Leading research companies recently published new figures on the wearable technologies market
TechNavio‘s report “Global Wearable Medical Technology Market 2012-2016” published in October 2013 predicts Global Wearable Medical Technology market to grow at a CAGR of 49.94 percent over the period 2012-2016. In fact, the market for wearable devices is reported to have already reached a value of $2 billion in 2011, with predictions that this will triple by 2016. 14 million wearable devices were shipped in 2011, and that number will likely rise to 171 million in 2016. Key factors set to drive growth within the industry include technological innovations and the increase in strategic agreements among vendors.
Also IHS’s Shane Walker recently predicted a bright outlook for wearable technology and remote patient monitoring. According to Walker Wearable tech has largely been enabled by multisensor combo packages and low-power wireless chips that support their requirements. This combination has enabled the creativity of product developers, leading to the $7 billion wearables market today. IHS forecasts that wearable tech will become a $30 billion industry. Additionally, telehealth services are currently forecast to serve 5 million patients worldwide through 2017, and consumer medical devices are forecast to exceed OEM sales of $10 billion during the same year.
Juniper Research’s report “Smart Wearable Devices – Fitness, Healthcare, Entertainment & Enterprise 2013-2018” that the retail revenue from smart wearable devices, including smart watches and glasses, will reach $ 19 billion by 2018 compared with $ 1.4 billion in 2013. Revenues would be driven by high price points for these devices allied to their anticipated strong market demand.
In a new assessment of the mobile healthcare market, ABI Research finds wearable wireless device revenues will grow to exceed $6 billion in 2018. Of the four segments tracked, sports, fitness and wellness is the largest, never dropping below 50% share of all device shipments over the forecast period. The second largest market – home monitoring devices -which, primarily target the growing elderly care market, is also expected to witness strong growth over the next five years with overall device revenue growing at CAGR exceeding 39%.
“Wearable Technologies: Towards Function with Style” the joint report by Beecham Research and Wearable Technologies provides a qualitative assessment of the market. It is available for purchase from: www.beechamresearch.com