Wearable Sensors Market - Growth, Trends, and Forecast (2022 - 2030)
Market Overview
The market for Global Wearable Sensors was valued at USD 9.08 billion in 2018 and is expected to reach a value of USD 26.62 billion by 2024 at a CAGR of 19.15% during the forecast period (2019 - 2024). Primarily owing to digitalization, the electronic industry has prospered significantly thereby driving the wearable technology devices that are widely used for self-health monitoring applications presently.
- Spending on consumer electronic products and owing to increasing urbanization and improving lifestyles of this growing population has raised health and safety awareness among people is also stimulating the growth of wearable devices. Furthermore, affordability and ergonomics provided by advances in miniaturized electronics, the proliferation of smartphones and connected devices, and the increasing need for low power, smaller, lighter sensors, and enhanced performance are also some of the factor stimulating the growth of wearable devices such as fitbits, ear wears, and smartwatches.
- For instance, smartwatch unit sales increased from 5 million in 2014 to 141 million in 2018, according to the Consumer Technology Association and this growth is mainly attributed to the growing awareness of personal health. Additionally, there is also a significant increase in the number of wearable devices being sold over the past few years. This trend has contributed to the increasing adoption of sensors in these wearable devices. Besides, growth in connected wearable devices from 325 million devices in 2016 to 593 million devices in 2018 according to the Cisco Systems hold a great deal of promise, specifically for healthcare applications.
- With various industries investing significantly in IoT devices, coupled with the declining IoT sensors, is expected to give rise to a significant demand for wearable devices across multiple sectors, which is expected to significantly boost the market growth for wearable sensors in the foreseeable future.
Scope of the Report
Wearable devices have recently received considerable interest due to their great promise for a plethora of applications. Increased research efforts are oriented towards non-invasive monitoring of human health as well as activity parameters. A wide range of wearable sensors is being developed for real-time non-invasive monitoring.
Key Market Trends
Healthcare and Fitness Sector Expected to Occupy the Highest Market Share
One of the most transformative shifts in the wearable sensor market can be seen in the healthcare sector. Digitization of products, services, and commerce models are democratizing current healthcare systems, integrating the current healthcare system with the latest technologies. This trend is surging the demand for connected health technologies such as wearables, telehealth, artificial intelligence, virtual reality, and others that support targeted health and well-being services.
- From tracking air quality through inhaler use to detecting breast cancer with bra inserts, healthcare wearable devices are used in the different applications for wearables as personalized treatment or therapy along with some pitfalls and controversies that accompany the friction on the leading edge of science. Lower regulatory hurdles, faster time to market, unmet needs of doctors to continuously obtain medical quality data from their patients, early diagnosis and some more 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 Watch, Samsung Galaxy Gear S, Misfit, Xiaomi, and several others. There is a huge competition in the market amongst the major players. One example is the case of Microsoft, a pioneer in wearable space who has recently reported to discontinue its Band fitness tracker.
- There have been several advancements in the healthcare sector such as introducing 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 devices all the time to keep an eye on their glucose levels.
North-America expected to Occupy a Significant Market Share
North America has the highest penetration for wearable sensors as they are the early adopters of newer technology. Increasing demand across various application sectors such as wearable technology for fitness, healthcare, and security is driving the North America wearable sensors market to grow lucratively.
- The region's dominance is due to the urge to maintain a healthy lifestyle in countries such as the U.S. and Canada. Also, the increasing demand for wearable devices in the region in the consumer products sector is owing to the rising demand for wristwear and bodywear products growing in this market. A rapid increase in technological advancements in this region is also contributing to the growth of North America wearable sensors market.
- Also, owing to increasing developments and innovations by US-based companies have contributed most significantly to the market in the region and specifically in the US resulting in increasing usage of wearable devices. In the US, wearables have proven to be popular among consumers and are steadily expanding into new industries, including health care. For instance, researchers at Northwestern University generated small, sticker-like wireless biosensors that monitor important vital sign, without the need for large equipment and wiring.
Competitive Landscape
The wearable sensors market consists of many sensor providers with most of them based in North-America followed by Europe, holding a majority share. With the entrance of key players, such as Samsung and Apple, and Microsoft into the wearable device technology, the demand for wearable sensors in the consumer electronics sector has multiplied rapidly owing to the strong demand from young customers increasing the competition amongst the existing players. Hence, many companies are continuously evolving and innovating in order to keep up the demand. For instance, Fitbit, one of the major players for wearable device technology in the market, and is an excellent example of the trending increasing demand for fitness trackers.
- Also, Texas Instruments has significantly focussed on developing this new sensor technology that finds applications in wearables and other smart devices. Its HDC2010 low power humidity and digital temperature sensors innovated in 2017 have complemented their product offering.
- Recently, Kinexon has developed a wearable technology that enables the seamless detection of motion data with a micro sensor, which is attached to the athlete's back. The further increased emphasis on sports analytics is expected to drive the market growth.
