Market Size of Wearable Computing Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 19.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wearable Computing Devices Market Analysis
The Wearable Computing Devices Market is poised to witness a CAGR of 19.9% during the forecast period. Wearable technology is a new trend that integrates electronics into daily life. IoT Insights' analysis estimates that by 2025, there will be about 27 billion linked IoT devices, as supply limitations will have eased and growth will have accelerated.
- Increasing technological advancements in the wearables market are driving the market. Wearable technology is quickly evolving into a significant technology segment, owing to the growing number of technological innovations by various major vendors.
- The increase in health awareness among consumers is driving the market. Owing to the growing trend of health consciousness amongst the global populous, medical features, such as heart rate fluctuation monitoring, ECG, and pulse rate tracking, are increasingly being embedded into smart wearables. More players launching fitness devices at competitive pricing are accelerating the wearable market trends.
- However, with the outbreak of COVID-19, the global demand for electronics slumped significantly but is gradually returning back to normal flow. According to a report released by IPC (international industry association), backlogs are declining at a higher rate among firms operating in North America, APAC, and globally when compared to firms in Europe. The development of improved connectivity enabled by semiconductors will drive digital health gadgets like smartwatches or fitness bands.
- Mindray launched the mWear system, a patient monitoring solution that supports comprehensive and precise measurements of vital signs, including ECG, oxygen saturation, noninvasive blood pressure, respiration rate, pulse rate, and temperature. With the highlights of critical sign changes, auto-triggered emergency mode, and alarm escalations, clinicians can effectively identify early signs of deterioration and offer timely interventions.
