The global wearable technology market is already worth more than $20 billion, 74% of that value comes from mature categories: the wristwatch, earphones, and even blood glucose test strips.
According to IDTechEx Research in the report “Wearable Technology 2015-2025: Technologies, Markets, Forecasts,” new device categories such as fitness trackers are seeing growth but remain dwarfed by so-called “basic wearables.”
Perhaps the largest opportunity for wearable devices is in medical and healthcare applications, the report suggests.
Including blood glucose monitoring, healthcare is already the largest single sector by revenue in wearable technology. Many of the key advantages offered by emerging new components are highly applicable to healthcare, offering new, comfortable, portable and practical ways to measure the human body from stretchable electronics to thin film flexible batteries. More than any other sector, healthcare applications require data reliability and accuracy. Wearable technology solutions offer more practical, comfortable and convenient solutions in many healthcare situations, says IDTechEx.