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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.
“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. 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.
Related Reports:
- 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) https://www.industryarc.com/Report/167/wrist-wearable-devices-market-analysis-and-forecast.html