Global 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
Wearable Tracking Devices Market Overview
The global wearable tracking devices market is rising with a moderate pace; mainly owing to increase in patient population with diabetes and obesity. According to the report published by the International Diabetes Federation, in 2016, it was evaluated that 420 million adult population were suffering with diabetes. If the patient population will grow with the same phase it was projected that around 625 million people will suffer with the disease by 2040, at a rate of 8.4%.
Companies are continually inventing new products to capture the market globally. Thus, major players invest more in research and development activity, in order to lead the global market. In this regards, Garmin International Inc., in 2016, announced the Forerunner 35, its newest GPS-enabled running watch with built-in Garmin Elevate wrist-based heart rate1 technology that allows runners to monitor their heart rate 24/7 without a chest strap. It helps to track runner that how fast and far they are running and where they are running. This advanced technology allows users to run without a phone. Companies are investing more into research and development in order to develop quality and advance products, which help them to lead the global market.
Most of the companies are looking forward to invent the wearable devices to detect a disorder called sleep apnea. Sleep apnea bother millions of people, but frequently goes undiagnosed. Thus, makers looking forward to developing a device which helps them to track the symptom. Increasing in the genetic population globally and unhealthy diets are the factors that increase the occurrence of such disease. Moreover, companies are more focus to capture the market.
Wearable tracking are those devices which help in monitoring and tracking the fitness of the people who are wearing it. These are the accessories, integrating advanced electronic technologies and provide the result related to distance walked or run, calorie consumption, and in some cases heartbeat and quality of sleep. Now a days companies introduced different types of devices which can be worn at foot, wrist, and eyes. Today, people are using various kinds of networking devices in order to learn more about their health. Rapid technical advancement in motion sensors has improved the results of wearable tracking devices.
Now a days there are the huge demands for the Wearable tracking devices due to increased prevalence of different lifestyle diseases such as diabetes & obesity, which requires continuous monitoring and increasing use of advances and portable devices in sports analytics. According to WHO, in 2014 more than 8.5% of global population were suffering from diabetes and will increase in coming years.
Global Wearable tracking devices Market Regional Analysis
The market of the wearable tracking devices is much higher in the Americas region. There is a huge population which is suffering from chronic disease such as diabetes, obesity and also better awareness of healthcare increase the demand of wearable tracking devices market in this region. The WHO estimated that diabetes leads to 1.6 million deaths in 2015 and it is the major causes of blindness, kidney failure, heart attacks, stroke, and lower limb amputation. These huge patient population drag the attention of players towards the wearable tracking devices market.
Europe is also considering the huge wearable tracking devices market players, owing to present of huge population affected with chronic disease. Moreover, Government support to enhance the treatment and fitness technology help them in capturing global market shares.
Asia Pacific and the Middle East and Africa region are considering the big market. Whereas country like India and china of Asia Pacific region are one of the fastest growing region owing to the presence of huge population and also willing to invest in better treatment or fitness technology. Additionally, countries from this region looking forward to adopt advanced technology and treatment from developed nation in order to minimize the gap between demands and supplies of the products. Whereas the Middle East and Africa are the low market due to his incapability of investment.
Adidas (Germany), Gramin Ltd (Switzerland), Apple Inc (U.S.), Pebbel Technology Corp (U.S.), Samsung Electronics Co Ltd (South Korea), Sony (Japan), Fitbit, Inc. (U.S.), Google Inc. (U.S.), Xiaomi Technology Co., Ltd. (China). are some of the leading players at the cutting edge of the competition in the market of wearable tracking devices, globally.
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