We have been riding the wave of emerging technology, data and ongoing disruptions for the last decade. Customers, or in this case, patients are now entitled. They have digital proficiency, increasing adoption of technology and most people are online, connected and empowered. Over the last few years technology has provided an environment where empowered customers believe they deserve something. Free next day shipping? 1-Click Ordering? Yes, please.
Wearable technology is an emerging trend that integrates electronics to the daily activities and fits into the changing lifestyles. It can be worn on any part of the body, but it is usually used as an accessory. The ability to connect to the Internet and enable data exchange between a network and a device is the driving factor that leads to wearable technology growth. As per Forbes, the wearable market is expected to grow to $27 billion by 2022.
Advancements in recent research causing increased innovation were instrumental in increasing the demand for the wearable market, which has led to new product categories like the smart fabrics, smart shoes, etc., that incorporate high-end technology and design in daily living. Lately, the focus has been on providing aesthetic design to devices to attract new customers.
The smartwatch category is also experiencing a boom owing to additional features beyond step counts. Companies competing in this category are Apple, Asus, LG, Huawei, Samsung, and Sony. Strong brands, such as Apple and Fossil, are keeping the pricing consistent with the price brackets of traditional watches to maintain the revenues. With Google's WearOS, many other premium watchmakers, such as TAG, Armani, etc., have entered the fray.