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Global Wearable Technology Market Growth Accelerated By An Increased Focus On Healthcare Wearables

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Sneha
Global Wearable Technology Market Growth Accelerated By An Increased Focus On Healthcare Wearables

Wearable technology refers to tech products that are worn on the body as accessories or embedded in clothing for digital purposes. Growing popularity of smartwatches and fitness trackers, rising demand for self-monitoring healthcare devices along with the superior advantages of remotely monitoring health conditions and activities are acting as major driving forces for the growing adoption of wearable technology. The global wearable technology market is estimated to be valued at US$ 143.44 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving growth in the wearable technology market is the increasing focus on healthcare wearables. The wearable technology is witnessing high adoption in healthcare applications such as remote monitoring, assisted living, monitoring vital signs and chronic diseases. The healthcare wearables allow monitoring health conditions such as diabetes, cardiovascular diseases, respiratory diseases, and sleep apnea remotely and in real-time. This offers advantage of early detection of health abnormalities and helps in timely treatment. With rising focus on preventive healthcare, self-monitoring, and remote patient monitoring, the demand for healthcare wearables is experiencing strong growth over the period. Healthcare and fitness remains one of the largest and fastest growing application segment. Various medical device manufacturers are focusing on developing innovative healthcare wearables. This increasing focus on healthcare segment by market players as well as users are accelerating the demand of wearable technology market.

Segment Analysis

The wearable technology market comprises segments like smartwatch, fitness tracker, smart clothing, augmented reality headsets. Among these, the fitness tracker segment dominates owing to increased health awareness and focus on tracking fitness activities and vital health parameters like heart rate, calories burnt etc. Consumer preferences have shifted towards wearables to monitor health and stay fit.

Key Takeaways

The Global Wearable Technology Market Demand is expected to witness high growth. Regional analysis related content comprises The North America region currently dominates the wearable technology market due to strong technical base, high disposable incomes and intense R&D efforts of players in the region. Asia Pacific is expected to be the fastest growing market owing to rising health consciousness, increasing focus of youth on fitness tracking and rapid economic growth in countries like India and China.

Key players operating in the wearable technology market are Imerys Group, Milliken & Company Inc., PCI Augsburg GmbH, Rocla, Wagners, Universal Enterprise, Schlumberger Ltd, Murray & Roberts Cementation Co. Ltd, Banah UK Ltd, Zeobond Pty Ltd, Uretek, BASF, Corning Inc., Nu-Core, Pyromeral Systems, Airbus. Fitbit continues to be the leader in the fitness tracker segment while Apple dominates the smartwatch segment.

Explore more information on this topic, Please visit - 

https://www.insightprobing.com/wearable-technology-market-share-and-demand-analysis/ 

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