Science and technology have ceaselessly provided human beings opportunities for a radical approach to an amiable livelihood. The researchers have discovered technologies and instruments that can potentially reduce the human efforts due to their wide range of applications. In the past ten years, digitization and miniaturization of electronics have penetrated almost every industry to manufacture products that can be effective as well as efficient for the end users leading to a tech wearable future.
“Wearable technology” is one of the pivotal developments that have revolutionized the health care industry. Most of the healthcare or fitness devices operational under the wearable technology can be worn on wrists. Such types of devices are known as “Wrist Wearable Devices”. Quell Relief band, Smart Stop anti-smoking, Jawbone UP2 are few healthcare monitors operational under the wearable technology. The progress witnessed by the wrist wearable devices in the healthcare market allured colossal investments in 2014. The reason behind this immense rise in investments is the shift in marketing strategy entirely from consumers to the business applications of these products. The prosperous future of the wearable devices market in the next five years is also among the key causes of surge in the investments. As per a report published by IndustryARC, a research and consulting firm the healthcare monitor segment of the wrist wearable device market captured 76.6% share of the net sales. The segment is projected to grow at a CAGR of 11.8% by 2020. The investment in the digital healthcare equipment markets was reported to be $2.7 billion in 2014. Leading funding organizations such as Obamacare and Bessemer Venture Partners are vigorously investing in the R&D of the healthcare wearable devices to cut down the costs and make it available to mass population. This will also allow companies to broaden the scope of these technologies from monitoring not only activity tracking but chronic diseases too. Some research studies have stated that these devices will increase the average life expectancy by 10 years. The awareness among the consumers and the detailed knowledge about the product attributes has laid grounds for massive investments in the wearable device market. The wearable device manufacturers such as Nike, Inc have expanded their R&D centers to amplify the scope of their products to serve wide range of applications.
- Wrist Wearable Devices Market Analysis by Components (Power
Supply, Sensing, Memory, Display); Products (Smart watches, Smart bands,
Monitoring Devices, Fitness); Applications (Lifestyle, Medical, Sports,
Infotainment) - (2013 – 2020) https://www.industryarc.com/Report/167/wrist-wearable-devices-market-analysis-and-forecast.html