The global wearable sensors market is anticipated to grow at a CAGR of 9.1% during the forecast period. Sensors are now used in industries such as automotive, healthcare (particularly in dental and orthopedic fields), and retail. The factor contributing to the growth of wearable sensors include their increasing use in the healthcare sector, increase awareness of fitness among consumers, increase use in the sports sector for athletes and increase the use of the wearable sensor in defense and security. The aforementioned factors are attributed to the growth of the market at a decent rate during the forecast period. However, the high costs of wearable sensor devices hinder the growth of the market.
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Additionally, the rise in the number of obese and overweight across the globe is driving the market for wearable sensors in the field of health and fitness. Apart from this, Food and Drug Administration (FDA) is working closely with a few key players in the industry. Other factors that are contributing to the market growth include technological advancements in healthcare owing to the rapidly increasing demand for medicines coupled with the government's emphasis and the geriatric population is in high demand of instantaneous soluble tablets. For instance, according to the United Nations, there were around 703 million persons aged 65 years or over across the globe in 2019 and the number of older persons is projected to double to 1.5 billion in 2050.
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The Image Sensor Segment Holds A Prominent Share In The Market
Based on the type, the market is classified into accelerometers, magnetometers, gyroscopes, image sensors, inertial sensors, temperature & humidity sensors, pressure & force sensors, touch sensors and motion sensors, and chemical and biochemical sensors, and others. Among these, the image sensor segment held the major share in 2021 and is also anticipated to grow during the forecast period. The wearable sensors in imaging devices are used in healthcare technology to capture the brain activity of the patient in situations where traditional methods cannot succeed. Additionally, it also has applications in the aerospace field. In February 2021, AMS AG CMV20000 and CMV4000 CMOS image sensors became part of NASA's Mars 20w0 perseverance rover to get detailed information through pictures and activities through the imaging sensors fitted around the rover.
Regional Outlooks
The global wearable sensors market is further segmented based on geography including North America (the US, and copyright), Europe (Italy, France, Spain, Germany, and Rest of Europe), Asia-Pacific (India, Japan, China, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East and Africa, and Latin America). North America holds a dominant position in the global wearable sensors market in 2020. The factor that is propelling the growth of the market in the region includes rising incidences of obesity and rising R&D development expenditure in sensor technology development. The presence of a well-established healthcare industry and expanded funding from government organizations in the region is also the driving factor of the market.
Asia-Pacific Is Projected To Have A Considerable Share In The Global Wearable Sensor Market
The Asia Pacific is projected to exhibit the fastest growth in the global wearable sensors market. During the forecast period, Asia Pacific is projected to have a significant share of the market. The growth of pharmaceutical industries in the region due to rising incidences of chronic diseases, a growing number of diabetes patients, and rising GDP is a major factor that is driving the growth. China and India account for the highest cases of diabetes all across the globe. As per the IDF, China had the highest prevalence of diabetes (in the age range 20-79 years) in 2019 with around 116.5 million cases followed by India with around 77 million cases. Furthermore, the rise in customer acceptance of innovative health care techniques by the consumer due to increased disposable income, and increasing healthcare expenditure in the region is also driving the market growth during the forecast period. For instance, as per the World Health Organization, in 2018, around 6.8% of GDP was the healthcare expenditure in Asia-pacific.
By Type (Accelerometers, Magnetometers, Gyroscopes, Image Sensors, Inertial Sensors, Temperature & Humidity Sensors, Pressure & Force Sensors, Touch Sensors And Motion Sensors, Chemical, And Biochemical Sensors, And Others),
By Integrating System (CMOS Wearable Sensors, Application-Specific Integrated Circuit (ASIC), Microsystems Technology (MST), And Optical Spectroscopy)
By Technology ( Bluetooth, Zigbee, Wi-Fi, Radio-Frequency Identification (RFID), Near Field Communication (NFC), Z-Wave, And ANT),
By Deployment Type (Eyewear, Clothes, Wrist Wear, Pendant-Type, Body Wear, Headwear, Ear Wear, And Others.),
By End Users( Healthcare, Industrial, Defense, Sports, Automotive, Aerospace, Security And Surveillance, And Others)
Market Players Outlook
The key players of the wearable sensors market are Shimmer Research, AMS, Sensirion Holding AG, Kionix, Fitbit, and Broadcom. INC., Asahi Kasei Microdevices, and Analog Devices Inc. among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, geographical expansion, collaborations, and new product launches, to stay competitive in the market. For instance, in November 2021, Sensirion Holding AG acquired IRsweep AG to expand its optical sensing technology portfolio. The acquisition will allow Sensirion to leverage the IRsweep's infrared spectrometers based on QCL technology to study fast processes accurately such as protein dynamics or industrial reaction monitoring.
The Report Covers
Market value data analysis of 2021 and forecast to 2028.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global wearable sensors market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where in the market.
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