NEW YORK (TheStreet) -- There was a time when the only devices comparable to fitness trackers or wearables were worn by James Bond and Dick Tracy. However, what was once a futuristic gadget is now part of our daily lives, with one in 10 U.S. adults sporting one around their wrist, According to IDTechEx, the total value of the wearables sector could increase to $70 billion by 2024.
"Fitness trackers and wearables continue to raise consumer interest by giving them the ability to track their own individual health," said Silicon Valley Bank Managing Director Jonathan Norris. "When you start to match the advancements in technology, specifically monitoring and tracking, with what we're seeing in healthcare, I believe in the next decade there is going to be some really exciting innovations in the sector."
About 3.3 million fitness bands and activity trackers were sold from April 2013 to March 2014 in the U.S., according to the NPD Group. Fitbit (FIT) is the leader in this space, which accounted for 67% of sales for the period. Privately held Jawbone came in second, holding about 18% of the market.
Shop for fitness bands and activity trackers on Amazon.
Fitbit recently completed a highly successful initial public offering and its shares have risen 45% since the first day of trading. In its first quarterly earnings report as a public company, Fitbit reported revenue of $400 million, more than three times the same period last year and earnings at 21 cents per share compared to the 8 cents estimated by analysts surveyed by Thomson Reuters.