Wearable Sun & Light Tracker Market Trends
Growth Drivers
- Rising Use of Sun and Light Trackers in Clinical Trials– MyLyt, a cost-effective light tracker developed by the LVPEI, received validation in a new study conducted by the L V Prasad Eye Institute in Hyderabad, India, and the Centre for Applied Vision Research at the School of Health Sciences. Clinical trials necessitate reliable and unbiased information collecting, particularly in dermatological and skin condition examinations. Wearable skin and light monitors enable uninterrupted and real-time information on sun exposure.
- Increasing Trend of Wearables – The overall amount of smart wearable devices worldwide increased significantly between 2019 and 2022. This figure was around 1 billion in 2022, an increase from 929 million the previous year. The rising consciousness among people for their well-being has increased the demand for smart wearable devices that are able to provide accurate insights into their health and body.
- Growing Innovation in Sun Tracking– The new development in sun-tracking wearable devices now can send warnings, alerts, and reminders to the user, about the levels of their recommended UV exposure. Moreover, now these wearables can be customized as per the needs of the users, and give personal and real-time guidance according to individual health goals.
Challenges
- Technological Restriction in the Devices- Most of the wearables technology are capable of detecting and measuring actual UV rays but they fail to differentiate between the type of rays, such as UVA and UVB rays. Therefore, this imposes restrictions on the use of the technology
- Concerns Associated with the Data of Wearable Devices
- Uv Technology often Fails to do Calibration
Wearable Sun & Light Tracker Market: Key Insights
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.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
19.1% |
|
Base Year Market Size (2024) |
USD 753.93 million |
|
Forecast Year Market Size (2037) |
USD 7.31 billion |
|
Regional Scope |
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