Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Wearable Technology Component Market.
As per Market Research Future (MRFR)’s latest report, the global wearable technology component market is expected to expand at a CAGR of 16.02% during the forecast period 2018 to 2023. The report underscores that the valuation of the global market is poised to grow from USD 20.89 Bn in 2017 to USD 51.50 Bn by the end of 2023. The growth in demand witnessed for wearable devices is presumed to dictate the trajectory of the global market in the years to come.
Wearable devices have penetrated healthcare sector and are being used extensively for patient monitoring. The wearable technology component market is highly lucrative and is expected to gain momentum owing to the development of its application across different verticals in the upcoming years.
The increasing disposable income coupled with rising affordability of wearable technology is likely to boost sales of these devices over the next couple of years. This, in turn, has been projected to boost the growth trajectory of the market in the foreseeable future. However, concerns regarding privacy and security are likely to restrict the proliferation of the wearable technology component market across the review period.
By products, the global wearable technology component market has been segmented into wristwear, headwear and eyewear, neckwear, smart clothing, wearable cameras, and implants.
By technology, the wearable technology component market has been segmented into computing technology, display technology, networking technology, and sensor technology.
By components, the global wearable technology component market has been segmented into control, memory, battery, sensing, and connectivity.
By application, the wearable technology component market has been segmented into fitness and wellness, healthcare, consumer electronics, defense, and enterprise and industrial applications.
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The regional study of the wearable technology component market encompasses North America, Europe, Asia Pacific, and the rest of the world. North America is expected to lead the growth of the market in the forthcoming years. The growth can be ascribed to the recent developments witnessed in the wearable technology.
Europe is also an important growth pocket. The regional market is presumed to grow substantially across the review period owing to the rising count of health-conscious people who form a major proportion of the consumer population. Furthermore, the consolidation of developed economies in the region backed by high purchasing power is driving the growth of the wearable technology component market in the region.
Asia Pacific is likely to exhibit positive growth over the next few years. The ongoing technology trends in the region are likely to fuel demand for wearable devices over the assessment period, thus, augmenting the market.
Some of the key players profiled in this MRFR report are Xiaomi Inc. (China), Adidas AG (Germany), Apple Inc. (US), Sony Corporation (Japan), Garmin Ltd. (US), Fitbit (US), Jawbone (US), Google Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Qualcomm Technologies, Inc. (US), Nike, Inc. (US), Lifesense Group (Netherlands), and Misfit, Inc. (US).
In February 2019, University of Auckland researchers announced that they are working on the development of ChewIt, which enables discreet and hands-free interaction with your computer, phone or smartwatch from within your mouth.
In February 2019, Shimmer, a global leader in wearable technology, has announced the launch of the next-generation wearable sensor platform, Verisense, for clinical trials.
In February 2019, VivaLNK, a leading healthcare service provider, has unveiled its new wearable device for monitoring patient health and generate clinical data.
In February 2019, Scottish company Current Health announced that it has been granted approval by the U.S. Food and Drug Administration for its wearable device designed for monitoring hospital patients.