Global Wearable Tracking Devices Market – Industry Trends and Forecast to 2029

 Wearable Tracking Devices Market Analysis and Size

Wearable devices (WDs) have the potential to aid in the early detection and management of medical conditions. Based on transmitted data, advanced wearable devices assist physicians and surgeons in knowing the physiological parameters of their patients and assisting them in real time. According to research, elderly people are more likely to benefit from using WDs. These WDs can measure and monitor patients' vital signs and health conditions such as body and skin temperature, arterial blood pressure, heart rate, respiration rate, electrocardiogram (ECG), and others.

Data Bridge Market Research analyses that the wearable tracking devices market which is expected to reach at a healthy CAGR 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.

Wearable Tracking Devices Market Scope and Segmentation      

Market Definition

A wearable fitness tracker is a device that the user wears to monitor various bodily parameters throughout the day. The user must enter physiological information such as their height, weight, and gender, to enable the tracker to use the collected data in a better sense. Several sensors can be added to the wearable fitness tracker, however motion sensors are typically utilised extensively to assess body movements. A fitness tracker is a gadget that monitors your rotation, movement, and position using sensors. The gadget gathers information and transforms it into steps, calories burned, sleep quality, and the overall amount of activity during the day. Some trackers also have a "altimeter" sensor, which measures your altitude. It's simple for a fitness tracker to determine whether you're spinning or running.

Global Wearable Tracking Devices Market Dynamics

Drivers

•       Rising usage of wearable fitness trackers for diagnosis

Wearable fitness trackers are used in monitoring the number of steps that a person walks, monitoring the quality of sleep of the individual and checking the heart rate of the individual. With technological advancements, many fitness trackers on the market can monitor all three of these parameters and provide valuable insight into the wearer's health. These are the factors which will propel the growth of the market.

•       Rising usage of wearable fitness trackers in hospitals

Wearable fitness trackers used in hospitals due to monitoring the number of steps that a person walks, checking the heart rate of the individual, monitoring the quality of sleep of the individual. Electronics that individuals may wear, such as fit bits and smartwatches, are referred to as wearable devices in the healthcare industry. These are made to gather user personal health information. Since they are in such great demand and their market is expanding, healthcare app developers are trying to figure out how to give users the best wearable fitness technologies.

Opportunities

• Increased funding for wearable fitness trackers

Various government and non-organizations are increasingly funding in the market as the demand of wearable fitness trackers rises. For instance, hip (Fitbug) or wrist-based fitbit, Jawbone have been incorporated into the banner of ‘wearables’.

Restraints/Challenges

• Cyber threat and reliability

Wearable devices also have drawbacks in terms of data reliability, validity, and accuracy. The data collected by the device may differ depending on where it is worn on the body, as well as which device is used. The safety and privacy of health records is one of the major concerns with wearables. There is concern about the safety and security of health information collected by wearable devices, which include the storage, transmission, and handling of multiple points.

This wearable tracking devices 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 wearable tracking devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Wearable Tracking Devices Market

The COVID-19 outbreak had a significant impact on the electronics and semiconductor industries. This market's influence is growing by the day, and it is affecting global business. The crisis is causing a stock market crash, a drop in business confidence, a massive slowing of the supply chain, and an increase in customer panic. The overall production process has suffered, but the surge of healthcare products is expected to boost market growth.

New devices are now available to meet these demands. Wearables play an important role in health, work, and economics throughout the continuum of care, as well as during leisure time, according to COVID-19. Many companies around the world are introducing wearable health products. For example, the Ava Bracelet, which was originally designed to track fertility, is now being used to combat the Coronavirus. This bracelet can track virus symptoms by recording heart rate variability, breathing rate, and skin temperature. As a result, wearable technology is becoming increasingly popular.

Global Wearable Tracking Devices Market Scope

The wearable tracking devices market is segmented on the basis of types, application, sales channel and end-user. 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.

Types

• Wristwear
• Fitness Bands
• Smartwatch
• Footwear
• Others

Application 

• Healthcare
• Consumer electronics
• Others

Sales Channel

• Online
• Offline

End-User

• Sportsperson
• Patients
• Others

Wearable Tracking Devices Market Regional Analysis/Insights

The wearable tracking devices market is analysed and market size insights and trends are provided by country, types, application, sales channel and end-user as referenced above.

The countries covered in the wearable tracking devices 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 wearable fitness trackers market due to consumer awareness of cutting-edge medical fitness products, high per capita income, the existence of major market participants, and strong purchasing power, the industry has a substantial revenue.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the factors including rising disposable income, increased interest in leading healthy lifestyles, and accessibility to reasonably priced fitness equipment’s will all contribute to the region's quick revenue growth.

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 like 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 wearable tracking devices 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 wearable tracking devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the wearable tracking devices market. The data is available for historic period 2010-2020.

Competitive Landscape and Wearable Tracking Devices Market Share Analysis

The wearable tracking devices 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 wearable tracking devices market.

Some of the major players operating in the wearable tracking devices market are:

• Apple Inc. (U.S.)
• Huawei Technologies Co., Ltd. (China)
• Fitbit Inc. (U.K.)
• Nike, Inc. (U.S.)
• Under Armour, Inc (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• Zepp Health corporation (China)
• Abbott (U.S.)
• Apple Inc. (U.S)
• Virtual-Realties, LLC (U.K.)
• Google LLC (U.S.)
• adidas India Marketing Pvt. Ltd (Germany)
• Xiaomi (China)
• Pebble Cart (U.S.)
•  Samsung Electronics Co Ltd (South Korea)
•  Huawei Technologies Co., Ltd. (China)
•  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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