Wearable Tech Market to Double by 2029
The global wearable tech market is projected to grow from $70.3 billion in 2024 to $152.82 billion by 2029, driven by demand for smartwatches, fitness trackers, and smart rings. Zeus Sleep's anti-snoring wearable received a £1.48 million grant for NHS trials using TENS technology as a CPAP alternative. Social media highlighted the Xiaomi Smart Band 10 with 150+ sports modes and the EXZHIG TJ08 with Bluetooth calling and 1.83" display.
- Transcutaneous Electrical Nerve Stimulation (TENS) technology, used in the Zeus Sleep wearable, is a non-invasive method that delivers light electrical stimulation to keep airways open during sleep. It is also commonly used for pain relief in conditions like arthritis and during childbirth. - While CPAP machines are a standard treatment for sleep apnea, patient adherence can be low, dropping to around 25% after five years. TENS technology presents an alternative for those who find CPAP machines uncomfortable. - Before a medical device like the Zeus Sleep wearable can be used in NHS trials, it must receive authorization from the Medicines and Healthcare products Regulatory Agency (MHRA). The trial process involves multiple phases to ensure the device is safe and effective. - The broader wearable technology market includes a significant "hearables" category, which accounts for over 60% of the market and is expected to grow by 10% in 2024. In contrast, the smartwatch market experienced its first-ever decline in 2024, though it is projected to rebound. - The budget-friendly segment of the smartwatch market is characterized by strong consumer demand for core functionalities like health and fitness tracking, without the high price of premium models. Long battery life is a key differentiator in this segment. - Predecessors to the Xiaomi Smart Band 10, such as the Smart Band 9, feature a 1.62-inch AMOLED display, sleep tracking, heart rate monitoring, and over 150 sports modes. However, they typically lack built-in GPS. - The growth in the wearable medical devices market is partly driven by an increase in diagnostic devices for continuous health monitoring and a rising number of therapeutic devices. The strap/clip/bracelet segment, which includes smartwatches, holds the largest revenue share in this market. - Future trends in wearable technology point towards less visible devices that resemble jewelry or clothing, the integration of GPS for safety, and the growth of smart clothing and augmented reality glasses. There is also an increased focus on user experience, data security, and the use of AI in wearable testing.
