The European smart wearables market size is estimated to be growing at a CAGR of 18.5% from 2021 to 2026.
The market is driven by technological advancements, which increase health awareness. The ease of use and interpretation of data with these devices is also an important factor contributing to the market's growth. The increase in the number of people with chronic diseases and the increase in the geriatric population are the main factors behind the development of remote patient monitoring. Implementing remote patient monitoring (RPM) can improve chronic disease management by measuring critical risk indicators such as blood sugar, blood pressure, etc. With this, patients can use a mobile medical device to perform a routine test and send this data to healthcare professionals in real-time. In addition, technological advancements coupled with the innovation of new products will create lucrative opportunities for the market in the years to come.
According to the Office for National Statistics (UK), around 165 men and 120 women (per 100,000 population) died from respiratory illnesses in England. In addition, the North West of England had the highest respiratory disease death rate for men with almost 195 deaths (per 100,000 population), while the North East had the highest rate for women with 155 deaths (per 100,000 inhabitants). Therefore, the use of respiratory therapy devices should decrease the death rate or which can also help to monitor diseases.
In 2019, UK households purchased around £ 27.6 billion worth of health products and services, including medical and pharmaceutical products and inpatient and outpatient services. According to NHS Digital, 32% of men and 28% of women in the UK lived with high blood pressure. With smart wearable devices playing an important role in inaccurate blood pressure monitoring, the market is expected to gain momentum. In addition, other factors, such as the further development and commercialization of the products and the strengthening of the distribution channels of major product manufacturers, are expected to contribute to the growth of the European smart wearables market.
However, the European smart wearables market is estimated to be restrained by factors such as the lack of reimbursement policies in European regions and tough competition with brand loyalty for major companies.
Impact of COVID-19 on the European Smart Wearables Market:
COVID-19 is expected to negatively impact the wearable technology market supply chain, as some prominent players are based in China, which is the pandemic's epicenter. Additionally, in light of the current situation, smart wearable technology is currently focused on sustaining and generating operating revenue, resulting in fewer developments in the market in 2020. As a result, the impact of COVID-19 is expected to be expected to shrink over the forecast period as many companies have scheduled product launches and associated developments that have been postponed earlier.
This research report on the Europe Smart Wearables market has been segmented and sub-segmented into the following categories:
Geographically, UK and Germany are expected to register a significant market growth rate due to key players in the region and the high pace of technological advancement, while growing health awareness and increasing adoption of wireless technologies will drive market growth in the region.
According to the 2020 report of the German Federal Statistical Office, there are currently around 85 million inhabitants in Germany, of which 17.6 million inhabitants are over 65 years old. This number is expected to reach 22.5 million in 2040 since the number of older people is expected to increase in the near future who are more prone to chronic diseases such as diabetes, cardiovascular diseases, respiratory diseases, neurological diseases, and other diseases, which shows a positive impact on the market during the forecast period.
Other European nations are expecting lucrative growth due to technological advancements and product innovations. Small and medium-sized businesses are increasing their market presence by securing new contracts and entering new markets.
KEY MARKET PARTICIPANTS:
Apple, Covidien Plc, Philips Electronics, Fitbit Inc., LifeWatch AG, Polar Electro, Jawbone, Sotera Wireless, Pebble Technology Corp., Drägerwerk AG & Co. KGaA, Omron Corp., Samsung, Huawei, Lifesense Group, Adidas Group, Qualcomm Technologies, Inc, Sony Corporation, Garmin, Nokia Technologies, Vital Connect, and Everist Genomics are a few of the significant companies operating in the European smart wearables market.