A Booming Market on Both Ends
The wearable technology sector is booming, with India and the UK leading two different but complementary trajectories. Globally, the smartwatch market is projected to reach $105.2 billion by 2032, with a compound annual growth rate of 15.43%, driven by growing health awareness and the integration of AI.
In India, smartwatch shipments increased 74% year-on-year in 2023, reaching 53.2 million units, although 2024 saw an 11.3% drop in total wearables Meanwhile, in the UK, 33% of adults used health or fitness wearables in 2023, primarily due to National Health Service (NHS) -supported digital health programs and an aging population.
UK Market Snapshot – A Smart Health Nation
The UK wearables market is led by brands such as Fitbit, Apple, and Withings, along with emerging healthtech startups. The NHS Long Term Plan actively integrates digital tools, using wearables for remote patient monitoring. By 2023, 33% of UK adults used health or fitness wearables. The market was valued at $5.6 billion in 2023, with projected annual growth of 12%. Innovations such as AI for eldercare, mental wellbeing tracking, and data-linked insurance are gaining traction, supported by the UK’s strong regulatory and R&D ecosystem, which drives innovation in the healthcare sector.
India’s Rapidly Scaling Wearables Sector
India’s wearable market is dominated by budget-friendly brands like boAt, Noise, and Fire-Boltt, which have made health tech more accessible. Usage has evolved from basic fitness tracking to include ECG, glucose, and sleep monitoring. In 2024, 119 million units were shipped despite a market dip. Emerging categories like smart rings and AI-powered smart glasses are poised for double-digit growth (Economic Times). Government schemes like Ayushman Bharat and PLI support domestic manufacturing, while startups like GOQii and Ultrahuman are innovating in premium health wearables.
Critical Analysis – What Trade Policy Brings to the Table
The recently signed India-UK Free Trade Agreement could lead to tariff reductions thereby facilitating British exports of high-end wearables to India and provide Indian companies with access to advanced technology and R&D through joint ventures and quality standards. However, data privacy frameworks differ significantly, impacting cross-market compatibility and user trust. It would require both sides to look into this matter. Furthermore, the price-sensitive Indian market contrasts with the UK’s focus on premium technology, necessitating localised pricing strategies. A significant opportunity lies in the joint development of wearables that meet the reliability of the NHS and the large-scale affordability of India.
What lies ahead
The future of health wearables lies in smart rings and smartwatches with integrated AI. Devices like the Ultrahuman Ring and Oura offer 24/7 monitoring solutions with elegant designs. The smart ring market is projected to grow at a compound annual growth rate (CAGR) of 24% through 2030, driven by demand for non-invasive, preventative health tools. In India, tier-2 and tier-3 cities currently account for 40% of new wearable demand, reflecting widespread adoption. Through strategic collaboration under the India-UK FTA, both nations can jointly create scalable and affordable devices that transform public health across borders.
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