Wearable tech market will grow 137% by 2024, analyst says

The smartwatch market is projected to start recovering in 2021.

Angela Lang/CNET

The wearable tech market is projected to develop from almost $27 billion in 2019 to $64 billion by 2024, in keeping with a Thursday report by GlobalData. That estimated progress can largely be attributed to elevated well being options and consciousness throughout the COVID-19 pandemic, particularly with regards to points like tracking disease contact, predicting symptoms and monitoring sufferers, GlobalData says. 

Whereas revenues for smartwatches, a significant section of wearable tech, will drop by 10% this yr due to the worldwide recession brought on by the pandemic, the market is projected to start recovering in 2021, in keeping with the report. Smartwatches, in contrast to wearables with particular medical functions, could not appear as important to shoppers who’re watching their spending, particularly since many smartwatch options are already obtainable on phones, the agency notes.

“The pandemic tremendously elevated the attention of wearable gadgets as their use circumstances elevated,” Tina Deng, senior medical gadgets analyst at GlobalData, stated in an announcement. “This has resulted in a rise in gadget innovation as extra corporations race to develop new methods to money in and assist restrict the unfold of the virus.”

Tech corporations together with Apple and Samsung have been racing to add more health-tracking features to their wearables, together with sleep tracking and EKG apps

“Current advances are offering worth for healthcare with a give attention to analysis, remedy, monitoring, and prevention,” Deng added. “These benefits are felt by way of your entire healthcare worth chain with advantages together with personalization, early analysis, distant affected person monitoring, adherence to remedy, data libraries, and higher decision-making, whereas lowering healthcare prices.”

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