Chicago, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The global wearable sensors market is expected to exhibit strong growth, reaching USD 5.6 billion by 2028. As per the report titled "Wearable Sensors Market Size, Share & COVID-19 Impact Analysis, Type (Accelerometers, Magnetometers, Gyroscopes, Inetial Sensors, Motion Sensors, Pressure & Force Sensors, Temperature & Humidity Sensors, Microphones & Microspeakers, Medical-based Sensors, Image Sensors, Touch Sensors and Other Sensors), By Technology (MEMS, CMOS and Other Technologies), By Application (Wristwear, Eyewear, Footwear, Neckwear, Bodywear and Other Application), By Vertical (Consumer Goods, Healthcare, Industrial and Other Verticals) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 1.7 billion and USD 5.6 billion in 2028. The market is expected to exhibit a CAGR of 12.90% during the forecast period.
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Market Overview
A wearable sensor helps with continuous physiological observation or tracking with less manual interference and at a lower cost. These sensors help with navigation as well as the gathering and transmission of environmental data. At the moment, wearable sensors can be found in various gadgets, such as watches, headgear, glasses, cell phones, shoes, shirts, and headphones. One of the key factors predicted to drive the wearable sensors market during the projected period is the aging population. The market for wearable sensors is expanding due to several key factors, including the growing popularity of IoT platforms, smart end-user lifestyles, and consumers' growing preference for smaller, less expensive, and more intelligent sensors.
Growth Factor
Increased Demand for Consumer Electronics to Drive Market Growth
Consumer good end users include smart watches, bands, clothing, and patches with embedded sensors, small portable devices, and mobile applications. Consumer applications for wearable sensors have increased due to rising consumer electronics spending, growing urbanization, and consumers' improving lifestyles, which have increased public awareness of health and safety. For instance, Nike, one of the market leaders in the fitness tracker industry, incorporates the most recent innovations into its manufacturing procedures and products.
Hardware and Software-Related Technical Problems to Limit the Market Growth
Like many new technologies integrated into one system, wearable gadgets have hardware and software performance issues that may limit their general adoption. Users frequently struggle with waterproofing since moisture from sweat or laundry can damage wearable gadgets. Due to their diminutive size, the devices' screens and displays might be modest, and their power supplies might be limited. Thus, the technological complexity of the hardware and software in wearable devices is a substantial barrier to the market expansion for wearable sensors.
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List of Key Players Profiled in the Wearable Sensors Market Report
- ADIDAS
- ANALOG DEVICES
- INFINEON TECHNOLOGIES AG
- INTEL
- INVENSENSE INC.
- PANASONIC CORPORATION
- STMICROELECTRONICS
- TEXAS INSTRUMENTS
- ZOLL MEDICAL CORPORATION
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the wearable sensors market plan acquisitions to improve their brand recognition globally. For instance, in January 2021, the Libre 3 System, a glucose monitoring device that can be used for up to 14 days, was on display by Abbott Laboratories. In 2021, the U.S. Food and Drug Administration approved Ava AG's wearable fertility tracker for women.
Notable Industry Development
- December 2021: With Harmony OS, Huawei has introduced smart glasses with ultra-thin, high-amplitude stereo speakers on the temples for music streaming and hands-free calling.
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Report Scope and Segmentation
| Report Coverage | Details |
| Forecast Period | 2022-2028 |
| Forecast Period 2021 to 2028 CAGR | 12.90 % |
| 2028 Value Projection | 5.6 billion |
| Base Year | 2021 |
| Market Size in 2021 | 1.7 billion |
| Historical Data for | 2018 - 2021 |
| Segments covered | By Type, By Technology, By Application, By Vertical, and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Segmentation of Global Wearable Sensors Market
Global Wearable Sensors Market – By Type
- Accelerometers
- Magnetometers
- Gyroscopes
- Inertial Sensors
- Motion Sensors
- Pressure & Force Sensors
- Temperature & Humidity Sensors
- Microphones & Microspeakers
- Medical-based Sensors
- Image Sensors
- Touch Sensors
- Other Sensors
Global Wearable Sensors Market – By Technology
- MEMS
- CMOS
- Other Technologies
Global Wearable Sensors Market – By Application
- Wristwear
- Eyewear
- Footwear
- Neckwear
- Bodywear
- Other Application
Global Wearable Sensors Market – By Vertical
- Consumer Goods
- Healthcare
- Industrial
- Other Verticals
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Regional Overview
North America is projected to hold the largest share of the wearable sensors market over the forecast period because there are more government initiatives for health monitoring systems and because there are important key players in this area. The United States has been able to account for a higher market share due to the country's quick embrace of digital technology. The region's growing healthcare industry is another factor that is projected to accelerate the adoption of wearable sensor-enabled products throughout the forecast period. The demand for healthcare activity monitoring devices is driven by an aging and growing category of the U.S. population and by population growth and serious health concerns among youth.
Further Report Findings
- The market in North America is expected to gain a huge portion of the global wearable sensors market share in the coming years, rising demand for wearable technology in various application areas, including security, healthcare, and fitness.
- Due to the vast consumer base for sports and fitness equipment, the abundance of tech firms, and the rising incidence of chronic diseases, the U.S. generates the lion's share of the region's income.
- In Asia Pacific, the growth in this region is primarily driven by favorable reimbursement procedures and sophisticated, inexpensive sensor systems
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