Market Trends of United States Wearable Sensors Industry
This section covers the major market trends shaping the US Wearable Sensors Market according to our research experts:
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.
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