The Global Wearable Sensor Devices Market Insights
According to the Market Research Future, the global wearable sensors market overview report is estimated to attain a CAGR of 15.20%, reaching the highest valuation of $5.68 Billion, during the evaluation period, 2023-2030.
Technologies like smartphones and connected devices are constantly evolving, and therefore affiliated products for the same are set to launch or will be developed soon at a high rate. Among them, the market experienced the hottest trend, namely the future development of flexible and printed electronics while designing wearable products. A large number of technology-based entities around the globe are rigorously trying to develop these components, which would make it easier for the product designer. This wearable sensors market trend is estimated to flourish, led by various manufacturers with escalating demand.
Currently, monitoring components in wearable devices are running analogous to each other. Sensors, transducers, and actuators are now an integral part of wearable technology, making products unique and applicable to different platforms. Sensors have become the essential element of almost all wearable electronic devices.
Market Segmentation
The global market for wearable sensors is subdivided into type, application, and end-user.
The market is segmented by type into motion sensors, medical sensors, image sensors, position sensors, pressure sensors, inertial sensors, and other sensors.
Based on the applications, the market is divided into smart bracelets, smart glasses, smart body clothes, smart shoes, and other wearable devices. The smart bracelet segment acquired a considerable wearable sensors market share of $436.3 million in 2018.
On the basis of end-user, the global market is bifurcated into consumer applications, healthcare applications, and commercial and industrial applications.
Regional Outlook
The wearable sensor market in North America holds the largest share of the global wearable sensor market compared to other regions. This is attributed to the high degree of acceptance of digital components in consumer electronics, smart textiles, fitness, and sports markets, which play a key role in the growth of the regional market. In addition, several research grants are awarded by government agencies. The sports and fitness industry has grown in this region, and products such as Fitbit, Microsoft band, are widely used.
The European wearable sensor market is expected to be the second-largest during the forecast period. Technological innovations leading to the introduction of new products, an increase in the number of chronic diseases, and an increase in the number of diabetic patients should stimulate market growth in this region.
In addition, companies operating in the market focus primarily on mergers and acquisitions, which should support market growth. The Asia Pacific region is the rapidly-growing market owing to growth in healthcare and consumer awareness of technology and computers on a daily basis. In addition, multinational companies and regional agents are launching investments and launching new technologies in the wearable sensor market.In addition, Australia in the Asia Pacific region accounted for 13.5% of the market in 2018.
Further, the global market in the Middle East and Africa is expected to grow steadily due to limited access to health and a lack of awareness.
Industry Players
The key players in the wearable sensor industry supporting the growth of the global wearable sensors market include some of the industrial giants such as Wearable Technologies Service GmbH, STMicroelectronics, Rackspace Hosting Inc., InvenSense, Inc., Google Inc., and Xsens Technologies.
Industry Updates
- Researchers at Caltech, Peking University in China, University of Santa Clara and University of California Los Angeles have developed a new wearable sensor that can detect sweating caused by gout. The device features new laser-etched chemical sensors to detect compounds that cause gout, such as uric acid and tyrosine, at concentrations well below previously possible concentrations.
- A wearable, lightweight, inexpensive air pollution wearable sensor can help detect worker exposure to aerosol and vapor hazards. Developed at Colorado State University (CSU; Fort Collins, USA) through a grant from the National Institute for Occupational Safety and Health (NIOSH), the wearable sensor is based on the design of the Personal Ultrasonic Air Sampler (UPAS), which collects data. particle exposure using a quiet, low power micro pump.
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