The Rise of Health Monitoring Gadgets: Consumer Spending Soars as Smartwatches with Advanced Monitoring Functionalities, Such as Samsung’s Galaxy Watch 4, Take Center Stage.
Storyline
- Health Awareness and Increased Consumer Spending
- Impact of Working Population and Sports Enthusiasts
- Role of Smartwatches in Health Tracking and Market Growth
- Competitive Innovations in the Market
Introduction
The increase in health awareness has driven consumer spending on health monitoring gadgets, leading to increased sales of smartwatches with advanced monitoring functionalities. For example, Samsung’s Galaxy Watch 4 offers features like GPS tracking, heart rate monitoring, and ECG support.
1. Health Awareness and Increased Consumer Spending
The increase in health awareness among consumers across the globe has resulted in increased consumer spending on health monitoring gadgets. This has further led to the increased sales of smartwatches owing to their wide range of monitoring functionalities, including the ability to control music, notifications, walking tracks, and heartbeat rates, among others.
For instance, Samsung released its Samsung Galaxy Watch 4 in the United States and the United Kingdom in August 2021. The product claimed to offer a host of health and fitness features, including GPS for tracking runs, an optical heart rate sensor, and ECG support. The watch also showcases the company’s new 3-in-1 Bio Active Sensor that enables the device to monitor heart rate, blood oxygen levels, and body composition.
2. Impact of Working Population and Sports Enthusiasts
The growing working population is expected to be more likely to embrace sports and fitness as recreational activities. Additionally, endurance sports have paved the path for enthusiasts to purchase the different varieties of products available under the sports wearable segment, which in turn has helped escalate the sales of smartwatches. Consumers who demonstrate a high affinity toward traveling and adventure sports coupled with a rapidly changing technological environment have influenced the growth of the smart and durable watches market, which is expected to grow at a significant rate over the forecast period.
It was reported that nearly 21% of the American population was obese or overweight. This factor has increased the usage of smartwatches to help consumers track their steps every day, the calories burnt, the miles they run or swim, the time they spend sleeping, and their pulse rate, all of which have boosted the sales of smartwatches in the United States.
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3. Market Growth of Wearable Market
The growth of the wearables market in North America is highlighted by figures that expect 25% of the adult population in the United States to be using a wearable device by 2022. The ownership of wearables in the Asia-Pacific countries is already high among those living in countries such as China, Thailand, and Vietnam.
4. Competitive Innovations in the Market
The leading companies in the market have been gaining a competitive edge with innovations such as inventing eco-friendly strap materials, among others.
For instance, in 2019, Breitling launched a watch with a strap made from recycled materials. Each timepiece features a NATO strap made from ECONYL yarn, a regenerated nylon waste from landfills and oceans around the world.
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According to Ken Research: The market for smartwatches is fueled by the impact of the working population, sports enthusiasts, and the rising prevalence of obesity. With significant growth projected in North America and Asia-Pacific, companies are also gaining a competitive edge through innovative features like eco-friendly strap materials, exemplified by Breitling’s use of recycled materials.