Wearable Market

Global Wearable Market size

The Global Wearable Market size was valued at USD 53.13 billion in 2023 which is estimated to be at USD 60.24 billion in 2024 to USD 162.76 billion by 2031, growing at a CAGR of 15.26% from 2024 to 2031.

The global increase in demand for wearable is driven by their multi functionality, rising health consciousness, technological advancement, an aging population, and the availability of affordable devices. In the scope of work, the report includes products offered by companies such as Apple Inc., Xiaomi, Samsung, Google LLC, LG Electronics, Huawei Devices Co., Fujitsu, Fossil Group, Inc., Garmin Ltd., and Adidas, among others.

Ongoing technological advancements are contributing significantly to the growth of the wearable market by fostering innovation, enhancing performance, and expanding device capabilities. Continuous upgrades in wearable devices, including smartwatches and fitness trackers, have significantly improved the accuracy of tracking key health metrics such as heart rate, blood pressure, and blood sugar levels.

Companies are expanding their product ranges, with investments in innovative devices such as smart clothes, smart shoes, and smart accessories. These devices incorporate advanced AI and ML algorithms for data analysis, pattern identification, and delivering personalized insights and recommendations.

• In October 2024, Oura Health Ltd., a Finnish health technology company, has developed the Oura Ring 4, a wearable device designed to track sleep patterns. The company utilizes AI algorithms to analyze key metrics such as heart rate variability and body temperature, providing users with personalized health insights and suggestions.

Wearable devices, including smartwatches, fitness trackers, smart glasses, smart shoes, smart clothing, and accessories, collect and analyze data to provide valuable insights.

These devices integrate sensors and connectivity features such as Bluetooth or Wi-Fi, finding application across a diverse range of sectors, including fitness, healthcare, and entertainment. The dynamic market encompasses a diverse range of products, including wrist-wear, eyewear, headwear, footwear, neckwear, and body-wear.

Analyst’s Review

The wearable market is characterized by intense competition and a proliferation of affordable products from numerous major players. To capitalize on this opportunity, companies are investing in product development across multiple segments, including fitness trackers, smartwatches, hearables, and specialized devices for healthcare and enterprise use.

Additionally, the emergence of niche markets such as elderly care and assistive technologies for individuals with disabilities offers further avenues for product innovation and market growth.

To maintain a competitive edge and drive market expansion, leading companies like Apple, Microsoft, and Google are leveraging acquisitions and partnerships to diversify product portfolio.

Acquiring specialized startups with expertise in key areas like sensor technology, AI algorithms, data analytics, and specialized software enables rapid integration of cutting-edge innovations into existing product lines. Furthermore, collaborations with domestic brands facilitate the development of regionally tailored offerings, catering to unique local consumer needs and preferences.

• In May 2024, Medable, a digital clinical software provider, partnered with Masimo to integrate the MightySat Rx wearable pulse oximeter into its platform. This collaboration aims to generate robust clinical evidence within oncology studies by capturing key vital signs of cancer patients, enhancing data collection and analysis for clinical trials.

Wearable Market Growth Factors

The wearable market has experienced exponential growth in recent years, fueled by rising popularity of fitness trackers, growing demand for smartwatches, continuous technological advancements, and rising health consciousness. A growing emphasis on health and fitness among consumers has increased the demand for wearable devices that effectively track activity, monitor vital signs, and support healthier lifestyles.

Wearable devices, such as smartwatches and fitness trackers, monitor key health metrics, including heart rate, blood pressure, and blood sugar levels, facilitating the early detection of potential health issues. Moreover, the rising incidence of chronic diseases, including diabetes, heart disease, and obesity, has fueled the demand for wearable devices in health management.

• In August 2024, Dexcom, a California based company, has developed a connected ecosystem for continuous glucose monitoring for users. The sensor integrates with the digital health app. This system integrates a sensor, a smartwatch, and a digital health app, providing users with features such as alerts and data-sharing capabilities through mobile devices and smartwatches.

Furthermore, manufacturers of medical wearable devices are investing significantly in advanced technologies to enhance patient care and minimize potential side effects.

Extensive research and development initiatives have led to advancements in sensor technology, resulting in smaller, more powerful, and energy-efficient devices that provide more accurate and reliable health insights. Moreover, new sensors are being developed to monitor a wide range of health metrics such as measuring stress levels, skin temperature and blood glucose.

The wearable market, while experiencing strong growth, faces several challenges including, data breaches and security concerns. Wearable devices collect sensitive data of the users, including GPS tracking, biometric information and health data, making them attractive targets for cyberattacks.

To mitigate this security risk, companies are actively investing in advanced technologies and implementing robust end-to-end encryption protocols to strengthen device and data security.

Wearable Industry Trends

The wearable market is witnessing a surge in demand for wearable health monitoring solutions, including blood pressure monitors, glucose monitors, ECG monitors, and fitness trackers.

The data collected from these devices can be effectively utilized for early disease detection, the personalization of treatment plans, and the provision of real-time feedback to encourage the adoption of healthy lifestyle behaviors. This growth trajectory is driving manufacturers to invest in R&D, focusing on advanced technologies to enhance product quality and mitigate potential adverse effects, thereby capitalizing on this expanding market opportunity

Furthermore, wearable manufacturers are expanding their product portfolios beyond traditional health and fitness, exploring sectors such as industrial applications, workplace safety, and entertainment. Continuous technological innovations have led to a diverse range of wearable devices, including smart glasses, clothes, shoes, and accessories.

