Global Wearable Sensors Market is expected to grow with a CAGR of 46.6% in terms of value and 26.2% in terms of volume.
Wearable sensors can be used in different sports and occasion. Wearable devices are gaining attention in research activities. Increasing adoption of different type of wearable devices in healthcare and fitness is one of the major driver of this market. With the miniaturization model and falling prices, more number of sensors are expected to be in use in the forecast period. These sensors are used in many of the different devices like watch, smart phones, VR headsets, jewelry and many more.
The key factor for the growth of the market is small size, easy of handling and low cost. Motion sensors are the widely used type of wearable devices. A motion sensor is a device that can sense physical movement and used in the fitness activity. The global wearable sensors devices market is majorly driven by increasing prevalence of diseases like diabetes, obesity and other heart diseases. Increasing geriatric population across the globe has led to increase the incidents of heart disease.
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Additionally, advantages such as continuous monitoring, increasing government support, and increasing healthcare expenditure have fuelled the growth of the market during the forecast period. Race to find the cost-effective alternatives has increases the competition between manufacturers and is the key challenge for them. High cost of wearable products and regulatory issues may slow the growth of the market during the forecast period.
Competitive Analysis
A number of companies are involved in the manufacturing of the wearable sensors. The companies have adopted the organic strategy of product launch and acquisition to gain the market. Many companies are operating in the market, however, the major companies dominated the major share in the market due to well-developed brand identity. Some major companies are focusing on development of new and advanced products to gain the market share. Whereas, some are has used the technique of acquisition and collaboration to gain the market.
Key Players:
Some of the key players in wearable sensors devices market are: InvenSense, Inc. (U.S.), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), STMicroelectronics (Switzerland), Texas Instruments Incorporated (U.S.), KIONIX, INC. (ROHM Co., Ltd.) (U.S.), Measurement Specialties, Inc. (U.S.), Analog Devices, Inc. (U.S.), ZOLL Medical Corporation (Asahi Kasei Corporation) (U.S.), Freescale Semiconductor, Inc. (U.S.), Infineon Technologies AG (Germany). And many more.
Latest Industry Updates
Being a competitive market, a number of different manufacturer are focusing on the product launch, and acquisition for the market development. Some of the latest development in the market are-
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March 2017, Breg, Inc., manufactures and markets sports medicine products and services for orthopedic patient care. The company also offers workflow management software for durable medical equipment, prosthetics, orthotics, and supplies. The company launched Breg Flex the first mobile health solutuion design to facilitate and improve patients’ at-home recovery following orthopedic surgery
Oct 2014, Medtronic Inc. announced the U.S. launch of the SEEQ Mobile Cardiac Telemetry (MCT) System, which is used in the monitoring of the cardiac diseases. Additionally, in June 2014, the company has completed the acquisition of Corventis Inc.
March 2017, PAREXEL International Corporation, a leading global biopharmaceutical services provider, announced the launch of patient sensor solution to transform clinical trial data collection.
Regional Analysis
Regionally, the global wearable sensors devices market is segmented into: America, Europe, Asia Pacific, and the Middle East & Africa.
The Americas holds a significant market share of the global market owing to the presence of huge diabetic & obese population, and increasing prevalence of cardiovascular diseases. According to the World Health Organization, in 2015, 9.3% of total America population is suffering from diabetes. Additionally, during last few years there is a significant increase in the adoption of the automation which has helped in the growth of the market. Europe accounts for the second largest market in the globe due to a high patient population, high healthcare expenditure and string government support for research & development. Asia Pacific is expecting the fastest growth for the market owing to the presence of the huge opportunity for the growth of the market and increasing diabetic population. The Middle East & Africa holds the least share in the market owing to the presence of the poor economic conditions Africa. Gulf nations: Saudi Arabia and the UAE drives the Middle East & African market due to the well-developed healthcare sector and huge per capita income of the people.
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