Wearable Sensor Market Research, 2022
The global wearable sensor market was valued at $123 million in 2015 and is projected to reach $2,258 million by 2022, growing at a CAGR of 52.9% from 2016 to 2022.
A wearable sensor is a technological device, that is worn by individuals to track information related to health and fitness. These sensors are integrated into cloth or other fashion accessories using wired or wireless devices for monitoring and diagnosing vital signs such as heart rate, blood pressure, and other metabolic activities.
Wearable sensors facilitate physiological and biological sensing. The former helps in the diagnosis and monitoring of ongoing treatment for various neurological, cardiovascular, and pulmonary diseases such as hypertension, asthma, and others. Motion sensors are being deployed at medical facilities in rural areas that are devoid of remote monitoring systems.
The wearable sensor market is growing at a steady rate with the advancement in sensor technology, wireless communication devices/technology, power supply technology, and others. Also. the wearable sensors market is driven by factors such as an increase in the adoption of home and remote patient monitoring, advancements in sensor technology, and augmenting the use of wearable sensors for infants. In addition, the use of smart consumer electronic devices, such as tablets and smartphones, has enabled the monitoring and gathering of data, as these sensors can paired with other devices. Other factors include the advancement in technology which led to the introduction of various new devices like smart shirts, smart rings, eyewear, and others; and expansion of the Internet of Things (IoT), and increasing demand in various applications such as healthcare, fitness, consumer electronics and others. However, the high cost of wearable sensors, privacy concerns, and data integrity hamper the wearable sensors market growth. However, stringent regulations about data storage are expected to increase the popularity of wearable devices among the masses.
The wearable sensors market is segmented based on product type, application, and region. Based on product type, it is categorized as motion sensor, medical sensor, image sensor, position sensor, pressure sensor, and others. Based on application, the market is segmented into smart glasses, smart wristwear, smart body wear, smart footwear, and other wearable devices. Based on region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, U.K., France, Italy, and Rest of Europe), Asia-pacific (China, Japan, India and Rest of Asia-pacific) and LAMEA (Latin America, Middle East and Africa).
The wearable sensors market size for motion sensors is expected to be the ruling segment by 2022. Also, image sensors would dominate the wearable sensors market in terms of growth during the forecast period. However, based on the application, wristwear is the highest revenue-generating segment and is expected to cover around 45% of the wearable sensors market share by 2022.
Based on geography, the wearable sensors market size for North America was the highest revenue-generating region in 2015. , Europe and Asia-Pacific are the second and third leading regions for the wearable sensors market respectively.
The key players operating in the wearable sensors market are Panasonic Corporation, STMicroelectronics, Adidas, Texas Instruments Incorporated, Analog Devices, ZOLL Medical Corporation (Asahi Kasei Corporation), Infineon Technologies AG., InvenSense Inc., Intel Inc., and Google Inc.
Top Impacting Factor
The significant impacting factors include increased use in the healthcare sector, increased awareness of fitness among consumers, increased use in the sports sector, and increased use of wearable sensors in defense and security. The above-mentioned factors collectively create opportunities for the wearable sensors market growth while factors such as the high price of wearable sensor devices pose limitations in the market. However, each factor would have a definite impact on the wearable sensors market during the forecast period.
Increase in awareness of fitness among individuals boosts sales of wearable devices
The sales of wearable sensors are expected to increase on account of growing awareness regarding health and fitness among individuals. Companies such as Fitbit, Google, and others offer fitness bands that can record data related to metabolic activities such as walking, daily workouts, and other fitness activities.
Cost constraints restraining the adoption of wearable sensor
Price plays a vital role in the adoption of wearable devices. However, an increase in the production capacity of these gadgets is expected to reduce their prices by 15–20%. Moreover, technological advancements are expected to lead to the development of cost-effective technologies, which in turn could decrease the costs of these devices.
Top Winning Strategies
Product launch, acquisition, and partnership are some of the key strategies adopted by market players operating in the wearable sensors industry.
Key Benefits for the Wearable Sensor Market :
- This report provides extensive analyses of the current wearable sensors market trends and dynamics of the global wearable sensors market.
- Competitive intelligence of leading manufacturers and distributors of wearable sensors helps in understanding the market scenario across geographies.
- This report entails a detailed quantitative analysis of the current wearable sensors market and estimations for the period of 2014-2022 to identify the prevailing market opportunities.
- Recent developments, key manufacturers, their market shares, and upcoming products have been enlisted in the report.
- Exhaustive analysis of the global wearable sensors market by type helps in understanding the wearable sensors market trends.
- Comprehensive analyses of factors that drive and restrict the growth of the global wearable sensors market are provided in the report.
Global Wearable Sensors Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By Application |
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 By Geography |
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 Key Market Players | INVENSENSE INC., GOOGLE, ZOLL MEDICAL CORPORATION, TEXAS INSTRUMENTS, INFINEON TECHNOLOGIES AG, STMICROELECTRONICS, INTEL, ANALOG DEVICES, PANASONIC CORPORATION, ADIDAS |
Analyst Review
The wearable sensor market has witnessed huge traction in the recent years, owing to the recent advances in telecommunications, microelectronics, sensor manufacturing, and data analysis techniques, especially in the healthcare sector. Medical grade wearable sensors are used in various accessories such as hats, wrist bands, socks, shoes, eyeglasses, wristwatches, headphones, and garments.
Sensor size plays a vital role in the adoption of wearable sensors in critical applications of the healthcare industry. However, the use of wearable sensors is expected to increase in the healthcare sector, owing to evolution in miniature circuits, microcontroller functions, front-end amplification, and wireless data transmission. In digital health monitoring systems, wearable sensors facilitate continuous physiological access and reduce manual intervention.
The global wearable sensor market is expected to witness tremendous growth, owing to the increasing scope of applications of these sensors. The adoption of sensors has increased among individuals, owing to the growing incidence of health hazards caused by pollution and rising concerns about health and well-being. Moreover, the need for easy and convenient patient monitoring techniques from a distant location has supplemented the market growth.
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