Report Overview
[170+ Pages Research Report] Wearable Sensor Market to surpass USD 12.7 billion by 2032 from USD 1.21 billion in 2021 at a CAGR of 23.9% throughout the forecast period 2022-32
Product Overview
Wearable sensor devices are the assimilated analytical devices that combine regular features of point-of-care systems with smartphone connectivity in separately operating, self-contained components. Such devices enable the non-invasive or minimally invasive continuous monitoring of a person's biometrics, allowing the detection of minute physiological changes over time relative to baseline readings. The substrate and electrode materials, sensing units (elements for sampling, interfacing, bio-recognition, amplification, and signal transduction), decision-making units (components for processing, data collection, and transmission), and power units are the common building blocks of wearable devices. The total number of components may vary depending on the specific application. Smartwatches and smart glasses are the two most common examples of wearable technology devices.
Market Highlights
The Wearable Sensor Market is expected to project a notable CAGR of 23.9% in 2032.
Wearable Sensor to surpass USD 12.7 billion by 2032 from USD 1.21 billion in 2021 at a CAGR of 23.9% in the coming years, i.e., 2022-32. The development of smarter, smaller, and less expensive sensors, the trend toward miniaturization in sensors, the growing advantages of wearable technology in the healthcare industry, and the growing proportion of the elderly population are some of the key factors propelling the growth of the Wearable Sensor Market. A few other factors driving the Wearable Sensor Market include rising consumer awareness and the use of smart wearable gadgets in the healthcare industry.
Figure - Market Analysis of Wearable Sensor Market
Wearable Sensor Market:Segments
The Gyroscope segment is expected to grow with a higher CAGR during 2022-32
Wearable Sensor Market is categorized on the basis of Sensor Type into Accelerometer, Gyroscope, Optical, Force & Pressure, Inertial Sensor, Temperature, Magnetometers, Medical Based Sensors, and Others. The gyroscopes segment in Wearable Sensor Market is anticipated to expand at the fastest rate throughout the projected period. Smartwatches, smart glasses, electronic pedometers, and other wearable technology are the most common examples. The demanding lifestyles in developing countries have contributed to the growth of the wearable electronics market. All wearable device applications make extensive use of sensors like gyroscopes, accelerometers, pressure and force sensors, and medical-based sensors.
The Consumer segment is expected to grow with a higher CAGR during 2022-32
Wearable Sensor Market is categorized on the basis of Vertical into Consumer, Defense, Healthcare, Industrial, and Others. The consumer segment is expected to remain dominant with fitness tracking emerging as a key trend among users in the recent past. An increase in demand for wearable sensors for remote monitoring of health and fitness through motion sensing technologies and data analysis techniques is anticipated to be a major factor driving segment growth.
Figure - Market Analysis of Global Wearable Sensor
Market Dynamics
Growth Drivers
The Growing Importance of Wearable Sensor Devices among Consumers
Consumer wearable technology is putting more and more focus on tracking real-time motion-sensing activities, which increases the significance of sensors. During the projected period, this is anticipated to fuel the growth of the Wearable Sensor Market. Since more applications are being produced globally for tracking one's health and fitness, the market is likewise expanding. Manufacturers of wearable technology have combined data points and contextual information to identify motion-detecting activities.
Increasing Advancements in Sensor Technology and Launch of New Devices
With the development of sensor, power supply, wireless communication, and other technologies, the Wearable Sensor Market is expanding steadily. The Wearable Sensor Market is also fueled by developments in sensor technology, a rise in the usage of wearable sensors for infants, and increased home and remote patient monitoring. The spread of the Internet of Things (IOT), rising demand in a variety of applications, such as healthcare, fitness, consumer electronics, and others, as well as the advancement in technology are further considerations. These include innovative products like the smart shirt, smart ring, eyewear, and others.
Restraint
Interoperability Issues and Lack of Standards
The growth of the Wearable Sensor Market may be hampered by challenges with interoperability and a lack of common standards. There are problems with interoperability since there are no universal standards for sensor communication. The wearable ecosystem's continuous progress depends on connected devices being interoperable and able to exchange data easily. In terms of an architectural solution or a global standard to handle the issue of interoperability, the technological and market situations for wearable technology are currently not particularly encouraging.
Recent Developments
- The debut of smart glasses with ultra-thin, high-amplitude dual speakers for music streaming and hands-free calling with Harmony OS was announced by Huawei in December 2021.
