COVID-19 Impact on Smart Wearable Technology Devices Market Revenue, Market Share, Manufacturing Process Analysis 2020-2026
Wearables technology products have been accepted well in the consumer medical tech field but the healthcare industry has questioned their utility beyond heart rate tracking and for more crucial applications of healthcare. This means that the market was limited to consumers and healthcare providers till now.
The outbreak of COVID-19 pandemic has expanded the role of wearable technologies in the healthcare industry. Several companies operating in the wearables space across other domains are eager to enter the landscape of wearables to be used as early warning systems for the virus infection. One such example is the Ava Bracelet. The device has experienced success as a fertility tracking wearable whose sensors are now being leveraged to aid in combating the coronavirus. The bracelet is capable of tracking heart rate variability in addition to heart rate, skin temperature, and breathing rate making it useful in tracking the symptoms of the virus infection. The company’s chief medical officer, Maureen Cronin, said that the bracelet’s capability of remote continuous monitoring offers a unique opportunity during the outbreak. This ability of the bracelet in combination with symptomology, can be useful in triage of candidates for testing by predicting the highest probability. This can prove useful for the overwhelmed healthcare providers and governments to allocate resources more efficiently when a large number of people are isolated with symptoms. As the resources for on-floor testing are finite and are testing is presumed dangerous for health workers, remote monitoring wearables can be of immense help.
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Global Smart Wearable Healthcare Equipment Market This research report provides COVID-19 Outbreak study accumulated to offer Latest insights about acute features of the Smart Wearable Healthcare Equipment Market. The report contains different market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary and SWOT analysis. It presents the 360-degree overview of the competitive landscape of the industries. Smart Wearable Healthcare Equipment Market is showing steady growth and CAGR is expected to improve during the forecast period.
The market for wearable technology has experienced growth as the demand for contactless interactions increased. Fitness-tracking devices, devices to measure other vital signs and their accompanying apps are being taken more seriously than ever by users, insurers and health-care providers alike as a tool for preventive and proactive maintenance of health. As new demands emerge, collaborations between wearable device makers and healthcare institutions are expected to increase to combat the current scenario and to prepare for similar circumstances in the future. Manufacturers of wearable technologies for various applications are anticipated to expand into other possible areas.
The existing consumer wearable technologies and the data they collect have the potential to make significant technological breakthroughs during the COVID 19 outbreak. The regions of the world with large populations of working age, technological prowess and low cost of manufacturing have tremendous edge for exponential growth and innovation in terms of meeting the demand for novel necessities including connectivity of the general public, contact-tracing programs, and online provision of healthcare services as much as possible. Hence, it can be concluded that the market for wearable technologies are expected to grow significantly while playing a major role in the transformation of conventional healthcare service provision.
Leading key players in the Wearable Devices market are –
Apple, Inc., Google, Inc., Garmin, Ltd., Samsung Electronics Co., Ltd., Sony Corporation, Fitbit, Inc., Pebble Technology Corp., Qualcomm, Inc., Xiaomi Technology Co., Ltd., Jawbone, Inc., LG Electronics Inc., Nike, Inc., Adidas AG
Regional Analysis For Wearable Devices Market
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
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Conclusion
It has been observed historically that new technologies and trends emerge after major incidents such as the two World Wars and the Spanish flu outbreak. The impact of the novel COVID 19 virus is expected to leave a long-lasting impact as well. The outbreak of the COVID 19 virus has led to people grappling with uncertainty around the infection and its treatment. The virus poses risk not just to human life but has caused economic distress and severe emotional strain. This has created a domino effect giving rise to new sets of needs and necessities that were not required earlier. After the pandemic subsides, major transformations are expected in the field of health-care including a general shift towards online services and enhancement of home health-care. The capacity of the healthcare systems globally is suddenly under the pressure of being exhausted as a result of the COVID-19 outbreak. Moreover, the market of wearable solutions that measure and monitor the health conditions of chronic, non-coronavirus patients are also expected to witness significant growth as they aid in reducing the overall burden on healthcare providers.