New York, USA, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Wearable Sensors Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Wearable Sensors Market Information By Type, Application, End User, and Region - Forecast till 2030”, the market is poised to mature at a CAGR of 15.20% and is anticipated to reach USD 5.68 Billion by 2022-2030.
Market Synopsis
Due to its potential in a wide range of applications, wearable technology has recently attracted a lot of attention. The non-invasive monitoring of activity metrics and human health is the focus of increased research efforts. For non-invasive real-time monitoring, a variety of wearable sensors are being developed.
Wearable sensors are being used by more people than ever before to track their activity levels. Nevertheless, the market for wearable sensors is growing into the more complicated field of health monitoring, despite its origins in straightforward step counting.
The range of biometrics available through watches and skin patches is being expanded by advancements in wearable sensor technologies. This aims to fulfill both the increased expectations of the general consumer as well as the growing demand for decentralized clinical trials and remote patient monitoring. Access to health information is made simpler, but this goes even further by incorporating sensors into accessories and headphones for full metaverse experiences.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 5.68 Billion |
| CAGR | 15.20% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing Incorporation of Medical Sensors into Consumer Devices |
| Growing Acceptance of Wearable Devices |
Wearable Sensors Competitive Landscape:
The affluent companies in the market include
- 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)
November 2022
The continuous health monitoring and clinical intelligence company BioIntelliSense, Inc. today introduced its patented, FDA-cleared pulse oximetery (SpO2) sensor chipset and integrated processing technology, which precisely measures blood oxygen levels across the full range of light to very dark skin pigmentations as well as during movement and activity. Historically, oximetry has been constrained by its lower accuracy when people are active and when they have darker skin. Pulse oximetry (SpO2) technology from BioIntelliSense provides SpO2 monitoring everywhere, at any time, whether in a clinical setting, at home, or elsewhere.
Wearable Sensors Market Dynamics:
Market Drivers:
The rise in consumer electronics expenditure, the acceleration of urbanisation, and better lifestyle choices have all contributed to an increase in health and safety awareness. Additionally, technologies like smartwatches, fitness trackers, VR headsets, smart wristbands, activity trackers, sports watches, healthcare applications, and enterprise and industrial applications are gaining enormous popularity. This is due to increased disposable incomes. As a result, manufacturers of medical devices are spending money on creating new technology.
The versatility and scalability of wearable medical devices are increased by integrating M2M technologies. The demand for Wearable Sensors has significantly increased across a range of applications, including healthcare and consumer electronics, as a result of the numerous advantages of IoT, AR, and M2M technologies. This increased demand is anticipated to spur market players to invest in and develop more products utilising these technologies. Therefore, the market's future trends are created by the growing use of AR, IoT, and M2M technologies in smart wearables.
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Market Restraints:
Long-term challenges for the global industry could come from low consumer knowledge of the newest wearable sensor types and weak economic growth in developing nations. Additionally, certain developing nations with subpar healthcare infrastructure may have a negative impact on the global market.
COVID 19 Analysis
As factories continued to operate with partial workforces, COVID-19 had a minimal influence on the operations of electronics and semiconductor manufacturers, including Wearable Sensors market participants. This had an impact on product deliveries in 2020. However, manufacturers expanded their output to their maximum level starting in Q1 2021. For instance, in March 2020, Amphenol, a major producer of Wearable Sensors, declared that its Thyez production facility in France is up and running and capable of keeping its delivery schedules.
Medical equipment makers receive priority order deliveries from manufacturers of wearable sensors. For instance, Analog Devices declared in Q2 2020 that it gives priority to clients who produce medical equipment. However, since containment standards were reduced starting in Q3 2020, producers could boost their output to the highest possible level. The companies in the wearable sensor industry will be able to deliver on schedule starting in 2021. Additionally, end users observed a number of market initiatives in 2021 that demonstrated a favorable growth trend.
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Wearable Sensors Market Segmentation
By Type
Medical-based sensors, motion sensors, position sensors, image sensors, inertial sensors, pressure sensors, and other sensor types are among the main categories of wearable sensors.
By Application
The main applications for wearable sensors are smart wristwear, smart footwear, smart bodywear, smart eyewear, and more. The smart wristwear market has maintained its lead since 2018.
By End-User
Healthcare applications, business, and industrial applications, and consumer applications are some of the main end-users highlighted in the market analysis.
Wearable Sensors Market Regional Insights
Due to the substantial consumption rate of digital components in consumer electronics, smart textiles, fitness, sports, and leisure activities, North America is the region with the most expanding market for wearable sensors. In addition, the government has provided numerous research funds, and the region's sports and fitness industry has significantly expanded in recent years, which has boosted the market growth. Due to the latter factor, Fitbit, Google Glass, E-wristwatches, and Microsoft bands are now widely used in the area. A large number of OEMs are present in the United States, making it one of the strongest markets in North America.
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Additionally, the market in the region and particularly in the United States has benefited greatly from the rising inventions as well as improvements made by several US-based businesses, leading to an increase in the use of wearable technology. Wearables have shown to be well-liked by consumers in the US and are steadily entering new markets, including healthcare. For instance, Northwestern University researchers developed tiny, sticker-like wireless biosensors that can monitor vital signs without the use of bulky machinery and wires.
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