Potential Impact of COVID-19 on European Wearable Technology Market

The report by Transparency Market Research (TMR) observes that the European wearable technology market has highly competitive nature due to the presence of numerous and large players operating in the European market. Some of the key players operating in the printed electronics market are Google Inc., Samsung, Nike, Adidas, Microsoft, and Sony. Due to high demand for the smart and advanced wearables, these companies are focusing on the advancement and product development.

According to a report by Transparency Market Research (TMR), the Europe wearable technology market for is expected to expand with a CAGR of 42.1% from 2014 to 2019, to attain the value of US$2.54 bn by the end of 2019 from US$308.69 mn in 2013. On the basis of application, the fitness and wellness segment accounted for the larger share in 2012 and is expected to continue its dominance over the forecast period owing to rising adoption of wearable products. On the basis of country, Germany accounted for the larger share of nearly 32% in 2012 for the wearable technologies market.

Convenience and Flexibility of Device to Boost Growth

Wearable technologies are experiencing an increase in adoption due to convenience while using and its flexibility. The factors such as real-time data monitoring, fitness tracking, and operational efficiency are boosting its usage for numerous purposes. Additionally, some of the advancements in software and hardware components are supporting their usage in healthcare and defense sector. This increasing adoption is fuelling the growth of the wearables technology market.

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Wearables have applications in numerous industries such as defense, lifestyle, consumer applications, enterprise, fitness and sports, and industrial. In addition, electronic wearable medical devices offer benefits to find a solution to observe numerous health parameters including blood sugar, glucose, numerous chronic diseases diabetes, and heart diseases. Increasing knowledge of the benefits of the wearables for these sectors is propelling the growth of the wearable technology market.

High Cost of Devices, Security Concerns to Restrain Growth

Despite these growth prospects, the factors such as low battery life, the high cost of devices, and security concerns are hampering the growth of the wearable technology market. In addition, being an emerging and new technology, confusion in usability of the technology is limiting growth of the wearable technology market. Nevertheless, usage of wearables forms the healthcare and fitness application are augmenting adoption of wearables which is creating lucrative opportunities in coming years for growth of the wearables technology market.

Along with these sectors, increasing popularity of wearables across numerous sectors such as telemedicine, label reader infotainment, advertising, surgery, project planning, cycling and running (navigation), accessing patient records, and remote patient monitoring is supporting growth of the wearable technology market.