Table of Contents
Developing Key Market Insights and Trends
The wearable technology products market is booming by dint of its growth factors. Consumer-driven products can be specialty or conventional health monitors that extract data from specific devices such as an activity tracking wristband for pulse measurements or shoes that monitor the wearer's steps for a real-time self-assessment of fitness conditions or disease-specific health. This convergence of data-collection needs along with user needs through wireless wearable technologies is promising for manufacturers in this space. This research service analyzes a Frost & Sullivan consumer survey on wearable devices, particularly activity fitness trackers, offering key market insights and trends in consumer behavior.
-Wearable technology products are a diverse and rapidly growing market with huge potential for market participants. Studies estimate that over million wearable devices will ship in 2014 and 2015, collectively.
oThe number of fitness/activity tracker sales between 2014 and 2015 are estimated to be over million.
oThe number of healthcare-related wearable devices and fitness/activity tracker sales are expected to be over million from 2014 through 2015.
-Given the shifts in the market in advance of other large work in the healthcare industry in 2014, Frost & Sullivan conducted a brief snapshot survey on wearable activity trackers. The survey captured data on the use of wearable technology in the patient-user ecosystem.
-Fitness wearable technologies, especially activity trackers, provide real-time data that the user can reference in his or her own self-monitoring/self-assessment. This data has provided health benefits to users.
-Frost & Sullivan views wearable technologies as a suitable tool for biometric data capture and targeted data monitoring in a consumer-driven market. With almost weekly releases of new wearable technologies, firms will need to specialize their products to address specific problems. Frost & Sullivan expects wearable technologies to become more specialized and to play a supportive role for experts in health and medicine.
-Access and price are considered leading drivers in the purchase of wearable devices. Manufacturers can produce fitness wearable solutions in abundance at low costs, thus feeding demand of new wearable technologies.
-Fitness wearable technologies are seeing great success in initial purchase value but are losing user base after about 6 months of device utilization. Firms are finding significant barriers to technology adherence after the novelty period wears off for users. Firms must find a solution to long-term user adherence of the device, both in the fitness and the healthcare industries.
-Successful firms of wearable technologies will become more disease or condition specific, with straightforward designs out of the box that can make the user experience uncomplicated yet data-rich.
-The to age group has been the fitness wearable technologies’ best target market. This age group is more likely to own or purchase a wearable activity tracker and more likely to wear an activity tracker more frequently than other age groups.
-Respondents with health conditions tend to wear an activity tracker more often than respondents with no reported health conditions.
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