Wearable Technology Market is projected to exceed the valuation of US$ 61.72 Bn by 2031

The Europe wearable technology market is estimated 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).

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Wearable technology is gaining impetus in the healthcare industry, owing to its ability to provide precise and real-time data pertaining to the patient's status through mobile devices. Hence, rise in adoption of this technology in the healthcare industry is propelling the Europe wearable technology market.

Due to rapid adoption of advanced technologies, healthcare professionals around the world are increasing the use of different next-gen technologies for providing remote patient monitoring services. This factor is prognosticated to drive sales in the Europe wearable technology market in the forthcoming years. Besides, adoption of the remote patients monitoring technology is increasing around the world, as these systems assist patients in chronic disease management by allowing tracking key risk factors such as glucose, blood pressure, and other key indications. This, in turn, is creating profitable prospects in the Europe wearable technology market.

Players operating in the Europe wearable technology market are increasing research efforts in order to improve the quality of their products. Furthermore, they are focusing on innovations in their products. Such initiatives are anticipated to help in the expansion of the Europe wearable technology market in the years ahead.

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Europe Wearable Technology Market: Key Findings

Privacy issues pertaining to pet wearables are gaining attention of both users and companies operating the wearable technology. Hence, enterprises operating in the Europe wearable technology market are focusing on collaborations with government authorities in order to discover ways to address such privacy issues and execution of standard policies in order to stop data breach through the medium of pet wearables. Moreover, enterprises are focusing on R&Ds in order to achieve safety of personal data, states a TMR study.

In the recent years, there has been surge in the number of people living with health issues such as obesity and other lifestyle related health problems. This population base is inclining toward the adoption of healthy lifestyles. As a result, there has been a rise in the demand for fitness devices. Besides, these devices are being increasingly adopted by people, owing to growing awareness about their numerous benefits such as viewing notifications and placing calls easily. Hence, rise in adoption of fitness devices is leading to the growth in sales number in the Europe wearable technology market.
Players operating in the Europe wearable technology market are increasing their focus on key end-use industries such as eCommerce, healthcare, and gaming in order to maintain their revenue streams. These factors are expected to help the wearable technology market in Europe to surpass the valuation of US$ 61.72 Bn by 2031.

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Europe Wearable Technology Market: Growth Boosters

Wearable technology is being increasingly incorporated in various consumer applications globally. This factor is propelling the Europe wearable technology market.
Rise in use of smartwatches by people from around the world is fueling demand opportunities in the wearable technology market
The wearable technology market is projected to gain sizable business opportunities with rise in prevalence of severe health disorders, 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:

Nike
Google Inc.
Samsung
Microsoft

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Wearable Technology Market Segmentation

Product Type

Wrist Wear
Hearables
Body wear
Footwear
Headwear
Others (Eyewear, Neckwear, etc.)
Device

Fitness Tracker
Smart Watches
Smart Glasses
Smart Clothing
Others (Augmented Reality Head-Sets, Heart Rate Monitors, etc.)

End-use

Consumer Applications
Entertainment
Healthcare
Fitness and Sports
Defense
Others (Industrial, Enterprise, etc.)

Country & Sub-region

U.K.
Germany
France
Rest of Europe

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