Wearable Technology Market To Reach $5.8B by 2018, mHealth to Pass $10B

1-14-2013 9-25-02 PM

Market analysis conducted by Transparency Market Research concludes that the wearable technology market will grow to $5.8 billion by 2018. The market is currently valued at $750 million. The wearable technology market is defined as including devices for fitness and wellness, infotainment, medical uses, and the military. The market is expected to grow forty percent annually through 2018.

Fitness and wellness devices were the largest market segment within the wearable technology market at the end of 2012. However, as smart watches and smart glasses grow in popularity, the infotainment segment is expected to surpass fitness and wellness.

Analysis of the mHealth market concludes that the global mHealth market will grow to an estimated $10.2 billion by 2018. This is more than seven times higher than the current market value of $1.3 billion. Analysts are forecasting a 41 percent annual growth rate.

Growth is being attributed to a steady global increase in smartphone adoption, increase in mHealth apps, and rising incidents of chronic disease. While growth is expected across all segments of the mHealth market, the strongest growth is expected to be concentrated within remote patient monitoring services and telehealth services.

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