Wearable Technology Market Trends

Growth Drivers

• Growth in Obesity Among People–In the world, 650 million adults, 340 million teenagers, and 39 million children are obese. This quantity is still rising. By 2025, the WHO predicts that 167 million adults and children would lose some of their health owing to being overweight. Wearable-based therapies typically produced better short-term BMI improvements for participants who were obese.
• Rise in Adoption of Mobile Phones – With about 5 billion smartphone users worldwide as of 2023, this means that approximately 85% of the world’s population would be smartphone owners. Smartphones and wearable technology could be linked to relay data via the internet.
• Increasing Use of Smart Glasses- About 7 million American workers were expected to adopt smart glasses by the year 2021 in the United States.

Challenges

• Limited Life of Battery- The market for wearable technology is constrained by the lack of an effective and reliable battery solution. As it doesn’t compromise the wearable device’s portability and compactness. Managing power use, power requirements, and battery recharge is a significant difficulty. Controlling power consumption in a cost-effective manner to match the power efficiency of wearable devices is projected to have a constraining impact on the market.
• High Price of Wearable Devices
• Vulnerability of Healthcare Information