Over the past few decade wearable devices have opened new avenues for several product developers, patients, and medical practitioners.
Many call the internet, an accession of human knowledge. Everything that we want to know is simply at our finger tips. It surprised all when this piece of information actually evolved. Another innovation, the smartphone now helps us access information from anywhere we want. Such discoveries often compel innovators to question what is the next big step. So which industry will grab customer attention after smartphone? Well, there is a new form of human connection, highlight subject matter experts at Allied Market Research. Industry experts assessing the market size and share as well as growth opportunities agree that it is definitely the wearable technology market.
Wearable technology market will change our lives
Why should we start paying attention to wearables now? The reason is simple, because it will enable human beings to accept the paradigm shift, where they can learn from each other. We are now busy connecting with many people across the world. But what about tomorrow? Things that make us human beings will never change, but the way we interact will definitely transform. Wearable technology will help man build a smarter future where clever innovation will transform the way he or she plays, lives, and for that matter works for the better. Machines will do the actual talking to operate faster and smarter helping us focus on a bigger picture. Wearable devices will truly help us strike a work life balance. People will now be able to bid adieu to the waiting rooms. The smart devices will make sure the appointment fits around your schedule. Moreover, the world’s best experts will be at your fingertips. Besides this, shopping will become more interactive and social. The way we transact will revolutionize with the wearable technology market.
Wearable devices are a new panacea for healthcare
The healthcare sector is in a state of transformation with advancements driving it forward. The helm of this development are the smart monitoring systems. So which trends are fueling growth? How will they benefit the patients? What will consumers want from the wearable devices? A survey conducted by PwC Health Research Institute revealed that about 77% want to use the devices to exercise and approximately 75% buy them to collect & track down medical information. The study further highlights that 67% want to use wearable technology to eat balanced diet Fitness band today occupies 45% of the total market share.
The bold claim of the manufacturers active in the wearable technology market suggests that smart devices can bring about a revolution, especially in self – care by ensuring better monitoring of the patient with chronic conditions. Patients with asthma, diabetes, and liver disease can positively benefit from buying or wearing the devices that can quickly detect any deterioration and alert the doctors, patients or others. This technology will also benefit many caregivers from development to a training perspective, while advanced geo-positioning devices increase the safety of many lone workers. Gadgets including Gear 2 from Samsung, FitBit Flex, Forerunner 15, and others have all demonstrated their fitness monitoring capabilities.
Changing attitudes towards the wearable technology market
The wearable technology market is growing but is still at its early stage of expansion The shipments are expected to increase annually, at a compound growth rate (CAGR) of 24.5% over the next five years. Emerging customer as well as healthcare trends are grabbing the attention of many to the wearable technology market. Customers interested in quantifying their health metric are generating greater demand for smartwatches as well as fitness tracking devices.
Meanwhile, business verticals have been quick in sensing the benefits of harnessing health records of their employees, potential customers, and patients with chronic conditions to drive efficacy and improve services associated with healthcare. Besides this, increased device accuracy and compliance with different regulations are two key aspects that will open new avenues for the product designers as well as technologists to remain confident about product sales.
Companies to watch out in 2016
Technology companies have started thinking beyond the wearable devices and encouraging major collaborations. The newly rebranded life sciences segment of Google demonstrates some ambitious projects. Google is currently working on contact lenses that can monitor the glucose level. The company is also targeting patients with cardiovascular diseases and cancer too. Fitbit has to work on various aspects. This new IPO incumbent witnessed an increased sale of its fitness tracker in 2015. But, now there are many plotting against Fitbit. Wearable technology market more or less has benefited the human body. So now it is time for them to master the human brain. There have been some tentative steps taken in this direction in the form of Muse and Thync.