Wearable technology is any technology that is designed to be used while worn. Common types of wearable technology include smartwatches and smart glasses. Wearable electronic devices are often close to or on the surface of the skin, where they detect, analyze, and transmit information such as vital signs, and ambient data which allow in some cases immediate biofeedback to the wearer. Wearable devices such as activity trackers are an example of the Internet of Things. Wearable technology offers a wide range of possible uses, from communication and entertainment to improving health and fitness, however, there are worries about privacy and security because wearable devices can collect personal data. Wearable technology has a variety of use cases which is growing as the technology is developed and the market expands. Wearables are popular in consumer electronics, most commonly in the form factors of smartwatches, smart rings, and implants. As wearable technology is being proposed for use in critical applications, like other technology, it is vetted for its reliability and security properties.
Wearable technology is often used to monitor a user’s health. Wearable has expanded into entertainment by creating new ways to experience digital media. Wearable technology has also expanded from small pieces of technology on the wrist to apparel all over the body. Wearable technology opens the door to many exciting applications and may lead to another technological revolution similar to the internet and mobile communication industries. Wearable technology has gained immense popularity recently in lifestyle and healthcare products. Despite the reaping benefits of wearable technology, a lot of research still has to be completed to start transitioning to wearable technology.
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European Wearable Technology Market – Competitive Landscape
On October 12, 2023, RDS brought its seed funding to USD 14.22 million for its patented wearable monitoring solutions. On June 23, 2023, Samsung Ventures invested in AI meets Sleep Tech an innovative wearable startup. On February 14, 2023, Natural Cycles secured a strategic investment from Samsung ventures, bringing cycle tracking to the Galaxy Watch 5 series. On January 24, 2023, Elo raised USD 10 million and launched the first wearable-powered protein formulated for optimal recovery.
Some of the Key Players in the European Wearable Technology Market Include –
- Apple Inc.
- Fitbit Inc.
- Google LLC
- Samsung Electronics Co. Ltd
- Garmin Ltd.
- LG
- Huawei
- Sony Corporation
- Abbott Laboratories
- Xiaomi
- Sony Corporation
- Fossil Group
- Eurotech
European Wearable Technology Market – Growth Drivers
Increasing awareness of health and fitness, coupled with a growing emphasis on personal well-being, is driving demand for fitness trackers, smartwatches, and other health-monitoring wearables. Continuous technological advancements, such as improved sensors, smaller and more efficient components, and enhanced connectivity, contribute to developing more sophisticated and capable wearable devices. The rising trend of remote patient monitoring and the need for efficient healthcare solutions have led to increased adoption of wearables in healthcare sectors. These devices enable real-time health data tracking and can enhance patient care. Seamless integration of wearables with smartphones and other smart devices enhances their functionality and usability, driving consumer interest and acceptance. According to Science Direct, the acceptance level of wearable technologies in a workspace is 82.22%. according to Statista Germany is a Western European country with the highest smartphone subscriptions roughly USD 75.5 million. The convergence of fashion and technology, leading to the creation of stylish and aesthetically pleasing wearables, attracts consumers who value both form and function. Incorporating wearables in corporate wellness programs for employee health and productivity monitoring is fueling demand for devices that track physical activity, stress levels, and sleep patterns. Wearables play a key role in the broader IoT ecosystem contributing to the interconnectedness of devices and providing users with a more integrated and seamless experience.
European Wearable Technology Market – Restraints
The collection and storage of personal health and activity data raise privacy concerns among users, potentially hindering the widespread acceptance of wearables. As wearable devices become more interconnected, the risk of cybersecurity threats and unauthorized access to sensitive information increases, posing a challenge for both users and manufacturers. Many wearables struggle with limited battery life, affecting user convenience and necessitating frequent recharging. Improving battery technology remains a key challenge in the industry. The initial cost of purchasing wearable devices, especially advanced smartwatches and augmented reality glasses, can be a barrier to entry for some consumers, limiting European wearable market penetrations. According to the National Center for Biotechnology Information (NCBI), the cost of wearable devices is more than € 500 (USD 570). Lack of standardized communication protocols and interoperability between different wearable devices and platforms can create compatibility issues, restricting the seamless integration of these devices into user’s daily lives. Users find wearable devices bulky or unattractive, affecting their willingness to incorporate them into daily wear. Balancing functionality with aesthetic appeal is crucial for broader acceptance. The potential health impacts of prolonged use, such as eye strain or discomfort, may deter users. Additionally, concerns about the long-term effects of constant exposure to electromagnetic fields from certain wearables exist.
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European Wearable Technology Market – Opportunities
In healthcare, wearables offer opportunities for remote patient monitoring, improving patient outcomes, and reducing healthcare costs. The integration of advanced sensors and data analytics enhances the potential for early disease detection and personalized medicine. The industrial sector benefits from wearable technology through augmented reality devices, enabling hands-free operations, remote assistance, and improved productivity. The fashion industry sees opportunities to merge style with functionality, creating aesthetically appealing smart garments.
European Wearable Technology Market – Key Development
- On July 17, 2023, AccYouRate’s breakthrough smart T-shirt enables continuous real-time monitoring of seven vital signals, including ECG, heart rate, breathing pattern, body temperature, movement, GPS, and body position for fall alerts.
- On July 11, 2023, Somatix and Roche launched an only-of-its-kind medication compliance capability using AI-enabled wearable technology.
- On May 18, 2023, Huawei will release blood glucose tracking as part of the Huawei Watch 4.
- On March 27, 2023, Curve Partners DIGISEQ to offer wearable payments in 31 European countries.