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Denmark Smartwatch Market - Forecasts from 2022 to 2027

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  • 76 Pages
  • December 2022
  • Region: Denmark
  • Knowledge Sourcing Intelligence LLP
  • ID: 5716724

Denmark smartwatch market is projected to grow at a CAGR of 11.94% to reach US$149.735 million in 2027 from US$67.973 million in 2020.

A smart watch is a wrist-worn wearable electronic gadget with features far beyond those of a typical watch. Smart watches are frequently utilized as a supplemental tool. Through Bluetooth and NFC (near-field communication) technology, it must be connected to a smartphone. Smartwatches provide access to and support for other digital devices while also helping to assess and diagnose tasks including recognizing heart rate, blood pressure, and calories burned. With the advent of smartwatches, it became simple to monitor all the critical bodily data on a single device like diagnosis, monitoring, and treatment of respiratory and cardiac illnesses. Smartwatch software and artificial intelligence (AI) technology assist in calculating and detecting the body signals while one is working out.

The widespread use of smartwatches by sportsmen and sportspeople has raised consumer acceptance and demand for them in the market for medical devices. The market for smart watches is expected to grow because of factors like increased consumer demand for wireless sports and fitness equipment, rising health consciousness among end users, and a surge in technological advancements by industry participants. Moreover, increasing rates of urbanization and the demand for visually pleasing, technologically advanced products to better meet customer needs, such as time schedules and numerous functionalities in one device are also anticipated to boost the market growth.

The market's expanding demand for smartwatches is a direct outcome of rising health consciousness. Smartwatches are the ideal technological gadgets for helping and encouraging people during their workouts or training sessions. People's health awareness has increased due to the prevalence of lifestyle diseases, which has increased the demand for and need for electronic medical equipment. One of the main lifestyle disorders that is ravaging the planet is diabetes. According to World Bank Data, 5.3% of the total population of Denmark is suffering from Diabetes in 2021. Approximately 7.7% of Denmark's total population is expected to have diabetes in the next years, according to figures from the Danish Health Authority (DHA). In Denmark, there is an increasing demand for and need for healthcare gadgets like smartwatches due to the prevalence of lifestyle disorders like diabetes.

Moreover, due to increased digitization and a growth in demand for wireless devices, the smartwatch market in Denmark is expanding quickly. The National Statistical Institutes' yearly statistics shows that in Denmark, the proportion of people aged 15 to 74 who use the internet increased from 95% in 2019 to 97% in 2020. The advancement and quick development of healthcare have been facilitated by the integration of AI. AI-enabled smartwatches make it possible for clinicians to monitor their patients' health and perform smart diagnoses. One of the main uses for smart wireless fitness devices is to monitor and measure physical activity such as to check blood pressure, calories, heart rate, and sleep timer, are enhancing their acceptance in the medical community and driving up the demand for them in Denmark's market for medical equipment. Other main uses of Smartwatches include detecting the environment, real-time data collection, and communication. Moreover, the Danish Medicines and the decentralized Clinical studies are both developing quickly in the direction of digitalization and decentralization in Denmark in which hybrid smartwatches are being used to track exercise, GPS, heart rate, and sleep patterns of the patients as reported by Healthcare Denmark. Such involvements of smartwatches on the national level in clinical trials are anticipated to boost the market of Smartwatches in the Country.

Key Developments

  • January 2022: Skagen Falster Gen 6 smartwatch was launched which features a 1.28-inch (416x416 pixel) AMOLED touch display with a 326 ppi pixel density and runs Google's Wear OS. It has an 8GB internal memory and a Qualcomm Snapdragon Wear 4100+ SoC with 1GB of RAM. The Skagen Falster Gen 6 smartwatch has a heart rate sensor, an off-body IR sensor, and SpO2 sensors to monitor the wearer's blood oxygen levels. The gyroscope, compass, ambient light sensor, accelerometer, and altimeter are additional onboard sensors.

Market Segmentation:

By Product Type

  • Extension
  • Standalone
  • Classical

By Application

  • Personal Assistance
  • Healthcare
  • Sports
  • Others

By Operating type

  • Watch OS
  • Wear OS
  • Tizen
  • Others
Frequently Asked Questions about the Danish Smartwatch Market

What is the estimated value of the Danish Smartwatch Market?

The Danish Smartwatch Market was estimated to be valued at $67.97 million in 2020.

What is the growth rate of the Danish Smartwatch Market?

The growth rate of the Danish Smartwatch Market is 11.9%, with an estimated value of $149.74 million by 2027.

What is the forecasted size of the Danish Smartwatch Market?

The Danish Smartwatch Market is estimated to be worth $149.74 million by 2027.

Who are the key companies in the Danish Smartwatch Market?

Key companies in the Danish Smartwatch Market include Skagen Denmark, Apple Inc., GARMIN Ltd. and Samsung Electronics Co Ltd.

Table of Contents

1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation

2.1. Research Design
2.2. Assumptions

3.1. Research Highlights

4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Product Comparison

5.1. Introduction
5.2. Extension
5.3. Standalone
5.4. Classical

6.1. Introduction
6.2. Personal Assistance
6.3. Healtcare
6.4. Sports
6.5. Others

7.1. Introduction
7.2. Watch OS
7.3. Wear OS
7.4. Tizen
7.5. Others

8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix

9.1. Skagen Denmark
9.2. Apple Inc.
9.3. GARMIN Ltd.
9.5. Samsung Electronics Co Ltd
*List is not exhaustive

Companies Mentioned

  • Skagen Denmark
  • Apple Inc.
  • GARMIN Ltd.
  • Samsung Electronics Co Ltd