The integration of augmented reality (AR) and virtual reality (VR) technologies has enhanced gaming experiences. Moreover, wearable manufacturers are developing innovative products specifically designed for people with disabilities, offering assistive technologies to improve communication, navigation, and overall quality of life.

• For instance, Adaptive and Mobile Action Assistance in Daily Living Activities (ADAMASS) smart glasses are designed to assist with everyday task by identifying the wearer’s activities and providing directions for basic and complex tasks. The smart glasses integrate various technologies such as augmented reality (AR), eye tracking, and object recognition.

Additionally, the growing influence of social media platforms such as Instagram, Facebook, and Tik-Tok has raised awareness of chronic diseases, prompting individuals to prioritize health and wellness. Wearable devices have significantly contributed to patient engagement and healthcare efficiency by facilitating the early detection and prevention of potential health issues.

Segmentation Analysis

The global market has been segmented based on product, application, and geography.

By Product

Based on the product, the market has been categorized broadly into wrist-wear, footwear, neckwear, body-wear, eyewear, headwear and others. The wrist-wear segment generated the highest revenue of USD 13.66 billion in 2023, driven by a broader product range, enhanced multi-functionality, and improved affordability.

The wrist-wear segment encompasses devices such as smartwatches and fitness trackers, offering features including GPS, physical activity tracking, heart rate monitoring, and sleep pattern analysis.

The growing popularity of wrist-wear devices can be attributed to easy access to notifications, effective health tracking, and increased affordability. In response, manufacturers are strategically launching innovative devices that combine advanced functionalities with stylish designs to cater to evolving consumer preferences.

• For instance, in August 2024, Google launched the Pixel Watch 3, which offers larger displays, a sleek design, and advanced fitness tracking features. Key functionalities include pulse detection, resting heart rate and heart rate variability monitoring, and sleep schedule analysis. Additionally, a new battery saver mode extends battery life up to 36 hours.

By Application

Based on the application, the market has been categorized into consumer, healthcare, enterprise & industrial and others. The consumer segment led the wearable market in 2023, reaching a revenue of USD 16.28 billion. This growth is propelled by rising consumer health consciousness, the influence of social media, and increased affordability.

These devices offer a wide range of functionalities, including fitness monitoring, app integration, calling, and contactless payment, making them particularly popular among younger consumers. Furthermore, the presence of numerous manufacturers has resulted in a diverse market, offering both affordable and premium options.

Wearable Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia Pacific, MEA, and Latin America.

The North America wearable market accounted for a substantial share of 35.43% and was valued at USD 18.82 billion in 2023. The robust demand for wearable devices in the region is propelled by high disposable income, advanced healthcare infrastructure and rising health consciousness.

The consumers in the North American region are actively seeking tools to monitor and enhance their well-being, thereby creating significant growth opportunities for the consumer electronics such as smart watches and fitness trackers.

Furthermore, the region's advanced healthcare infrastructure facilitates seamless integration of these technologies into established healthcare practices, enabling applications such as remote patient monitoring and chronic disease management, thereby driving market penetration and adoption.

• According to the 2023 Health Information National survey conducted in the U.S., one in three Americans use wearable devices, such as smartwatches or bands, to track fitness and health. The study further reported that adults aged 18-49 with higher education and income levels are more likely to use these devices.

The Asia-Pacific wearable market recorded a revenue of USD 13.18 billion in 2023. This robust growth is attributed to the expansion of the e-commerce market, increasing smartphone penetration, and the affordability of wearable devices.

Furthermore, technological advancements and an ageing population has fueled the demand for medical wearable in countries such as India and China. Medical facilities in this region are adopting wearable cognitive assistance (WCA) technology to enhance patient care in remote and underserved areas.

Competitive Landscape

The global wearable market report will provide valuable insights with a major emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers and acquisitions, product innovations, and joint ventures, to expand their product portfolio and increase their market shares across different regions.

Companies are implementing numerous strategic initiatives, such as the expansion of services, investments in research and development (R&D), establishment of new service delivery centers, and optimization of their service delivery processes, which are likely to create new opportunities for market growth.

List of Key Companies in Wearable Market

• Apple Inc.
• Xiaomi
• Samsung
• Google LLC
• LG Electronics
• Huawei Devices Co.
• Fujitsu
• Fossil Group, Inc.
• Garmin Ltd.
• Adidas

Key Industry Developments

• December 2024 (Launch): Asus launched ASUS AirVision M1 smart glasses that offers versatile functionality and enhanced gaming experience. The glasses feature increased brightness for improved readability of smaller text.
• May 2024 (Partnership): In August 2024, Hexoskin, a leading a digital health and AI company raised USD 4.2 million in the additional funding round to develop medical-grade wearable. The company raised capital to invest in growth, digital biomarkers research and new AI based digital diagnostics solutions
• November 2023 (Launch): Google owned brand Fitbit, launched the new Fitbit Sense 2, a premium smartwatch that has stress management tools such as EDA sensors to monitor stress. The brand is focused on providing advanced health insights, tailored recommendations and workout instructions.

The global wearable market has been segmented as:

By Product

• Wrist-wear
• Eye-wear
• Headwear
• Footwear
• Neckwear
• Body-wear
• Others

By Application

• Consumer Electronics
• Healthcare
• Enterprise & Industrial
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America