In mid-2016, the independent information company IDTechEx published a new industry analysis with market forecasts for "wearables" for the next 10 years 2016 to 2026. Wearable technologies mainly concern electronic devices such as touchpads, smartphones, smartwatches, fitness trackers as well as chest straps, smart eyewear and clothing, as well as medical devices and much more. Since we also design products for these areas, we would like to refer to the analysis report at this point.
Wearables in the medical field are on the rise
For this report, the experts at IDTechEx spent three years intensively analyzing numerous companies and examining various perspectives. In addition to historical components in the infotainment sector (e.g. headphones and electronic watches), the contrary sectors of military and medicine are also examined in more detail. In addition to sensors and pumps (e.g. for diabetes), the range of medical devices includes devices for cardiovascular treatments and monitoring. But also diagnostic equipment, as well as small parts (contact lenses and hearing aids).
Also, the trend of today's society towards an older age is not neglected in the analyses. It is treated in the same way as industry-wide innovation strategies in terms of form and device interfaces.
Wearable technologies for all areas of life
The key message of the forecast report is that the market for wearable technologies is currently worth more than $30 trillion and will continue to grow in three phases: 10% annually to over $40 trillion in 2018. To then continue to rise (up to 23%), which will lead to reaching the $100 trillion mark by 2023. Subsequently, a slight decline of 11% is expected.
Wearables have long represented a massive potential for many industries. There are many possible applications not only in consumer electronics and communication. Above all, the field of medicine, health and fitness will continue to undergo a massive transformation in the next 10 years.
The full report (Wearable Technology 2016-2026, Markets, players and 10-year forecasts) with detailed information and further forecasts can be purchased at the URL of our source on the IDTechEx website.
