Wearable Smart Device Market Growth & Forecast Analysis | 2022-2028

Market Insights

The wearable smart device market was estimated at USD 68.82 billion in 2021 and is likely to grow at a CAGR of 14.7% during 2022-2028 to reach USD 180.3 billion in 2028.

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What are wearable smart devices?

Wearable smart devices are smart electronic devices enabled with wireless technologies such as GPS, Bluetooth, and others that transmit relevant information that is worn close to the surface of the skin and receive information through analytics. The wearable smart device market is doing great in gathering and relaying vital health statistics related to human health for the past few years and it has future opportunities to gain vital clinical information for real-time decision-making.

COVID-19 IMPACT

Industrial activities across the globe were impacted by the outbreak of the Covid-19 pandemic. The electronics industry is severely hit with a significant impact on its supply chain and production facilities. However, the pandemic had a moderate impact on the wearable smart device market.  The increasing demand for wearable devices in various sectors like infotainment, telemedicine, and navigation, growing health awareness, and also the adoption of smart clothing is likely to drive the market growth at a healthy rate in the forecast period.

Key Players

Key players operating in the market are-

• Apple Inc.,
• LG Electronics Inc.,
• Sony,
• Fitbit Inc.,
• Adidas Group,
• Garmin Ltd.,
• Xiaomi Technology Co. Ltd.,
• Misfit Inc.,
• Lifesense Group, and
• Samsung Electronics Co. Ltd.

Market Dynamics

Multi-featured and hybrid application mobile devices are generating great opportunities for the key market players.

• In the current scenario, the veterinary wearable market is in its expansion stage which is driven by the growing adoption of the Internet of Things and connected devices, advanced technological devices such as GPS and RFIDs, increasing awareness about various smart wearable devices, technological advancement in electronic devices, and increasing government initiatives and expenditure towards behavioral monitoring.
• The high cost of wearable smart devices and the lack of proper wireless infrastructure in developing countries are the major restraining factors hindering the growth of the market.

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Segment Analysis

Application Trend

Based on the application segment, the wearable smart devices market is segmented into identification & tracking, fitness & wellness, medical diagnosis & treatment, safety & security, and others. The fitness & wellness segment accounted for the largest market share in 2021 due to the rise in demand for healthy activities among consumers.

Regional Trend

North America accounted for the largest market share of more than 33.33% in 2021, owing to the presence of well-established players in the market, and increase government expenditure on the healthcare industry coupled with advanced and well-developed healthcare infrastructure.

However, the Asia Pacific region is anticipated to witness the highest CAGR during the forecast period due to growing disposable income, and increasing government on healthcare in growing emerging economies such as China, and India.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

This market is segmented into the following categories. 

By Device Type

• Smart Watch
• Wrist bands
• Medical Devices
• Fitness Trackers
• Sports Watches
• Activity Monitors
• Others.

By Application Type

• Identification & Tracking
• Fitness & Wellness
• Medical Diagnosis & Treatment
• Safety & Security
• Others.

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Italy, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Target Audience

The following is a list of the customers that the market aims to convert the most:

• Manufacturers
• Suppliers
• End-users
• Retailers
• Consumers

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players and those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by distribution channel type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.