Global Smart Health Watches Market, By Application (Adult, The Aged, Child), Type (Single Function, Multifunction), Display Type (Monochrome, Colored), Sales Channel (Online, Offline), Compatibility (iOS, Android, Windows, Tizen, Others) – Industry Trends and Forecast to 2029.
Smart Health Watches Market Analysis and Size
Smartwatches are gaining popularity among new users, including elderly as wearable manufacturers such as Apple and Fitbit add health-monitoring features that appeal to older people and keep them up to date on their health status in real time. For instance, Apple Watch Series 4 includes a fall detection app and an EKG monitor, while Fitbit added a feature to detect sleep apnea.
Data Bridge Market Research analyses that the smart health watches market which was USD 59.02 billion in 2021, would rocket up to USD 185.63 billion by 2029, and is expected to undergo a CAGR of 15.40% during the forecast period 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Smart Health Watches Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Application (Adult, The Aged, Child), Type (Single Function, Multifunction), Display Type (Monochrome, Colored), Sales Channel (Online, Offline), Compatibility (iOS, Android, Windows, Tizen, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Apple Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Fitbit Inc. (U.K.), Nike, Inc. (U.S.), Virtual-Realties, LLC (U.K), Xiaomi (China), Sony Corporation (Japan), Garmin Ltd. (U.S), Honeywell International Inc. (U.S), LG Electronics (South Korea)
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Market Opportunities
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Market Definition
A smartwatch is a watch-shaped wearable computer, modern smartwatches which includes a local touchscreen interface for daily use. The doctors can easily keep an eye on their patients' health from a distance and maintain, prescribe, or treat them as necessary. For instance, the new Apple watch series 5 has the ability to monitor events related to your health as well as your nervous system, emergency or inactivity alarms, and heart rate.
Global Smart Health Watches Market Dynamics
Drivers
- Increasing use of smartwatches
Smartwatches are made to pair with smartphones and serve as information hubs for sharing phone notifications including text messages, email notices, and application alerts. Since they typically can be synced with a select few compatible smartphones, smartwatches are not interchangeable. The doctors use the smart health watches for tracking the fitness or monitoring the health.
- Rising health monitoring
Wearable manufacturers such as Apple and Fitbit are introducing health-monitoring capabilities that appeal to older people and keep them informed about their health status in real-time, smartwatches are seeing a spike in new users, including the elderly. In contrast to Fitbit, which just included a tool to diagnose sleep apnea, Apple Watch Series 4 comes with an EKG monitor and a fall detection app. People with diabetes, glucose monitoring is anticipated in the upcoming Apple watches. Additionally, the business and L'Oreal worked together to create the first skin sensor that can identify UVA and UVB exposure. The COVID-19 pandemic is driving a trend among consumers toward connected monitoring devices, and in 2021, this tendency is anticipated to intensify.
Opportunities
- Growing health consciousness
The smart health watches market's growth is fuelled during the forecast period as a result of consumers' growing health consciousness. This will provide beneficial opportunities for the smart health watches market growth.
Restraints/Challenges
- High cost of the device
The high price of smartwatches is anticipated to impede the market's expansion. It takes a wide range of skills and expensive initial investments to design and manufacture numerous devices with the accuracy necessary, including sensors, displays, small-sized semiconductor equipment with a core diameter of 10 micro metres, along with raw materials.
This smart health watches market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart health watches market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent developments
- In November 2019, Fitbit Inc., a maker of smart watches, was acquired by Alphabet Inc., the parent company of Google, for a price of US$ 2.1 billion. According to Alphabet, the acquisition aids in the development of its Wear OS smart watch operating system. The American firm Fitbit, Inc. creates fitness bands, smart watches, and accessories that can be used to track steps taken, workouts completed, heart rate, and weight.
- In June 2022, Boat introduced the Xtend Sport smartwatch as an improved model of the Xtend. Recently, the company has launched a lot of new products. The business already dominated the low-cost audio market, and its current goal is to do so intelligently. These developments and additions will benefit the sports industry's market, which has been researched.
- June 2022 - In India, Garmin unveiled the forerunner 255 series and one of the first GPS running smartwatches in the world, the 955 with solar charging. Triathlon-ready smartwatches with a variety of training capabilities created for professional and mid-level runners and athletes are the newest additions to Garmin's Forerunner line, the go-to option for runners worldwide.
Global Smart Health Watches Market Scope
The smart health watches market is segmented on the basis of application, type, display type, sales channel and compatibility. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Application
- Adult
- The Aged
- Child
Type
- Single Function
- Multifunction
Display Type
- Monochrome
- Colored
Sales Channel
- Online
- Offline
Compatibility
- iOS
- Android
- Windows
- Tizen
- Others
Smart Health Watches Market Regional Analysis/Insights
The smart health watches market is analysed and market size insights and trends are provided by country, application, type, display type, sales channel and compatibility as referenced above.
The countries covered in the smart health watches market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the smart health watches market due to rising consumer and business demand for wireless keyboards. Being a developed economy, the U.S. has seen a high rate of user acceptance of technology, which is expected to drive regional growth during forecast period.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to advancement in the technology, stable economic growth and rise in population rate.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The smart health watches market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for smart health watches market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the smart health watches market. The data is available for historic period 2010-2020.
Competitive Landscape and Smart Health Watches Market Share Analysis
The smart health watches market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart health watches market.
Some of the major players operating in the smart health watches market are:
- Apple Inc. (U.S.)
- Huawei Technologies Co., Ltd. (China)
- Fitbit Inc. (U.K.)
- Nike, Inc. (U.S.)
- Catapult (U.S.)
- Virtual-Realties, LLC (U.K)
- Xiaomi (China)
- Sony Corporation (Japan)
- Garmin Ltd. (U.S)
- Honeywell International Inc. (U.S)
- LG Electronics (South Korea)
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