COVID-19 Impact on Wearable Materials Market

The market size for wearable materials is estimated at USD 1.5 billion in 2018 and is projected to reach USD 2.9 billion by 2023, at a CAGR of 15.0% between 2018 and 2023. Increasing demand for low-cost wearables, rise in chronic health conditions, and increasing disposable income is expected to drive the demand for wearable materials, globally.

With wearable devices expected to join mainstream personal computing, it is projected that compact wearable devices would drive the demand for wearable materials. In addition, internet of things (IoT) technologies, which plays a major role in a wide range of healthcare applications, ranging from managing chronic diseases to preventing diseases, is expected to impact the wearable materials market.

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The industrial sector is the fastest-growing application of wearable materials. Industrial wearable devices include compact, mobile, and wireless computing systems that can be worn on the body. They also include various image scanners that find applications in industrial processes. As wearables have become more inexpensive, there has been a spurt in research and prototyping of these wearables, which is expected to drive the wearable material market in the industrial segment.