Wearable Sensors Market Synopsis
Global Wearable Sensors Market is expected to register a CAGR of 46.73% and is anticipated to reach USD 11,076.90 Million by 2025.
Global wearable sensors market is anticipated to expand at a significant rate over the assessment period (2017-2025), as per a new report by Market Research Future (MRFR). Owing to the increasing health consciousness and personal care for tracking biometrics like heart rate, calories burnt, and others, the demand for such wearable devices are increasing at a rapid pace. Wearable sensors facilitate both biological and physiological sensing and are incorporated into fashion accessories and garments like wristbands, shoes, socks, hats, headphones, eyeglasses, and several others to suit the need of the user. Several technology and gadget providers offer customization to products to attract the young crowd.
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Market Drivers & Trends
Global wearable sensors market is mainly being driven by increasing demand for wearables for infants as well as continuous evolvement of sensor technology. Other factors such as increasing personal care and health consciousness for tracking biometrics such as calories burnt, heart rate, and among others, demand for wearable sensor devices, which in turn is bolstering the market exponentially.
Other than this, the rapid expansion of the internet of things (IoT) is also driving the global wearable sensor market. The inclusion of this device, mainly in healthcare and fitness, consumer electronics, and others, are also capitalizing the market. Digitalization has also played a vital role in the wearable sensor devices with improving technology, which has motivated people in changing their lifestyles by raising health and safety awareness factors are stimulating the growth of wearable devices.
Wearable devices come in various forms such as Fitbit, ear wears, smartwatches, wrist wears, and microwear. These devices are technologically advanced, and it caters exact information about health & fitness after wearing. Thus, the inclusion of technology has maturely stimulated the global wearable sensors market with a high prospect in the foreseen years. With high demands of these devices, from across the world, it has become beneficial for the market players to introduce opportunities for the future and capitalize the revenue of the market.
Furthermore, factors such as affordability provided by advances in miniaturized electronics, the proliferation of connected devices, and the increasing need for low power, smaller, lighter sensors, and enhanced performance are assisting in the growth of wearable devices during the forecast period.
Global Wearable Sensors Market – Segments
For ease of understanding, the market is segmented into four key dynamics: –
By Types : Motion Sensors, Medical-based Sensors, Pressure Sensors, Position Sensors, Image Sensors, and Inertial Sensors among others.
By Application : Smart Glasses, Smart Wristwear, Smart Bodywears, Smart Footwear, and other wearable devices.
By End-User : Healthcare, Consumers, Enterprises, and Industrial among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Wearable Sensors Market – Geographical Analysis
Well-developed regions – North America and Europe lead the global wearable sensors market. Factors such as the well-spread awareness towards health, technological developments in healthcare applications, and appropriately defined insurance coverage are acting as significant tailwinds driving the growth of the wearable sensors market in these regions.
Moreover, the increasing incidences of chronic and lifestyle diseases alongside the well-proliferated healthcare sector and high per capita healthcare expenses foster the growth of the wearable sensors market in these regions. Furthermore, the huge uptake of the medical devices developed with the wearable sensors to gain accurate, reliable, and quick results for early diagnosis and prevention of diseases positively impacts the market growth in these regions.
The Asia Pacific wearable sensors market is rapidly emerging as a profitable market, globally due to the spreading awareness towards the clinical outcomes and technological advancement in medical devices & equipment. Moreover, factors such as the rising population, growing geriatric populaces, and an increase in patients with diabetic conditions foster the growth of the wearable sensors market in the region.
Global Wearable Sensors Market – Competitive Analysis
The well-established wearable sensors market appears fiercely competitive and fragmented owing to the presence of a number of matured players. Agreement & partnership, product launch, acquisition, and expansion are few of the key strategies traced during the analysis of recent developments of the key companies.
Market players are focusing on developing their product portfolio with the help of advanced technologies. They are investing substantially in internal R&D activities to develop new products and to bring novelties to their existing products. Increasing government funding is motivating the key companies to develop new wearable sensors that can match the changing trends and needs of the patrons.
Major Players:
Key players leading the global wearable sensors market include F. Hoffmann-La Roche Ltd., Abbott Laboratories Inc., Bayer Healthcare, Medtronic, Inc., Johnson & Johnson, Siemens Healthcare, LifeSensors Inc., Nova Biomedical Corporation, TiaDoc Technology Corporation, and I-SENCE Inc. among others.
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Industry/ Innovation/ Related News
March 26, 2019 — Researchers at Binghamton University (the US) announced the development of a skin like (skin-inspired,) open-mesh electromechanical sensor which is capable of monitoring lactate and oxygen on the skin. These biosensors are structured similarly to the skin’s microarchitecture and help in the process of wound healing.
These sensors and engineering accomplishments can help advance healthcare applications and provide a better quantitative understanding of disease progression, wound care, general health, fitness monitoring and more.
Conventional biosensor technology still has limitations to overcome and improvements to be made to enhance their functionality. These scientists also confirmed that they are further focused on developing next-generation platforms that can integrate with biological tissue for instance; skin, neural and cardiac tissue.
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