In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSJuly 2021- Scientists from Nanyang Technological University have created a new type of light sensor, which is both flexible and highly sensitive. The aim of this study is to pave the way for UV-enabled flexible wear technology.
January 2018- L’Oréal developed a battery-free device which can be worn on the human nail, and monitors the amount of UV light a person is exposed to. This device marks the entrance of the company into the wearables market.
The global wearable sun & light tracker market is estimated to garner a hefty amount of revenue and grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. As concerns associated with human skin are gaining momentum, there is a surging demand for devices that provide accurate depiction of sunlight intake and UV exposure. This is considered to be a significant factor projected to leverage the sales of wearable sun & light trackers in the forthcoming years. Furthermore, extensive involvement of cosmetic and pharmaceutical in developing innovative products is expected to offer lucrative opportunities to the market in the near future. In addition, rising availability of products in-built with multiple functionalities, such as providing sun exposure along with vitamin D levels, skin age and overall progress, is also predicted to drive market growth in the nearing time.
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Skin disorders (including skin cancer, sunburn, photoaging and malignant melanoma) are one of the most prevalent form of diseases around the world, especially in Scandinavian countries, and a significant portion of these conditions are caused by excessive sun exposure. According to the data provided by World Cancer Research Fund, skin cancer or melanoma is the 19th most common cancer worldwide, with nearly 300,000 new cases in the year 2018.
The market is segmented by wearable type into handheld, band, strap, stickers, clip-ons, and others, out of which, the band segment is anticipated to hold the largest share in the global wearable sun & light tracker market. This can be accounted to the high demand for bands resulting from their ease of use. Besides, bands are highly suited for travelling as these remains tied to wrists, which is another factor evaluated to boost the growth of this market segment in the coming years. Additionally, the clip-ons segment is assessed to witness robust growth over the forecast period owing to their ability to be attached to the body part with ample sun exposure for observing better results. Increasing incorporation of wireless features in these types of trackers, and growing advancements in smart wearable devices are also foreseen to boost this market segment’s growth by then end of 2030.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global wearable sun & light tracker market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the increasing investments in pharmaceutical and wellness industries in countries, namely China and India, which has raised the demand for UV sensors in the region. in fiscal year 2018, India’s public health expenditure reached to approximately USD 6.5 billion, which rose up to about USD 8.3 billion in 2020. Growing usage of wearable sun and light trackers by dermatology community is also expected to fuel the region’s market growth in the near future. Moreover, North America is projected to emerge as the largest market during the forecast period ascribing to the early adoption of technology, largescale usage of wearable tracking devices, and strong presence of prominent market players in the region.
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The global wearable sun & light tracker market is further classified on the basis of region as follows:
Our in-depth analysis of the global wearable sun & light tracker market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing prevalence of skin disorders globally and growing development of innovative products by cosmetic and pharmaceutical industries.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
High cost of wearable sun & light tracker is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing investments in pharmaceutical and wellness industries in countries, namely China and India.
The major players in the market are GoodLux Technology, LLC, Comfable Inc., L'Oréal S.A., Biron Health Group, SunSense AS, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by spectrum, wearable type, and by region.
The bands segment is anticipated to hold largest market size and is estimated to grow at a steady CAGR over the forecast period and display significant growth opportunities.
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