The wearable smart device market was estimated at USD 68.82 billion in 2021 and is likely to grow at a CAGR of 14.7% during 2022-2028 to reach USD 180.3 billion in 2028.

COVID-19 Impact

Industrial activities across the globe were impacted by the outbreak of the Covid-19 pandemic. The electronics industry is severely hit with a significant impact on its supply chain and production facilities. However, the pandemic had a moderate impact on the Wearable Smart Devices market.  The increasing demand for wearable devices in various sectors like infotainment, telemedicine, and navigation, growing health awareness, and also the adoption of smart clothing is likely to drive the market growth at a healthy rate in the forecast period.

Market Dynamics

Multi-featured and hybrid application mobile devices are generating great opportunities for the key market players.

  • In the current scenario, the veterinary wearable market is in its expansion stage which is driven by the growing adoption of the internet of things and connected devices, advanced technological devices such as GPS and RFIDs, increasing awareness about various smart wearable devices, technological advancement in electronic devices, and increasing government initiatives and expenditure towards behavioral monitoring.
  • The high cost of wearable smart devices and the lack of proper wireless infrastructure in developing countries are the major restraining factors hindering the growth of the wearable smart devices market.

Segment Analysis:

Based on the application segment, the wearable smart devices market is segmented into identification & tracking, fitness & wellness, medical diagnosis & treatment, safety & security, and others. The fitness & wellness segment accounted for the largest market share in 2021 due to the rise in demand for healthy activities among consumers.

North America accounted for the largest market share of more than 33.33% in 2021, owing to the presence of well-established players in the market, and increase government expenditure on the healthcare industry coupled with advanced and well-developed healthcare infrastructure.

However, the Asia Pacific region is anticipated to witness the highest CAGR during the forecast period due to growing disposable income, and increasing government on healthcare in growing emerging economies such as China, and India.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

Based on the research, a proper report is crafted with the following key features:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis
  • COVID-19 Impact Assessment
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
  • Market trend and forecast analysis
  • Market segment trend and forecast
  • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
  • Attractive market segments and associated growth opportunities
  • Emerging trends
  • Strategic growth opportunities for the existing and new players
  • Key success factors

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