Wearable Tracking Devices Market Share, Insights and Growth Analysis by Types (Wrist Wear, Fitness Bands, Foot Wear), Application (Healthcare, Consumer Electronics), Sales Channel (Online, And Offline), End-User (Sports Person, Patients) – Global Forecast Till 2023
Regional Analysis
The Global Wearable Tracking Devices Market covers various regions, namely Americas, Europe, Asia Pacific, and the Middle East and Africa.
Geographically, the market is led by the Americas and is expected to hold the leading position in the future as well. Herein, there lies a huge population suffering from chronic diseases like obesity and diabetes and there is better awareness concerning healthcare that helps increase the demand of the market in this region. The huge patient population in the Americas is expected to drag the players attention towards the market in this region.
Owing to the presence of a huge population affected with chronic diseases, the European market is expected to be huge for such devices. Moreover, the support from the government to enhance the fitness technology and treatment aids them in capturing the global market shares.
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The Asia Pacific is another highly popular market that is expected to experience stunning growth in the coming years. In the Asia Pacific region, both India and China are two of the fastest growing regions that are aiding the overall regional market with its proliferating growth. Due to the presence of a massive population and the willingness to invest in better treatment and fitness technologies, the market in these countries are seeing a continuous increase.
Additionally, the countries in this region are on a continuous lookout for integrating these advanced technologies and treatment methodologies from developed nations to reduce the gap between the supply and demand of products. Lastly, the Middle East and Africa are anticipated to expect low market growth in the near future due to the lack of investment therein.
Market Segmentation
The Global Wearable Tracking Devices Market segmentation is based in terms of application, types, sales channel, and end-user.
By type, the market includes footwear, wristwear, and others. The wristwear segment narrows down into fitness bands and smartwatch.
By application, the market comprises of consumer electronics, healthcare, and others.
By sales channel, the market divides into online and offline channels.
By end-user, the market segments into patients, sportsperson, and others.
Competitive Landscape
The Global Wearable Tracking Devices Market comprises of various key players. This includes names such as Pebble Technology Corp (US), Adidas (Germany), Sony (Japan), Apple Inc (US), Gramin Ltd (Switzerland), Google Inc. (US), Samsung Electronics Co Ltd (South Korea), Xiaomi Technology Co., Ltd. (China), Fitbit, Inc. (US), Jawbone (US), Nike (US), and others.
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Atlas announced that it is coming back into the fitness watch landscape with its latest product, the Multi Trainer 3. The product is capable of tracking more than thousand types of exercises in an automated manner. This tracker aims to be an all-round workout fitness tracker.
Samsung made an announcement to unveil a health-focused smartwatch tracking device, named Galaxy Watch Active. The product boasts the capability to measure and monitor blood-pressure and would cost USD 200.
Overview
As per the latest research conducted by the Market Research Future (MRFR), the Global Wearable Tracking Devices Market is anticipated to attract negligible growth and demand in the forecast period.
These wearable devices aid users by monitoring their health and physical activities. The devices can be worn on the body all the time, 24/7. The device continuously records various data accumulated throughout your day, like your heart rate, step count, quality of sleep, and others. There is an ongoing trend among the young generation concerning these wearable fitness tracking devices, which is a significant factor behind then growth of the market. Moreover, other drivers like the increasing prevalence of cardiovascular diseases, rising awareness concerning fitness, rising cases of obesity, increasing demand for various sophisticated technological devices, and the modernization of lifestyle are expected to add fuel to the market growth of wearable tracking devices.
However, key factors like the high cost of wearable tracking devices, varying metrics from different devices or lack of consistent results, and security issues are some of the major constraints that can impact the growth of the market.
