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Wearable sensors are miniaturized devices that can be embedded in wearable technologies such as smartwatches, activity trackers, spectacles, and fashion accessories. Some of the commonly integrated sensors include accelerometer, gyroscope, GPS, optical sensor, temperature sensor, pressure sensor, and biosensing technologies. These sensors enable tracking of fitness and wellness data including steps, calories burned, heart rate, and sleep patterns. For instance, activity trackers integrate an accelerometer to count steps and estimate calories burned. Also, smartwatches make use of an array of sensors to provide notifications, messages, calls, and fitness/health-related information on a small display.
The global wearable sensors market is estimated to be valued at US$ 978.86 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing adoption of internet of things and interconnected devices is positively impacting the wearable sensors market. IoT connects physical devices over the internet and allows exchange of data between various applications. This has significantly increased the collection of real-time health data through wearable devices which are further analyzed to gain useful insights. For instance, Fitbit collects user’s activity, heart rate and sleep data through its trackers which can then be accessed through its app on smartphones. Similarly, smartwatches from Apple and Samsung can receive notifications and read emails/texts from connected phones over internet. Further, rapid technological advancements have enabled miniaturization of electronic components which is promoting the development of smaller, discrete, and powerful wearable devices integrated with various sensors. This in turn is fueling the demand for wearable sensors.
Segment Analysis
The wearable sensors market can be segmented by type, application and vertical. By type, the market is dominated by motion sensors segment owing to increasing adoption of fitness trackers and smartwatches. Motion sensors measure physical movement and tracks activities such as steps taken, calorie burnt etc. By application, the healthcare segment dominates as wearable sensors are increasingly being used to monitor health vitals such as heart rate, blood pressure and oxygen levels. By vertical, consumer electronics vertical accounts for the major share due to rising popularity of wearables among consumers for tracking fitness and daily activities.
PEST Analysis
Political: The governments across regions are supporting the wearable sensors market by investing in research & development of these technologies for application in healthcare sector. For instance, government funds for developing wearable health monitoring devices.
Economic: Rising disposable incomes coupled with growing health awareness is fueling demand for wearable devices for fitness and healthcare applications. However, high costs associated with advanced sensors limits adoption.
Social: Changing lifestyles with increased focus on fitness is driving adoption of activity trackers and smartwatches. Rise in lifestyle disease has led to demand for remote health monitoring wearables. Privacy concerns still exist regarding data sharing.
Technological: Advancements in miniaturization, connectivity and battery life is enhancing capabilities of wearable sensors. Integration of MEMS, nano and biosensors is enabling continuous health tracking. However, high power consumption by sensors remains a challenge.
Key Takeaways
The global wearable sensors market is expected to witness high growth over the forecast period supported by increasing consumer demand for remote health monitoring and fitness tracking devices. The global wearable sensors market is estimated to be valued at US$ 978.86 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
Asia Pacific region is expected to be the fastest growing market for wearable sensors driven by large consumer base, rising health awareness and expanding middle class population in countries such as China, India. This is expected to propel demand for low cost fitness trackers and smartwatches in the region.
Key players operating in the wearable sensors market are Google, Panasonic Corporation, Freescale Semiconductor, Fossil Groups, InvenSense, Facebook, Amazon, Apple, Microsoft and Infineon Technologies AG, ST Microelectronics, and Analog Devices, Inc. Key players are focused on developing advanced sensors with enhanced functionalities such as ECG monitoring, continuous blood glucose monitoring etc and integrating them into innovative wearable form factors such as smartwatches, sports shoes and health patches to expand market share globally.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
