Global Smartwatch Market to More Than Double by 2028

The global smartwatch market is on the brink of explosive growth.

Vantage Market Research estimates the sector to more than double in value over the next six years, ballooning 18.8% annually to reach $80.1 billion in 2028 (from $28.5 billion in 2021). Fueling this expansion is the increasing prevalence of cardiac and  cardiovascular diseases such as atrial fibrillation (AFib), hypertension and diabetes; the world’s aging population; and rising healthcare expenditures.

Digitalization and development in the technology have transformed the healthcare sector. A number of wearables are used for monitoring various afflictions such as heart diseases, cardiovascular diseases, and others. Smart watches have become integral in the diagnosis monitoring, and treatment of respiratory diseases, particulary over the last two years as the COVID-19 pandamic circled the planet. According to the National Health Service in 2015, most all Americans are constantly connected via high bandwidth to a vast network of data and sophisticated digital platforms.  

Personal assistance, wellness, healthcare, sports, and others are market application segments. The healthcare application is expected to grow at the fastest rate, as general health monitoring has become one of the most important applications of wearable devices. Fitness enthusiasts are tested for necessary parameters, whereas patients benefit from these devices by regularly monitoring their health conditions.
 
The market is divided into three categories: extension, standalone, and classical. Because of increased awareness of advanced versions of products at reasonable prices, the standalone market segment is expected to dominate the market. Furthermore, rising smartphone and laptop sales are fueling the sector’s expansion.
 
Asia Pacific is the fastest-growing regional segment. The Indian smartwatch market, in particular, is expected to grow at a healthy rate during the forecast period. The increasing popularity of health and fitness to maintain a healthy lifestyle, as well as an expanding pool of chronic diseases such as obesity and diabetes, are driving growth. Some of the ongoing partnerships and collaborations among the region’s key players are expected to broaden the scope of the market. The Chinese watch market is becoming more casual, and smartwatch brands are being rewarded. Leading technology companies and tech-obsessed consumers are fueling a surge in smartwatch sales.
 
Across the globe, the number of non-surgical procedures performed is increasing annually. With the rise of highly effective and technologically advanced medical devices including smart watches with long term functionality, carrying out diagnosis of number of diseases become very easy. 
 
Asia Pacific dominated market growth last year, thanks mostly to a thriving consumer electronics industry, coupled with a rapid rise of smartwatch market vendors, presence of major players engaged in market, and large base of population.

Major market players include Apple Inc., Fitbit Inc., Garmin Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, Tom Tom International, and Amazon.