Wilmington, Delaware, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Wearable Tracking Devices Market by Type (Wristwear, Headwear, Bodywear and Others), Application (Healthcare, Consumer Electronics and Others), Sales Channel (Online and Offline), End User (Sportsperson, Patients and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the wearable tracking devices market was valued at $9.0 million in 2023, and is estimated to reach $22.4 million by 2033, growing at a CAGR of 9.5% from 2024 to 2033.
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Prime Determinants of Growth
The increasing awareness about health & fitness among consumers has led to a rise in demand for wearable devices that can track physical activity, heart rate, sleep patterns, and calorie consumption. These devices help users monitor their health metrics in real-time, promoting healthier lifestyles. However, complex user interfaces or cumbersome user experiences can discourage adoption of wearable tracking devices. Manufacturers need to focus on designing intuitive interfaces and seamless user experiences to attract and retain users. Moreover, with the rise of telemedicine and remote healthcare services, wearable devices enable continuous monitoring of patients outside of traditional healthcare settings. This can lead to early detection of health issues, better management of chronic conditions, and reduced hospitalizations.
Report Coverage & Details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $9.0 Million |
| Market Size in 2033 | $22.4 Million |
| CAGR | 9.5% |
| No. of Pages in Report | 320 |
| Segments Covered | Type, Application, Sales Channel, End User, and Region. |
| Drivers |
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| Restraint |
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| Opportunities |
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Based on type, the wristwear sub-segment held the highest market share in 2023.
Wristwear devices like smartwatches and fitness trackers have become fashion accessories in addition to functional gadgets. Consumers are increasingly interested in wearable devices that not only track their health and fitness but also look stylish and can be worn with various outfits. Growing awareness about health and fitness is a significant driver. Wristwear devices offer features such as heart rate monitoring, step counting, sleep tracking, and workout guidance, which appeal to health-conscious consumers looking to monitor and improve their fitness levels. Continuous advancements in technology have improved the functionality and accuracy of wristwear devices. Features like GPS tracking, waterproofing, longer battery life, and integration with smartphones for notifications and apps enhance their appeal and utility.
Based on application, the consumer electronics sub-segment accounted for the highest market share in 2023.
Continuous improvements in sensor technology, battery life, and miniaturization have enhanced the functionality and convenience of wearable tracking devices, making them more appealing to consumers. Consumers look for devices that offer advanced features while being lightweight and easy to use. Wearable tracking devices offer features such as activity tracking, heart rate monitoring, sleep analysis, and calorie counting, which appeal to fitness enthusiasts and health-conscious individuals. Wearable tracking devices that seamlessly integrate with smartphones and companion apps are highly preferred. Consumers prefer devices that can synchronize data with their phones, allowing them to track their fitness progress, set goals, and receive notifications.
Based on sales channel, the online sub-segment accounted for the highest market share in 2023.
Online platforms provide easy access to a wide range of wearable tracking devices, catering to various preferences and needs of consumers. This convenience encourages consumers to explore and purchase devices that best fit their requirements without geographical constraints. Online retailers often offer competitive pricing due to lower overhead costs compared to physical stores. In addition, discounts, promotions, and bundled offers frequently attract price-sensitive consumers, driving sales in the online segment. Online platforms showcase a diverse range of wearable tracking devices, allowing consumers to compare features, specifications, and prices conveniently. User reviews and ratings also play a significant role in influencing purchase decisions by providing insights into product performance and user experiences.
Based on end user, the sportsperson sub-segment held the highest market share in 2023.
Wearable tracking devices offer real-time monitoring of various fitness metrics such as heart rate, calories burned, steps taken, and sleep patterns. For sportspersons, these metrics are crucial for optimizing their performance, improving training regimes, and maximizing their overall fitness levels. Athletes and sports professionals require highly accurate and reliable data from their wearable devices to make informed decisions about their training and performance. The advancement in sensor technology and data analytics has significantly enhanced the accuracy of wearable devices, making them more appealing to this segment. Several wearable devices offer training assistance features such as workout tracking, coaching tips, and performance analysis. These functionalities help sportspersons to plan and execute their training sessions more effectively, monitor progress over time, and adjust based on real-time feedback.
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Based on region, Asia-Pacific generated the maximum revenue in 2023.
Asia-Pacific is a hub for technological innovation, with countries like China, Japan, South Korea, and India leading in electronics manufacturing. This technological advancement supports the development of advanced wearable tracking devices with improved accuracy and additional features. Economic growth in many Asia-Pacific countries has increased disposable incomes, enabling more consumers to afford wearable devices. As affordability improves, adoption rates are expected to rise. Increasing awareness about health & fitness is also driving the demand for wearable trackers. Consumers are more conscious of monitoring their physical activity, heart rate, sleep patterns, and overall wellness. The region has seen a surge in fitness trends, including gym memberships, fitness apps, and outdoor activities like running and cycling in the last few years. Wearable trackers complement these activities by providing real-time data and performance metrics.
Key Players in the Market
- Jawbone (U.S.)
- Adidas (Germany)
- Xiaomi Technology Co., Ltd. (China)
- Gramin Ltd (Switzerland)
- Apple Inc (U.S.)
- Samsung Electronics Co Ltd (South Korea)
- Google Inc. (U.S.)
- Sony (Japan)
- Pebble Technology Corp (U.S.)
- Fitbit, Inc. (U.S.)
The report provides a detailed analysis of these key players in the global wearable tracking devices market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in the global market.
Recent Developments in the Industry
- In March 2022, BioIntelliSense, Inc. unveiled the BioButton Rechargeable, a cutting-edge wearable device designed for continuous health monitoring and clinical intelligence. This advanced device offers the capability to monitor over 20 vital signs and physiological biometrics simultaneously. Remarkably, it can operate for up to 30 days on a single charge, setting a new standard in medical-grade wearables.
- In January 2022, Abbott Laboratories launched Lingo, a specialized wearable device designed to monitor glucose, lactate, ketones, and alcohol levels. Notably, this innovative detector is not targeted for diabetic use and is not yet commercially available.
- In July 2020, Philips partnered with BioIntelliSense Inc. to advance remote patient monitoring, transitioning at-risk patients from hospital care to home settings.
The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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