Albany, NY -- (SBWIRE) -- 12/28/2016 -- Transparency Market Research has published a new report on the global wearable technology market. According to the report, the global wearable technology market was valued at US$0.7 bn in 2012 and is expected to reach US$5.8 bn by 2018. The report, titled 'Wearable Technology Market - Global Scenario, Trends, Industry Analysis, Size, Share And Forecast 2012 - 2018', states that the global wearable technology market is expected to expand at a stunning 40.80% CAGR during the period from 2012 to 2018 due to factors such as increasing awareness amongst people regarding their standard of living and improvements in wearable technologies across the globe.

The global wearable technology market is segmented on the basis of end use, geography, and product type. Based on end use, the global wearable technology market is classified into fitness and wellness, healthcare and medical, industrial and military, and infotainment. Smart clothing, smart sports glasses, sleep sensors, and activity monitors are the subcategories of the wearable technology market within the fitness and wellness segment. The infotainment segment is sub-divided into smart watches, smart glasses, and augmented reality headsets. By end use, the healthcare and medical segment is sub-divided into smart drug delivery devices, glucose monitors, wearable patches, and other monitors. The industrial and military segment is further sub-segmented into augmented reality headsets and hand-worn terminals.

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In 2012, the global wearable technology market was dominated by the healthcare and medical segment, as this segment accounted for 35.1% of the market. The healthcare and medical segment is expected to dominate the global wearable technology market by 2018. The fitness and wellness segment stood on the second position in 2012 and is expected to continue its steady growth during the forecast period. The healthcare and medical segment is expected to register rapid growth in the coming few years due to increasing prevalence of health issues such as diabetes. The healthcare and medical segment is also driven by the increased use of insulin delivery devices across the globe.

Based on geography, the global wearable technology market is divided into North America, Europe, Asia Pacific, and Rest of the World. In 2012, North America led the global wearable technology market, accounting for 43% of the market. Due to factors such as the presence of a highly tech-savvy population and a consequent increase in the use of wearable devices, the North America regional market is expected to maintain its dominant position by 2018.

Market-leading players are expected to face cutthroat competition from some of the emerging players in the coming future. Some of the prominent players successfully operating in the global wearable technology market are Google Inc., Sony, Eurotech, Abbott Laboratories, Adidas, Medtronic, and Nike.

The high cost of wearable technology products and their slow acceptance will hamper the growth of the global wearable technology market during the forecast period. Entry of new players, multi-functionality of the wearable technology products, and rising technological advancements are some of the factors expected to drive the global wearable technology market further. Enhanced quality and design of the products will call for rapid development of the global wearable technology market in the coming few years.