The Wearable Sensors Market is poised to mature at a CAGR of 16.1% during the forecast period 2022-2030 and is anticipated to reach USD 6.2 Billion 2030. The increase of in-home wearable sensors for babies and remote patient control are fast sensor technology developments that are the key drivers of market development.Â
COVID-19 Analysis
Driven by the rising influence of telemedicine, the recent COVID-19 pandemic has had an impact on the world market for wearable sensors. To obey social distancing, people are intended to avoid group meetings. This is why doctors take the route of telemedicine to treat patients from a distance without creating a scope for any spread of the virus. The development of artificial intelligence (AI) integration technologies and its infrastructure to support medical workers and the rise of telemedicine also stimulated the growth of the demand for wearable medical devices.Â
A rising senior population in Western countries, together with the prevalence of lifestyle disorders including hypertension, cardiovascular disease, diabetes, and others, and rising treatment costs, stimulate the development of remote patient care systems.
Miniaturization of physiological sensors, progress toward advanced feature sensors in smart devices, larger battery sizes, and the growing need for continuous tracking in healthcare services are also important drivers of the profitable growth in the demand for wearable health sensors.
In the coming years, digital health programs will be able to better monitor, sense, and research remote treatment and home-based medical data assembly thanks to the widespread integration of medical sensors into consumer gadgets. The expansion of the AI ecosystem's capabilities, such as conversational computing, machine learning, mobile applications, and others, would have a profound impact on healthcare delivery. The widespread need for wearable sensors will be drastically altered by 5G and the expanding IoT market.
May 2023: Knitted wearable developed for continuous monitoring of the knee joint; combines data collecting with user comfort by a team of researchers from Singapore University of Technology and Design (SUTD) and SingHealth Polyclinics. The substrate's characteristics and the small variety of commercially available CF limit these sensors' sensitivity and working range. Another potential source of error in CF-based sensors is fabrication mistake. To address this, the team abandoned attempts to retrofit existing garments with conductive fabric and instead knitted the device from start as a single fabric, employing a computer numeric controlled (CNC) industrial knitting machine to adjust the device's geometric and material properties during production.
Drivers
Growing Acceptance Of Wearable Devices Drives Market Growth
The development of remote patient management systems is motivated by a growing geriatric population in western countries and the increasing prevalence of lifestyle diseases such as hypertension, cardiovascular diseases, diabetes, and others, along with increasing treatment costs. As the number of people suffering from chronic illnesses rises, overall expenditure on health services increases, thus raising the pressure for ongoing review of potential solutions to deliver quality health care at a reasonable rate. One of the major drivers of this market is the growing acceptance of various forms of wearable devices in healthcare and wellness. Additionally, over the projected timeframe, incentives such as constant surveillance, growing government funding, and increasing healthcare spending have fueled business growth. The other major factors that make the demand for wearable health sensors expand profitably are the miniaturisation of physiological sensors, growing development towards advanced feature sensors in smart devices, increase in battery sizes and increasing need for continuous tracking in healthcare services.Â
Opportunities
Increasing Incorporation Of Medical Sensors Into Consumer Devices Fuels Market Growth
In the coming years, the increasing incorporation of medical sensors into consumer devices will support the monitoring, sensing, and study of remote treatment and home-based medical data assembly, including the creation of digital health programmes. The extension of the AI ecosystem capabilities would have a significant effect on the delivery of treatment, such as conversational computing, computer learning, mobile applications, and others. 5G and the burgeoning IoT industry will eventually have a profound impact on the entire demand for wearable sensors.
Restraints
High Cost of Wearable Devices to Impede the Market Growth
The race to find cost-effective alternatives has intensified the competition between suppliers and is their biggest obstacle. Strong wearable product costs and regulatory problems can delay market growth during the forecast period.
Global Wearable Sensors Market has been segmented into Application, Type, and End User.
The market has been segmented, by type, into motion sensors, medical sensors, image sensors, position sensors, pressure sensors, inertial sensors, and other sensors.
The market has been divided into smart wristwear, smart glasses, smart bodywear, smart sneakers, and other wearable gadgets based on application. In 2018, the smart wristwear segment accounted for USD 436.3 million in market revenue.
The industry has been divided by end-users into consumer applications, healthcare applications and business and manufacturing applications.
May 2023: Researchers from the Indian Institute of Technology in Gandhinagar (IIT-Gn) and the National Institute of Technology in Rourkela (NIT-R) used reduced graphene oxide (rGO) flakes and silicon sealant to create stretchable, inexpensive, and wearable sensors. When embedded in footwear, it utilizes the wearer's weight and motion to calculate their step count. Heart rate and blood pressure can be measured if attached to a chest belt. Both of these applications have passed our testing with flying colors. This has the potential to pave the way for a new category of flexible, surface-applicable sensors.