- Also, in January 2018, Infineon Technologies introduced the 3D image sensor chip based on Time-of-flight (ToF) technology. It enables the world’s smallest camera module for integration in smartphones with a footprint of less than 12 mm x 8 mm, including the receiving optics and VCSEL (Vertical-Cavity Surface-Emitting Laser) illumination.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The market for Global Wearable Sensors was valued at USD 9.08 billion in 2018 and is expected to reach a value of USD 26.62 billion by 2024 at a CAGR of 19.15% during the forecast period (2019 - 2024). Primarily owing to digitalization, the electronic industry has prospered significantly thereby driving the wearable technology devices that are widely used for self-health monitoring applications presently.
- Spending on consumer electronic products and owing to increasing urbanization and improving lifestyles of this growing population has raised health and safety awareness among people is also stimulating the growth of wearable devices. Furthermore, affordability and ergonomics provided by advances in miniaturized electronics, the proliferation of smartphones and connected devices, and the increasing need for low power, smaller, lighter sensors, and enhanced performance are also some of the factor stimulating the growth of wearable devices such as fitbits, ear wears, and smartwatches.
- For instance, smartwatch unit sales increased from 5 million in 2014 to 141 million in 2018, according to the Consumer Technology Association and this growth is mainly attributed to the growing awareness of personal health. Additionally, there is also a significant increase in the number of wearable devices being sold over the past few years. This trend has contributed to the increasing adoption of sensors in these wearable devices. Besides, growth in connected wearable devices from 325 million devices in 2016 to 593 million devices in 2018 according to the Cisco Systems hold a great deal of promise, specifically for healthcare applications.
- With various industries investing significantly in IoT devices, coupled with the declining IoT sensors, is expected to give rise to a significant demand for wearable devices across multiple sectors, which is expected to significantly boost the market growth for wearable sensors in the foreseeable future.
Scope of the Report
Wearable devices have recently received considerable interest due to their great promise for a plethora of applications. Increased research efforts are oriented towards non-invasive monitoring of human health as well as activity parameters. A wide range of wearable sensors is being developed for real-time non-invasive monitoring.
Key Market Trends
Healthcare and Fitness Sector Expected to Occupy the Highest Market Share
One of the most transformative shifts in the wearable sensor market can be seen in the healthcare sector. Digitization of products, services, and commerce models are democratizing current healthcare systems, integrating the current healthcare system with the latest technologies. This trend is surging the demand for connected health technologies such as wearables, telehealth, artificial intelligence, virtual reality, and others that support targeted health and well-being services.
- From tracking air quality through inhaler use to detecting breast cancer with bra inserts, healthcare wearable devices are used in the different applications for wearables as personalized treatment or therapy along with some pitfalls and controversies that accompany the friction on the leading edge of science. Lower regulatory hurdles, faster time to market, unmet needs of doctors to continuously obtain medical quality data from their patients, early diagnosis and some more 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 Watch, Samsung Galaxy Gear S, Misfit, Xiaomi, and several others. There is a huge competition in the market amongst the major players. One example is the case of Microsoft, a pioneer in wearable space who has recently reported to discontinue its Band fitness tracker.
- There have been several advancements in the healthcare sector such as introducing 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 devices all the time to keep an eye on their glucose levels.
North-America expected to Occupy a Significant Market Share
North America has the highest penetration for wearable sensors as they are the early adopters of newer technology. Increasing demand across various application sectors such as wearable technology for fitness, healthcare, and security is driving the North America wearable sensors market to grow lucratively.
- The region's dominance is due to the urge to maintain a healthy lifestyle in countries such as the U.S. and Canada. Also, the increasing demand for wearable devices in the region in the consumer products sector is owing to the rising demand for wristwear and bodywear products growing in this market. A rapid increase in technological advancements in this region is also contributing to the growth of North America wearable sensors market.
- Also, owing to increasing developments and innovations by US-based companies have contributed most significantly to the market in the region and specifically in the US resulting in increasing usage of wearable devices. In the US, wearables have proven to be popular among consumers and are steadily expanding into new industries, including health care. For instance, researchers at Northwestern University generated small, sticker-like wireless biosensors that monitor important vital sign, without the need for large equipment and wiring.
Competitive Landscape
The wearable sensors market consists of many sensor providers with most of them based in North-America followed by Europe, holding a majority share. With the entrance of key players, such as Samsung and Apple, and Microsoft into the wearable device technology, the demand for wearable sensors in the consumer electronics sector has multiplied rapidly owing to the strong demand from young customers increasing the competition amongst the existing players. Hence, many companies are continuously evolving and innovating in order to keep up the demand. For instance, Fitbit, one of the major players for wearable device technology in the market, and is an excellent example of the trending increasing demand for fitness trackers.
- Also, Texas Instruments has significantly focussed on developing this new sensor technology that finds applications in wearables and other smart devices. Its HDC2010 low power humidity and digital temperature sensors innovated in 2017 have complemented their product offering.
- Recently, Kinexon has developed a wearable technology that enables the seamless detection of motion data with a micro sensor, which is attached to the athlete's back. The further increased emphasis on sports analytics is expected to drive the market growth.
- Also, in January 2018, Infineon Technologies introduced the 3D image sensor chip based on Time-of-flight (ToF) technology. It enables the world’s smallest camera module for integration in smartphones with a footprint of less than 12 mm x 8 mm, including the receiving optics and VCSEL (Vertical-Cavity Surface-Emitting Laser) illumination.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
Please Select a Format
