors. As the healthcare industry continues to migrate to digital technology, wearables will be part of telemedicine services that are currently being delivered in many parts of the world. This not only provides quality healthcare to many communities with limited access, but it makes resources available to a wider area.
Physicians can use these wearable technologies to monitor the heartrate, sugar level, sleeping pattern, the amount of exercise they are doing and more without having the patient come to the office. Continuous glucose monitoring devices have seen a spike, because of the growing numbers of diabetics around the world.
Globally the medical and healthcare sector grabbed the largest share of the market at 35.1 percent in 2012, and that trend will continue through the forecast period.
The North American region will keep its lead, peaking at 49 percent of the global market by 2019. The other regions, Asia Pacific, Europe, and the rest of the world will experience growth, but according to TMR, it will be slow and prone to fluctuations. Some of the key players identified in the report were, Adidas, Medtronic, Abbott Laboratories, Eurotech, Garmin International (News - Alert), Google, Nike, Sony, Suunto and Zephyr.
Edited by Maurice Nagle
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