July 2023: A bubble-trapping zone in the microfluidic system of a wearable sensor created by scientists at Tokyo University of Science, Japan, allows for continuous monitoring of sweat lactate during exercise. The proposed system has the potential to improve athlete management and health tracking. Air bubbles in the sweat are a regular issue with such devices due to the microfluidic pathways they rely on. If the electrodes of the sensor are covered by bubbles, continuous monitoring of the target biomarker is disrupted. Researchers in Japan have developed a unique microfluidic sweat lactate sensor to measure this biomarker, and their findings suggest that wearable microfluidic sensors could be useful for tracking sweat levels during physical activity.
Global Market's geographical overview has been conducted in four major regions, including the Asia Pacific, the Americas, Europe, and the middle east and africa.
Due to the existence of a strong diabetic & obese population and the growing prevalence of cardiovascular disorders, the Americas retains a major market share in the world market. Compared to other countries, the demand for North American wearable sensors holds the largest share of global wearable sensors. This is due to the high rate of adoption of digital components in the consumer electronics, health, smart textiles and sports industries, which play a crucial role in the growth of the regional economy. Furthermore, some research grants are issued by governmental organisations. In this area, the sports and fitness industry has seen growth, and products such as Fitbit, Microsoft Band, Google Glass and E-wristwatch are commonly used.
Europe Market Drvien by Growing Government Funding
During the projected era, the European market for wearable sensors is predicted to be the second-largest. It is anticipated that technical advances leading to the launch of new drugs, high healthcare investment and strong government funding for research & development, rising incidences of chronic diseases, and a growing number of diabetes patients would fuel market growth in this region.
APAC to Witness emerging innovations in Healthcare
Driven by the rising healthcare industry coupled with customer understanding of technology and computers in day to day life, Asia-Pacific is expected to be the fastest-growing region. In addition, multi-national companies and regional players are introducing investments and emerging innovations in the demand for wearable sensors. In comparison, Australia accounted for a market share of 13.5 percent in 2018 in the Asia-Pacific region.
MEA Region to Witness Gradual Growth
Leading to the prevalence of weak economic conditions in Africa, the Middle East & Africa have the least market share. Gulf nations: Because of the well-developed healthcare system and the massive per capita income of the population, Saudi Arabia and the UAE push the Middle East & African economy. In addition, due to inadequate access to healthcare facilities and lack of understanding, the Middle East & Africa market is slated to experience steady expansion.
Competitive Landscape
Product Innovation to be the Major Strategy Adopted by Key Players
A variety of key players are interested in the development of wearable sensors. In order to conquer the market, the companies followed the organic approach of product launch and acquisition. Many businesses exist in the industry, but owing to well-developed brand identity, the large businesses dominated the major market share. In order to win market share, several big corporations are focused on producing innovative and specialised goods. Whereas, others have used the merger and partnership approach to capture the market. Few of the big players currently control the industry in terms of market share. It also has a lucrative growth rate for key players invested in R&D to improve their product portfolios by introducing new products and improving their current products technologically.Â
Recent Development
December 2020:A proof-of-concept for a wearable sensor recording healing in skin wounds was proposed by researchers from Skoltech and Texas University at Austin. The new research investigated using a 'smart bandage' to track those biomarkers during the healing process with electroanalytical techniques, and without the need for bandage removal.
November 2020:Shimmer Research, a company specializing in wearable devices in research applications, announced its Verisense inertial measurement unit (IMU) sensor was certified by the Conformitè Europëenne (CE) as a Class I medical device.
September 2020:AMS, a provider of high-performance sensor technologies, confirmed the introduction of the industry's thinnest dedicated blood oxygen saturation (SpO2) measurement sensor, allowing small consumer goods such as earbuds, smartwatches and wristbands, as well as medical equipment such as oximeters and patches, to remotely track this vital sign.Â
The study aims to provide an overview of the global market for wearable sensors, with a thorough segmentation of the market by form of sensor, device, end-use and regions. During the forecast era, the global demand for wearable sensors is expected to see strong growth. The study provides key market position figures for the leading players in the market and provides key developments and opportunities in the wearable sensor sector.
A detailed analysis of the wearable sensor industry is given in the study, covering both qualitative and quantitative information.
| Report Attribute/Metric | Details |
| Market Size | Â Â 2030: USD 6.2 Billion |
| CAGR | Â Â 16.1% |
| Base Year | Â Â 2021 |
| Forecast Period | Â Â 2022-2030 |
| Historical Data | Â Â 2020 |
| Forecast Units | Â Â Value (USD Billion) |
| Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Â Â By Type, By Application and By End User |
| Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Â Â 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) |
| Key Market Opportunities | Â Â Increasing Incorporation Of Medical Sensors Into Consumer Devices Fuels Market Growth |
| Key Market Drivers | Â Â Growing Acceptance Of Wearable Devices Drives Market Growth |
Frequently Asked Questions (FAQ) :
The wearable sensors market is projected to grow at a 16.1% CAGR between 2022-2030.
InvenSense, Inc. (U.S.), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), STMicroelectronics (Switzerland), Texas Instruments Incorporated (U.S.), KIONIX, INC.
The wearable sensors market is predicted to touch USD 6.2 Billion by 2030.
Increase in wearable sensors for infants and remote patient monitoring are boosting market growth.
Higher power consumption and security & privacy issues may limit market growth.
North America is expected to dominate the wearable sensors market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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