A new report has come out detailing how the industry on wearable tech could potentially be changing quite rapidly in the coming years. The report shows that the market could reach over $14 billion by 2022 from use $6.2 billion last year. According to the report, at a “CAGR of 18.3% during (2017-2022) driven by the technological advances in medical devices, increasing penetration of smartphones and growing number of smartphone-based healthcare apps compatible with wearable devices and growing preference for wireless connectivity among healthcare providers and increasing awareness about physical fitness.”
The report further stated that the market on wearable tech is extremely competitive, which is good for many aspects of the market. The report states that “Prominent players in this market include Fitbit (US), Philips (Netherlands), LifeWatch (Switzerland), Garmin (Switzerland), and Omron (Japan). The other players operating in this market include Drägerwerk (Germany), Nokia Technologies (US), Jawbone (US), Polar (Finland), Wor(l)d Global Network (US), Activeinsights (UK), VitalConnect (US), Xiaomi (China), Misfit (US), and Monica Healthcare (UK).”
North America is expected to be the largest share of the wearable medical device market followed by Europe. The report states that “Asia Pacific is expected to register the highest CAGR during the forecast period. The high growth in this regional segment is attributed to the increasing spending on healthcare, economic growth, huge population base, and increasing prevalence of diseases. Changes in lifestyle and increasing awareness on wellness and fitness are also expected to drive market growth in the region.”
Given that this is such a new market, it will be interesting to see where it goes throughout the next coming years. The hopes are high that as technology is able to get better, prices will go down, allowing many individuals to get into the space who otherwise wouldn’t have.