A research study titled, “Wearable Sensors Market by Type and Application - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the wearable sensors market is projected to be around $4 billion by 2025.
Recent advancements in sensor manufacturing, microelectronics, nanotechnology, telecommunication, miniaturization and data analysis techniques have opened up new avenues for wearable technology in the digital health ecosystem enabling a range of improved health outcomes. In the past, the size of front-end electronics and sensors made it difficult to use them in wearable tech to gather movement and physiological data. With the advent of miniature circuits, front-end amplification and microcontroller functions, wearable sensors are being largely deployed in digital health monitoring systems. Sensors and wearables together allow continuous physiological monitoring with minimal manual intervention and at a significantly low cost. Such sensors can be easily integrated into a wide range of accessories such as hats, garments, wrist bands, shoes, socks, eyeglasses and other devices such as wristwatches, smartphones and headphones. While some sensors, primarily medical-grade ones, are used on a stand-alone basis. With the advancements in cloud computing, various wearable sensor devices can be easily upgraded without the need for users to install software in their monitoring devices which makes it cheaper and easier to maintain the functioning of these devices.
Wearable sensors facilitate long-term physiological monitoring which is critical for treatment of different chronic disorders and mental health issues such as diabetes, depression, autism spectrum disorder (ASD), and anxiety. From a cost perspective, the primary purpose of using wearable sensors is to move healthcare away from where it is most expensive i.e., clinics and emergency rooms, and move towards outpatient monitoring and preventive measures. The primary motivation behind developing wearable sensors is to create technologies that will enable the users to regularly monitor their health related parameters and track the progress in all stages of life and diseases.
Some of the key driving factors for the global wearable sensors market are, increasing demand for sensor based wearable devices in healthcare, security, lifestyle and fitness applications, increased penetration of wireless connectivity networks worldwide and rising global acceptance of smart devices. Wearable technology is touted to replace smartphones in the near future as they promise more convenient way of communication in day to day life. Increasing research and development activities focused on utilizing sensor based wearable technology for logistics, manufacturing and military and security applications will largely contribute to the future growth of wearable sensors market. However, factors such as security concerns related to data security and rising need and demand for device integrations leading to interoperability issues can hamper the market growth.
Wearable motion sensors segment held a significant share of the wearable sensors market in 2016 owing to increasing applications of wearable sensors in smart devices such as smart watches, shoes and medical devices in order to track patients’ physical activity. Wearable image sensors market is expected to exhibit fastest growth during the forecast period due to rising demand for intelligent smart devices such as smart watches and smart glasses.
Wrist wear segment held a significant share of the global wearable sensors market in 2016 owing to rising demand for smart watches along with technological advancements leading to development of advanced wrist wear devices. The segment is expected to experience lucrative growth during the forecast period due to increasing adoption of smart watches and fitness bands by consumers as a result of increased awareness related to fitness tracking and monitoring.
Consumer vertical of the wearable sensors market is expected to exhibit fastest growth during the forecast period owing to increasing applications of wearable sensors in sectors such as sports, multimedia, fitness and infotainment. Rising demand for sensor based devices for smart gadgets and interactive gaming devices is expected to fuel the growth of consumer vertical during the forecast period.
U.S. held a major share of the North American wearable sensors market due to large scale adoption of technologically enhanced wearable devices enabled by high disposable income of the population. Emerging economies such as China and India are expected to witness favorable growth owing to increasing penetration of smart devices such as tablets and smart phones.
Product development and innovation is the key strategy followed by the major players operating in the wireless sensors market in order to outperform their competitors and offer innovative wearable devices to the consumers. Some of the key players in the wearable sensors market are, TE Connectivity Ltd., Broadcom Limited, STMicroelectronics N.V., Analog Devices, Inc., Infineon Technologies AG, Knowles Electronics, LLC., InvenSense (Acquired by TDK Corporation), Panasonic Corporation, Texas Instruments Incorporated and NXP Semiconductors N.V.
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Wearable Sensors Market Segmentation: