Wearable Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Wearable Sensors Market Analysis

The Wearable Sensors Market is expected to register a CAGR of 18.7% over the forecast period. Primarily, owing to digitalization, the electronic industry has prospered significantly, driving the demand for wearable technology devices, which are widely used for self-health monitoring applications. Wearable devices with embedded motion sensors are being utilized to enrich the user's experience in health and fitness by tracking an individual's physical activities, such as walking, running, and cycling.

• Increasing urbanization, consumer spending on electronic products, and the improving lifestyles of the growing population have raised safety and health awareness among consumers, which, in turn, is also stimulating the rapid growth of wearable devices. Additionally, the ergonomics and affordability offered by advances in miniaturized electronics, the proliferation of connected devices and smartphones, and the increasing need for lighter sensors, more minor components, enhanced performance, and low power are some of the significant factors driving the growth of wearable devices, such as fitness and activity trackers, ear wear, and smartwatches.
• With various industries investing significantly in IoT devices, coupled with the declining usage of IoT sensors, a significant increase in the demand for wearable devices across multiple sectors is expected. It is likely to make the market for wearable sensors grow much faster in the near future.
• Motion sensors, such as gyroscopes, accelerometers, MEMS, and a combination of these sensors, are the most commonly used type of wearables. Furthermore, health-tracking wearables always integrate motion and MEMS sensors but are not confined to and can also add health-specific sensors, like heart rate monitors, skin temperature sensors, and pulse monitors.
• The miniaturization of sensors and sensor components, rising growth in advanced function sensors in smart wearables, improvements in battery sizes, and efficiency are the key drivers driving the wearable motion sensors market.
• Wearable sensors are an essential component in wearable devices used by consumers, owing to the increased focus of consumers on tracking real-time motion-sensing activities, such as step counting and walking distance covered, and this generated data analysis provides users with specific results that can be used to define health and fitness goals.
• The COVID-19 pandemic positively impacted the wearable sensor market and highlighted the need to harness and leverage the digital infrastructure for remote patient monitoring. As current viral tests and vaccines are slow to emerge, there is a need for more robust disease detection and tracking of individual and population health, which wearable sensors could aid.

Wearable Sensors Industry Segments

A wearable sensor refers to a sensor that is positioned directly or indirectly on the human body and generates signals when the user performs activities.

The Wearable Sensors Market is segmented by Type (Temperature, Pressure, Image/Optical, Motion), by Application (Health and Wellness, Safety Monitoring, Sports and Fitness), and by Geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments. Wearable sensors have recently received considerable interest due to their potential in many applications. Increased research and development efforts are being oriented toward non-invasive monitoring of human health activity parameters. A broad range of wearable sensors is being developed for real-time non-invasive monitoring.

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Wearable Sensors Market Trends

This section covers the major market trends shaping the Wearable Sensors Market according to our research experts:

Healthcare and Fitness Sector Expected to Occupy the Highest Market Share

• One of the most significant transformative shifts in the wearable sensor market can often be observed in the healthcare domain. The digitization of services, products, and commerce models democratizes the present healthcare systems by integrating them with the latest and most advanced technologies. The trend is significantly increasing the demand for connected health technologies, such as telehealth, wearables, virtual reality, artificial intelligence, and others, which support targeted well-being services and health.
• From tracking air quality through inhaler use to detecting breast cancer with inserts, healthcare wearable devices are used in several applications for therapy or personalized treatment. Lower regulatory hurdles, faster time to market, unmet needs of doctors to continuously obtain medical quality data from their patients, early diagnosis, and some other factors continue to be the primary drivers for the market.
• The current market is dominated by large consumer health wearable companies, such as Fitbit, Apple, Samsung, Xiaomi, OnePlus, and several others. There is substantial competition in the market among the major players. One example is the case of Microsoft, a pioneer in the wearable space, which recently reported that it will discontinue its Band fitness tracker.
• The increase in demand for wellness monitors and fitness trackers is a crucial factor driving the growth of shipments of wearable sensors globally. Globally, demand for sensor-based devices is increasing as consumers become more aware of the features that these devices provide, such as remote monitoring of wellness and fitness.According to Cisco Systems, North America will have the most 5G connections made using wearable devices in 2022. Together, wearables in North America and Asia are forecasted to account for around 70% of the wearable 5G connections worldwide by 2022.
• There have been several advancements in the healthcare sector, such as the introduction of "hearables," or wireless computing earpieces, and brainwave-reading technology. For instance, continuous glucose monitors (CGMs) are becoming increasingly popular with diabetic patients, who can wear the device at all times to keep an eye on their glucose levels.

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