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)
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.
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“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.
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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.
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About IndustryARC:
IndustryARC is a research
and consulting firm that publishes more than 500 reports annually in various
industries, such as Agriculture, Automotive, Automation & Instrumentation,
Chemicals and Materials, Energy and Power, Electronics, Food & Beverages,
Information Technology, Life sciences & Healthcare.
IndustryARC primarily
focuses on Cutting Edge Technologies and Newer Applications of the Market. Our
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