The European wearable technology market will grow at a CAGR of 15.5 during the forecast period, according to the States TMR study
The European wearable technology market is expected to surpass the value of US$61.72 billion by 2031, increasing adoption of remote patient monitoring technology is driving sales in the market
Albany NY, USA, May 03, 2022 (GLOBE NEWSWIRE) — Europe wearable technology market is expected to register growth at a CAGR of 15.5% during the forecast period from 2022 to 2031, according to a research report by Transparency Market Research (TMR).
Wearable technology is gaining momentum in the healthcare industry, due to its ability to provide accurate, real-time patient status data via mobile devices. Hence, the growing adoption of this technology in the healthcare industry is propelling the European wearable technology market.
Due to the rapid adoption of advanced technologies, healthcare professionals around the world are increasingly using different next-generation technologies to provide remote patient monitoring services. This factor is expected to boost sales in the European wearable technology market in the coming years. Additionally, the adoption of remote patient monitoring technology is increasing worldwide as these systems aid patients in chronic disease management by tracking key risk factors such as glucose, blood pressure and other key indications. This, in turn, creates profitable prospects in the European wearable technology market.
Players operating in the European wearable technology market are stepping up research efforts to improve the quality of their products. Moreover, they focus on innovations in their products. Such initiatives should contribute to the expansion of the European market for wearable technologies in the years to come.
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Europe Wearable Technology Market: Key Findings
Privacy issues relating to pet clothing are attracting the attention of users and companies operating wearable technology. Therefore, companies operating in the European wearable technology market are focusing on collaborations with government authorities to discover ways to address these privacy issues and execute standard policies to stop the data breach by the bias pet clothes. Additionally, companies are focusing on R&D to ensure the security of personal data, says a TMR study.
In recent years, the number of people living with health problems such as obesity and other lifestyle-related health problems has increased. This population is inclined to adopt healthy lifestyle habits. As a result, there has been an increase in the demand for fitness equipment. Also, these devices are increasingly being adopted by people, owing to the growing awareness of their many benefits such as displaying notifications and making calls easier. Hence, the increase in the adoption of fitness equipment leads to a growth in the number of sales in the European wearable technology market.
Players operating in the European wearable technology market are focusing more on major end-use industries such as e-commerce, healthcare, and gaming to sustain their revenue streams. These factors are expected to help the wearable technology market in Europe surpass the valuation of US$61.72 billion by 2031.
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Europe Wearable Technology Market: Growth Boosters
Wearable technology is increasingly integrated into various consumer applications globally. This factor propels the European wearable technology market.
Increase in the use of smart watches by people across the globe is fueling demand opportunities in the wearable technology market
The wearable technologies market is expected to gain significant business opportunities with the rising prevalence of serious health conditions including respiratory diseases, diabetes, cardiovascular diseases and neurological diseases
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Wearable Technology Market: Key Players
Some of the key players profiled in the report are:
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Wearable technology market segmentation
type of product
Country and sub-region
The rest of Europe
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