Global Wearable Technology Market to Observe Strong Development of 22.0% CAGR by Revenue During the Period 2018 - 2021

Marketprognosis.com Publish a New Market Research Report On “The Wearable Technology Ecosystem: 2018 – 2030 – Opportunities, Challenges, Strategies, Industry Verticals and Forecasts” which contains global key player’s survey information and forecast to 2030.

Overview of the Global Wearable Technology Market:

The market research analyst estimates that Wearable Device shipments will grow at a CAGR of approximately 22% between 2018 and 2021. By the end of 2021, wearable devices will represent a market worth $45 Billion with over 250 Million annual unit shipments.

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While Wearable Technology has been utilized in vertical sectors such as the military and healthcare industries for many years, ongoing advances have triggered a major resurgence of the concept, particularly among the consumer community. Key enabling technologies including low cost sensors, wireless connectivity, active materials and energy have converged to make wearable technology mainstream.

With the continued miniaturization of enabling technologies, wearable devices have hit the mass market in a diverse variety of form factors – ranging from smart watches and fitness trackers to smart glasses to hearable.

Driven by the ability to interconnect with key modern trends of healthcare, fitness, messaging and socialization, the wearable technology ecosystem is attracting significant levels of interest. Companies as varied as smartphone OEMs, mobile operators, health insurers and retailers are circling the ecosystem alongside tiny startups, all vying for a stake.

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Key Findings:

1 Driven by the thriving ecosystem, market research analyst estimates that the mHealth market will account for more than $28 Billion in 2018 alone. Despite barriers relating to regulation, patient acceptance and privacy concerns, market research analyst estimates further growth at a CAGR of approximately 30% over the next three years.

2 With ongoing advances in key enabling technologies such as the miniaturization of sensors and the development of 5G NR (New Radio) platforms, a spate of new applications are beginning to emerge – ranging from connected drug delivery platforms to UHD (Ultra High Definition) video streaming for remote medical examinations.

3 The market research analyst estimates that annual unit shipments of health and fitness-centric wearable devices will surpass 105 Million by the end of 2018. In order to gain valuable insights from the data generated by these devices, healthcare providers and other stakeholders are increasingly investing in Big Data and analytics technology.

4 As key stakeholders realize the revenue potential of mHealth, a spate of prominent strategic partnerships is beginning to emerge. For example, pharmaceutical giant Novartis has recently partnered with digital therapeutics specialist Pear Therapeutics to co-develop prescription mobile apps aimed at treating patients with multiple sclerosis, schizophrenia and substance use disorder.

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Market forecasts are provided for each of the following 5 submarkets and their 23 use case categories:

1 Pharmaceutical Applications

2 Information & Healthcare Management

3 Healthcare & Fitness

4 Remote Consultation/Diagnostic Services

5 IoT, Wearable Technology, Sensor & Monitoring Applications

Ecosystem Player Segmentation:

1 Mobile Operators & Connectivity Providers

2 Mobile & mHealth Device OEMs

3 Content & Application Providers

4 Healthcare Service Providers

5 Pharmaceutical Industry

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This release was published on openPR.