Wearables are key in collecting large amounts of data and can easily be paired with software systems for analysis. Big tech companies such as Google (Alphabet) are developing algorithms that interpret large collections of data from wearable sensors
GlobalData forecasts the wearable tech market to witness at a compound annual growth rate (CAGR) of 19% by 2023 to reach approximately $54bn in value
Listed below are the leading tech companies for healthcare wearables, as identified by GlobalData
Apple leads the market after entering in 2015 with its first smartwatch. They rapidly expanded into hearables with the Apple AirPods in 2016. Apple began AR smart glasses development in 2018 with the acquisition of Akonia Holographics. Apple is adopting newer technologies to drive operability of its devices, such as LTE capability on Apple Watches and Siri on Apple AirPods
With the improvement in VR technologies and Oculus’s low-cost models gaining commercial prominence in Western countries, Facebook plans to sell a billion Oculus VR headsets globally. Facebook’s Oculus devices are successfully outpacing the nearest competitors, Sony PS VR and HTC VR devices
Facebook’s in-house engineers are also working on a wearable band that can teach people how to feel words. Inspired by Braille and Tadoma, the band enables the wearer to “read” incoming smartphone messages in the form of vibrations
Fitbit is a pioneer in wearable technologies. They offer a range of connected health and fitness devices. These include fitness and smartwatches, wristbands, activity trackers, and wireless headphones. The company offers a personalised online dashboard and mobile apps. These sync automatically with and display real-time data from wearable devices
The company’s NFC-based payments service platform, Fitbit Pay, enables users to pay
Garmin offers a range of products designed for use in fitness and activity tracking. The company’s fitness trackers and ruggedised GPS smartwatches are marketed worldwide. Following the strategies of its peers, Garmin introduced the wearables payment platform Garmin Pay, and LTE enabled smartwatches. The company also offers Garmin Connect and Garmin Connect Mobile platforms for users to track, analyse, and share their fitness and wellness data. They can also compete with community members.
Despite being a front-runner in developing wearable technologies, Google encountered challenges in positioning its devices in the marketplace. The Google Glass failed to gather traction in the market. Similarly the Wear OS is often mentioned by smartwatch makers to be an underperformer when compared to Apple’s watchOS
