Rising demand of the customers to take control of their health is highly influencing the use of wearable technology in healthcare.

HYDERABAD, TELANGANA, INDIA, August 26, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts Wearable Technology Market size is forecast to reach $60.4 billion by 2026, after growing at a CAGR of 9.9% during 2021-2026. The increasing demand for wearable devices for various applications such as medical, infotainment, fitness tracking, and so on is the major reason for the growth of the Wearable Technology market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

Key Takeaways:

1. The increasing need for wearable technology in healthcare application and the rising installation of fitness trackers, smart health watch and health-based wearables in the U.S is highly dominating the wearable technology market in North America.

2. The introduction of wearable operating systems beyond Apple and Google and the growing shift towards the wearable interface and analytics are significantly propelling the market growth.

3. The Changing lifestyle and the growing need for fitness trackers and Bluetooth smart watches along with the merging of wearable cameras and virtual reality are further enhancing the market growth.

4. The major challenge for wearable technology is the concern towards safety and privacy that increases the vulnerability of cyber-attacks by hackers. These challenges can further affect the growth of the wearable technology market especially in smart health watches as well as other medical wearable devices.

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Segmental Analysis:

1. Wrist-wear product segment holds the largest share in the wearable technology market in 2020 at 29.2%. Wrist wearables are commonly used these days due to the increasing need for fitness tracking systems and Bluetooth smart watches.

2. Wrist-wear product segment holds the largest share in the wearable technology market in 2020 at 29.2%. Wrist wearables are commonly used these days due to the increasing need for fitness tracking systems and Bluetooth smart watches.

3. Fitness and wellness segment is projected to grow at a CAGR of 10.2% during the forecast period 2021-2026.

4. North America highly dominated the wearable technology market with a share of more than 38.1% in 2020, followed by APAC and Europe.

Competitive Landscape:

The top 5 players in the Wearable Technology industry are -

1. Adidas

2. Apple Inc

3. Fitbit Inc

4. Garmin Ltd

5. Google

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Similar Reports:

A. Wearable Medical Devices Market
https://www.industryarc.com/Report/205/Wearable-medical-devices-Market-Analysis-Report.html

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