With integration of advanced technologies such as AI, ML and IoT, fitness wearables are gaining rapid adoption in the multi-trillion dollar U.S. healthcare industry.
The primary reason behind these devices gaining traction is growing awareness of fitness and thus, the need to monitor one’s health.
Per a report from ResearchandMarkets, global smart wearable market is expected to see a CAGR of 19.38% between 2019 and 2024. Notably, smartwatch comprises the most crucial segment of the market.
Apple AAPL has been a dominant force in this space courtesy its Watch family. Recently, the iPhone maker launched Apple Watch Series-5 with always-on retina display, and currently covers Apple Hearing Study, Apple Women’s Health Study and Apple Heart & Movement Study.
Further, the watch is based on watchOS 6, which comes with additional healthcare and fitness features like Cycle Tracking, the Noise app and Activity Trends.
Apple Watch Dominating Smartwatch Market
According to Allied Market Research report, the worldwide smartwatch market is anticipated to reach $31.1 billion by 2025 at a CAGR of 16.2% starting from 2018.
The recently launched Apple Watch 5 strengthens this Zacks Rank #3 (Hold) company’s competitive prowess in the smartwatch space.
Last year, the company launched Apple Watch Series 4, which had built-in electrocardiogram (ECG) reader, accelerometer and gyroscope. While ECG reader helps in detecting an atrial fibrillation, accelerometer and gyroscope tracks the wrist trajectory and impact acceleration, respectively.
Moreover, Apples expanding Watch portfolio is reinforcing its market position. Per data from Strategy Analytics, 5.7 million units of smartwatches were shipped during second-quarter 2019 with the iPhone maker holding the leading position with 46.4% market share.
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