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The United States Wearable Sensors Market is expected to register a CAGR of 46.87% over the period 2024-2026. Wearable sensors are embedded in wearable devices to monitor bodily activities, which include blood pressure, body temperature, and heart rate, which is driving the healthcare industry as it enables remote data access.
- The market is driven due to the rising awareness of health and fitness, where wearable sensors play a vital role. Increasing demand across various application sectors such as wearable technology for fitness, healthcare, and security is driving the U.S. wearable sensors market to grow lucratively.
- The rising penetration of the internet and increasing expenditure on research by enterprises and industries in the region is driving the development of smart wearable technology for several applications. According to Cisco, in the United States, there are expected to be 317 million total Internet users (94% of the population) by 2022, up from 298 million (92% of the population) in 2017. Further, 23% of all networked devices are expected to be mobile-connected by 2022.
- During the COVID-19 outbreak, the demand for wearable devices’ sensors that offer real-time data to frontline healthcare workers and let them quickly screen individuals with a high temperature skyrocketed.
- However, the ongoing chip shortage is expected to result in a decline in chip availability. As fewer products become available to buy, and with increasing demands, prices of wearable sensors and wearable sensor-based devices are expected to increase.
Scope of the report
Report on the United States wearable sensors market gives comprehensive coverage of the market with analysis and segmentation with individual market share, size, and trends. The report also includes growth prospects, trends, and forecasts for the future.
|Bodywear and Footwear|
|Health and Wellness|
Key Market Trends
Increase in demand of wearable fitness devices is driving the market
- One of the major markets for wearable sensors in this region is the sports and fitness market. Products like Nike Fuelband, Jawbone UP, Microsoft Band, and Fitbit have come into the market that is there for fitness tracking.
- These devices are worn on the body to track various parameters such as steps taken, distance traveled, calories burned, etc., and can be synced with the phone to track the progress daily. These devices are getting popular in this region because of the serious problem of people being overweight and obese.
- In the USA, according to CDC, 65.5% of adults and around 17% of children are obese. This problem is growing because of the irregular, unhealthy diet and the lack of exercise.
- Moreover, the rise in demand is also encouraging the funding environment. Eight Sleep, maker of a smart mattress that monitors the sleep environment and vital signs through an app, raised USD 40 million, bringing its total equity funding to almost USD 65 million. Whereas Tula Health, the developer of a wearable device that continuously and non-invasively monitors blood glucose, blood pressure, blood oxygen, EKG, and hydration, among other key health metrics, raised USD 2.7 million.
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Changing consumer perspective towards wearable technology
- Consumer perspectives towards wearable devices are changing in the last decade owing to features and evolving technology integration that is changing the way consumers interact with the environment, and their popularity is growing.
- Age, income, and gender are the most influencing factor among these wearable devices, such as fitness trackers and smartwatches. According to AARP 2020 report, the age of usage of wearable technology among United States adults aged 50 years and older, between 50-59 years, between 60-69 years, and between 70 years and plus accounted for 83%, 87%, 81%, and 79% respectively.
- Further, the consumer perspective towards these wearable devices is increasing towards meeting their expectation with the technology adoption rising. Despite the need for improved functionality, an increasing number of consumers are interested in using wearables. This creates opportunities for manufacturers to diversify their wearables offerings and overcome the issues highlighted by consumers.
- Moreover, with the growth of IoT, consumers feel that they will be using wearables to exchange information with other devices and physical things around them.
The wearable sensors market in the United States is dominated by few international players amongst local players and is moderately fragmented. Major vendors of wearable smart bands manufacturers consist of Apple Inc., Huawei Technologies Co. Ltd, Polar Electro Oy, Garmin Ltd, Fitbit Inc., Xiaomi Corporation, and Samsung Electronics Co. Ltd. They keep on updating their products by embedding the latest technologies to retain their market position and share.
- January 2021: Google has completed its USD 2.1 billion acquisition of Fitbit. Google had earlier made a series of commitments about its planned operation of Fitbit and use of its health data. Post the acquisition; Google will be able to cater to the health and wellness sector with the help of wearable devices when combined with Fitbit Premium’s personalized insights. The increase in demand for wearable devices is expected to drive the demand for wearable sensors in the United States Market.
- September 2020: Apple launched the Apple watch series 6, which is the latest smartwatch that enables blood oxygen monitoring and measures oxygen saturation in the blood for a better understanding of fitness and wellness.
- January 2021: NeuTigers, an Artificial Intelligence company spun out of Princeton University, announced the lunch CovidDeep, a clinically validated solution that can triage those needing further testing for SARS-CoV-2/COVID-19 using physiological sensors data derived from wearable devices.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Market Drivers
4.4 Market Restraints
4.5 Industry Value Chain Analysis
4.6 Assessment of the Impact of COVID-19 on the Market
4.7 Technology Snapshot
4.7.1 Key technology overview (MEMS, CMOS, etc)
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Health Sensors
5.1.2 Environmental Sensors
5.1.3 MEMS Sensors
5.1.4 Motion Sensors
5.2 By Device
5.2.2 Bodywear and Footwear
5.3 By Application
5.3.1 Health and Wellness
5.3.2 Safety Monitoring
5.3.3 Home Rehabilitation
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.2 Infineon Technologies AG
6.1.3 Texas Instruments Incorporated
6.1.4 Analog Devices Inc.
6.1.5 InvenSense Inc.
6.1.6 Freescale Semiconductor Inc
6.1.7 Panasonic Corporation
6.1.8 NXP Semiconductors N.V.
6.1.9 TE Connectivity Ltd.
6.1.10 Bosch Sensortec GmbH (Robert Bosch GmbH)
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The United States Wearable Sensors Market market is studied from 2019 - 2026.
What is the growth rate of United States Wearable Sensors Market?
The United States Wearable Sensors Market is growing at a CAGR of 46.87% over the next 5 years.
Who are the key players in United States Wearable Sensors Market?
STMicroelectronics, Infineon Technologies AG, Texas Instruments Incorporated//www.infineon.com/, Analog Devices, Inc., Panasonic Corporation are the major companies operating in United States Wearable Sensors Market.