- Xiaomi Inc. announced the release of smart glasses with live translation and navigation capability in September 2021.
- Xiaomi and Amazfit jointly announced the arrival of smart sneakers in May 2019. Among other things, the focus on Chinese market expansion by businesses worldwide is likely to open up prospects for market players in the years to come.
Wearable Sensor Market:
Key Players
- Robert Bosch GmbH
Company Overview, Business Strategy, Key Product Sensor Types, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Panasonic Corporation
- Intel Corporation
- TE Connectivity LTD.
- Murata Manufacturing Company Ltd
- Infineon Technologies AG
- STMicroelectronics NV
- Asahi Kasei Corporation
- NXP Semiconductors NV
- Texas Instruments
- Analog Devices
- Broadcom Limited
- Knowles Electronics LLC
- InvenSense Inc
- Sensirion AG
- Other Prominent Players
Wearable Sensor Market: Regions
Wearable Sensor Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Over the projected period, North America region is expected to maintain its dominance. The United States accounts for a higher market share thanks to the country's quick embrace of digital technology. The region's growing healthcare industry is another factor that is projected to accelerate the adoption of wearable sensor-enabled products over the forecast period.
Over the forecast period, Asia Pacific is anticipated to have the greatest CAGR. IMUs, MEMS technology, and other technologies that can provide accuracy while preserving the price for products generated through them are being developed with a significant amount of help from OEMs. The market in China is expected to expand even more as a result of the rising need for home healthcare monitoring.
Impact of Covid-19 on Wearable Sensor Market
The COVID-19 outbreak has a detrimental supply-side impact on the Wearable Sensor Market in the rest of the world. This obstacle was brought on by the disruption in semiconductor and electronics supply lines in 2020. On the demand side, however, the Wearable Sensor Market was untouched. Also, a number of manufacturing enterprises and government organizations demonstrated the usage of cutting-edge technologies, including AR and VR.
Wearable Sensor Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Wearable Sensor Market report also contains analysis on Segments:
- By Sensor Type
- Accelerometer
- Gyroscope
- Optical
- Force & Pressure
- Inertial Sensor
- Temperature
- Magnetometers
- Medical Based Sensors
- Others
- By Device Type
- Smart Watch
- Fitness Band
- Smart Glasses
- Smart Fabric
- Smart Footwear
- Other Wearable
- By Vertical
- Consumer
- Defense
- Healthcare
- Industrial
- Others
- Wearable Sensor Market Dynamics
- Wearable Sensor Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Wearable Sensor Market Report Scope and Segmentation
REPORT ATTRIBUTE |
DETAILS |
|
Market Size Value in 2021 |
USD 1.21 billion |
|
Revenue Forecast in 2032 |
USD 12.7 billion |
|
Growth Rate |
CAGR of 23.9% from 2022 to 2032 |
|
Base Year for Estimation |
2021 |
|
Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
|
Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments Covered |
Sensor Type, Device Type, Vertical, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key Companies Profiled
|
Robert Bosch GmbH, Panasonic Corporation, Intel Corporation, TE Connectivity LTD., Murata Manufacturing Company Ltd, Infineon Technologies AG, STMicroelectronics NV, Asahi Kasei Corporation, NXP Semiconductors NV, Texas Instruments, Analog Devices, Broadcom Limited, Knowles Electronics LLC, InvenSense Inc, Sensirion AG, and Other Prominent Players. |
Frequently Asked Questions (FAQ):
The Wearable Sensor Market size was estimated at USD 1.21 billion in 2021 and is expected to reach USD 12.7 billion in 2032.
Wearable sensor devices are the assimilated analytical devices that combine regular features of point-of-care systems with smartphone connectivity in separately operating, self-contained components.
The Gyroscope and Consumer segments accounted for the larger share of the Wearable Sensor Market.
Key players in the Wearable Sensor Market are Robert Bosch GmbH, Panasonic Corporation, Intel Corporation, TE Connectivity LTD., Murata Manufacturing Company Ltd, Infineon Technologies AG, STMicroelectronics NV, Asahi Kasei Corporation, NXP Semiconductors NV, Texas Instruments, Analog Devices, Broadcom Limited, Knowles Electronics LLC, InvenSense Inc, Sensirion AG, and Other Prominent Players.
The development of smarter, smaller, and less expensive sensors, the trend toward miniaturization in sensors, the growing advantages of wearable technology in the healthcare industry, and the growing proportion of the elderly population are some of the key factors propelling the growth of the Wearable Sensor Market.
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