Segmentation by Spectrum Range {UVA (315-400nm), UVB (280-315nm), and UVC (100-280nm)}; and by Wearable Type (Handheld, Band, Strap, Stickers, Clip-Ons, and Others) – Global Demand Analysis & Opportunity Outlook 2030
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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:
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.
Our in-depth analysis of the global wearable sun & light tracker market includes the following segments:
By Spectrum Range
By Wearable Type
Growth Drivers
Challenges
July 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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are increasing prevalence of skin disorders globally and growing development of innovative products by cosmetic and pharmaceutical industries.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
Ans: High cost of wearable sun & light tracker is estimated to hamper the market growth.
Ans: 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.
Ans: The major players in the market are GoodLux Technology, LLC, Comfable Inc., L'Oréal S.A., Biron Health Group, SunSense AS, and others.
Ans: 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.
Ans: The market is segmented by spectrum, wearable type, and by region.
Ans: 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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