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The wearable technology sector continues to prove its potential across various industries. Advancements in sensor technology are making such products more appealing in industrial application, in healthcare and consumer electronics. Generally, wearable devices are a category of electronic devices that can be worn as accessories, embedded in clothing, implanted on the user's body, or even tattooed on the skin. The devices are hands-free gadgets with practical uses, powered by microprocessors and enhanced with the ability to send and receive data via the Internet. Furthermore, the rising popularity of connected devices and the Internet of Things (IoT), as well as the rapid growth of a technologically literate population globally, are anticipated to fuel the demand for wearable technology. Overall, according to data provided by Grand View Research, the global wearable technology market size was valued at USD 40.65 Billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.8% from 2021 to 2028. Nemaura Medical Inc., Garmin Ltd., DexCom, Inc., Masimo Corporation, Abbott Laboratories.
he healthcare industry is a key factor in the projected growth of wearable technology. Recent advances in sensors and artificial intelligence (AI) are helping millions detect and manage chronic health conditions and avoid serious illness on devices small enough to be worn on a wrist or a penny-sized patch. A repot by Deloitte predicts that 320 million consumer health and wellness wearable devices will ship worldwide this year, and by 2024, that figure will likely reach nearly 440 million units as new offerings hit the market and more health care providers become comfortable with using them. For example, "heart rate monitors are now standard on most smartwatches, and some have FDA approval for detecting abnormalities such as atrial fibrillation, a major cause of stroke. As these devices get more sophisticated, the percentage of consumers using them to manage chronic conditions and detect symptoms of serious diseases will likely increase," the report explains.