According to data from Tractica, health-care applications for wearables, including body sensors, smart watches and fitness trackers will be a key driver for wearables market growth.
Tractica forecasts that annual wearable device shipments will increase from 118 million units in 2016 to 430 million units by 2022, representing a compound annual growth rate (CAGR) of 24.1%.
“Healthcare and health-focused applications in general will be a major driver for the next phase of growth in wearables,” says research director Aditya Kaul, in a statement. “Wearable device companies that pivot beyond fitness and activity tracking, toward preventing and managing chronic health conditions like diabetes and heart problems will succeed in the long run. Tractica believes that chronic health management, both in a professional healthcare setting, as well as a general consumer setting, will help wearables break into the mainstream.”
Smart watches are expected to be the most common wearable, with body sensors and fitness trackers close behind. Other devices playing a role in the market include: smart clothing, wearable cameras, smart glasses, smart headphones, and other wearables.
The market intelligence firm forecasts that, by the end of that period, smart watches will have become the largest wearable device category, followed closely by fitness trackers and body sensors. Other devices will also play a role in the growth of the market, including smart clothing, wearable cameras, smart glasses, smart headphones, and other wearables.
Additional information is available on the Tractica website.