Kenneth Research, in its repository of market research reports, have recently added a report on Wearable Technologies Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Wearable Technologies Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Wearable Technologies Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Wearable Technologies are smart devices that can be worn on the user’s body and have advanced functions such as wireless connectivity, self processing capability, and analytics and so on. Wearable Technologies have variety of applications which include healthcare & medical, fitness & wellness, industrial, military and infotainment. Major drivers for the growth of wearable technologies market are demand for portable devices, demand for real time data analytics and so on.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Moreover these devices are also used as a style statement among the young population, globally. Also, development in big data technologies such as cloud computing and Hadoop also support the growth of these smart devices.
This report focuses on Wearable Technologies in healthcare. Most of the wearable devices developed till date are concentrated around healthcare and wellness products. Major applications of wearable devices in healthcare include BP Monitors, CGM Devices, Smart Glasses, PERS, Insulin Pumps, ECG Monitors and so on.
Increasing life expectancy rates and growing demand for preventive and long-term care are the major drivers for the growth of wearable technologies healthcare market. Data privacy and data traffic management is a challenge for the market. Major players in the Wearable Technologies healthcare market include Medtronic, Dexcom, Abbot, Bio devices, Cardiac Science.
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Top Key Players:
4. Bio devices
5. Cardiac Science
10. Proteus Digital Health
22. Occulus rift (now Facebook)
30. Boston scientific
This Research Report covers
1. Historical data
2. Revenue forecasts, growth rates and CAGR up to 2028
3. Industry Analysis
4. Competitive Analysis
5. Key geographic growth data
6. Deep profiles top competitive companies
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Key Answers Captured in Report?
- Which geography would have better demand for products/services?
- What are the strategies adopted by big players in the regional market?
- Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
- What is the current & expected market size in the next five years?
- What is the market feasibility for long term investment?
- What opportunity the country would offer for existing and new players in the market?
- What is the risk involved for suppliers in the geography?
- What factors would drive the demand for the product/service in the near future?
- What is the impact analysis of various factors in market growth?
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