The global wearable sensors market was valued at USD 327.68 million in 2021. It is projected to reach USD 1,487.01 million by 2030, growing at a CAGR of 18.3% during the forecast period (2022–2030).
A wearable sensor is a type of sensor that is a technological device that is worn by individuals to track information related to their health and fitness. These sensors can be integrated into fabric or other fashion accessories using wired or wireless devices to monitor and diagnose vital signs like heart rate, blood pressure, and other metabolic activities.
Wearable sensors make it easier to collect physiological and biological data. Healthcare facilities in rural areas without access to remote monitoring systems are currently installing motion sensors. The wrist-worn wearable applications for entertainment, wellness, and fitness significantly contribute to these devices' rapidly expanding market traction. In addition, the high demand for smart wearable devices and their increasing market penetration has increased the demand for wearable sensors.
In healthcare and consumer infotainment, wearable devices such as wristwear, bodywear, and eyewear are gaining popularity. The technology of wearable products has improved steadily over time, and the devices have become smaller. According to the Irish Times (2015), the wearable ecosystem is gradually shifting from "wearables" to "wearables," and by the end of the decade, wearable devices will be "disappearances." The major players in the wearable ecosystem, such as Fitbit, Apple, and Garmin, are continually striving to introduce high-end innovations in wearable products. The miniaturization of sensors through microelectronics is crucial in developing wearable devices. The sensors' size is a significant obstacle to the widespread adoption of sensing technology, particularly for wearable electronics. Companies such as STMicroelectronics, NXP Semiconductors, and Broadcom invest heavily in research and development. Another significant market driver is the increasing adoption of sensors based on MEMS, nanoelectromechanical systems (NEMS), and CMOS technologies.
Nearly one-third of the world's inhabitants use the internet at higher bandwidths. Consequently, the number of internet-capable smart devices in developing nations has increased. Smartphones are among the most popular portable devices in the wearable ecosystem, and they are primarily used to collect and track health and fitness data for the 0–9 and 60+ age groups. In addition, wearable technology is an integral part of platforms such as IoT and M2M, which are the driving forces behind the rising number of connected devices worldwide. Consequently, the expanding market for platforms such as IoT and M2M will likely expand the market for wearable sensors.
Wearable devices are experiencing hardware and software performance issues that could prevent widespread adoption, just like with many other new technologies incorporated into one system. Waterproofing is a common issue for users because the moisture from sweat or washing can harm wearable electronics. The devices' screens and displays may be small, and their power reserves may be constrained due to their compact nature. Thus, a significant obstacle to the market expansion for wearable sensors is related to the technical complexity of the hardware and software in wearable devices.
The global wearable sensors market is segmented by type, device, and vertical.
Based on type, the market is bifurcated into accelerometer, gyroscope, optical, force, and pressure.
The accelerometer segment is anticipated to have the highest CAGR during the forecast period. The segment expansion can be attributed to the market's growing demand for wearable devices. Motion sensing with accelerometer sensors enhances the tracking and monitoring of user activities in terms of output and precision. Utilizing accelerometers in wrist-worn devices provides fitness and wellness-related data, a significant source of market momentum.
Based on the device, the market is bifurcated into smartwatches, fitness bands, and smart glasses.
The fitness band segment held the largest market share in the wearable sensors industry. The segment is anticipated to grow significantly at a CAGR during the forecast period. This increase is due to users' growing popularity of health and fitness devices. Moreover, new market entrants offer fitness bands with advanced technologies at lower prices than smartwatches. This is anticipated to be a significant growth driver for the segment.
Based on vertical, the market is bifurcated into consumer, defense, healthcare, and industrial.
The consumer segment will exhibit the highest CAGR during the forecast period. As consumer awareness of the advantages of remote monitoring of wellness and fitness increases, the demand for sensor-integrated devices also rises. Demand is influenced by numerous factors, including the availability of numerous wearables, the technological advancement of sensors, and the ability of vendors to provide differentiated products. Recently, the demand for fitness, wellness, and lifestyle tracking devices has been a primary driver of wearables shipments. Consumer preferences are positively impacting the market for wrist-worn V.R. headsets and smart clothing, and vendors are seeking to innovate and provide users with the best possible solutions.
The global wearable sensors market is classified into North America, Europe, Asia Pacific, and the Rest of the world.
The North American region is anticipated to maintain its dominance during the forecast. Due to the United States' rapid adoption of digital technology, the region holds the largest market share. In addition, the region's healthcare industry has been thriving, which is anticipated to accelerate the adoption of wearable sensor-enabled products. The Aisa-Pacific market is anticipated to expand at the highest rate during the forecast period.
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