Wearable devices have clocked a 30% year-over-year sales growth globally in 2020, CNBC reports. Though the pandemic has severely dampened the global economy and consumer spending patterns, the demand for wearables is rising, signaling a change in consumer behavior.
Wearables have evolved from a trending fitness accessory to a necessary tool for monitoring health, Samsung Electronics Co Ltd’s (OTC: SSNLF) Senior Vice President, Taejong Jay Yang’s told CNBC.
What Happened: Samsung is expanding its wearables’ functionalities to include more medical parameters like blood oxygen monitor, sleep tracking, and blood pressure monitoring due to the changing trends. According to CNet, Samsung launched the Galaxy Watch 3 in August - a wearable device with multiple health features.
The data collected from these devices allows Samsung to create great health services “for consumers to help them live healthier lives,” Yang said. “Samsung will continue to invest in these advanced technologies,” he added.
Why It Matters: CNBC notes IDTechEx research, which anticipates the wearable devices market to grow to $70 billion by 2025, with healthcare wearables playing a leading role.
According to Yang, Samsung is partnering with other healthcare firms to make products.
Apple Inc (NASDAQ: AAPL) is one of Samsung’s rivals in the wearables segment. A month after the Galaxy Watch 3 hit the market, the iPhone maker also launched its Apple Watch 6.
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