Dublin, Feb. 08, 2021 (GLOBE NEWSWIRE) -- The "Wearable Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for wearable sensors has registered a CAGR of 19.15% during the forecast period (2021 - 2026). Primarily, owing to digitalization, the electronic industry has prospered significantly. Thereby, driving the market for wearable technology devices, which are widely used for self-health monitoring applications.
Increasing spending on consumer electronic products, increasing urbanization, and the improving lifestyles of the growing population have raised the health and safety awareness among people, which, in turn, is also stimulating the growth of wearable devices. Also, the affordability and ergonomics offered by advances in miniaturized electronics, the proliferation of smartphones and connected devices, and the increasing need for low power, smaller, lighter sensors, and enhanced performance are some of the factors stimulating the growth of wearable devices, such as Fitbit, ear wears, and smartwatches.
For instance, smartwatch unit sales increased from 5 million in 2014 to 141 million in 2018, according to the Consumer Technology Association. This growth is mainly attributed to the growing awareness of personal health. Additionally, there has been a significant increase in the number of wearable devices sold over the past few years. This trend has contributed to the increasing adoption of sensors in these wearable devices. Besides, growth in connected wearable devices, from 325 million devices in 2016 to 593 million devices in 2018, according to the Cisco Systems, holds a great deal of promise, specifically in healthcare applications.
With various industries investing significantly in IoT devices, coupled with the declining usage of IoT sensors, a significant increase in the demand for wearable devices, across multiple sectors, is expected. This is expected to significantly boost the market growth for wearable sensors in the foreseeable future.
Key Market Trends
Healthcare and Fitness Sector Expected to Occupy the Highest Market Share
One of the most transformative shifts in the wearable sensor market can be observed in the healthcare sector. Digitization of products, services, and commerce models is democratizing the current healthcare systems, integrating them with the latest technologies. This trend is increasing the demand for connected health technologies, such as wearables, telehealth, artificial intelligence, virtual reality, and others, which support targeted health and well-being services.
From tracking air quality through inhaler use to detecting breast cancer with bra inserts, healthcare wearable devices are used in different applications for personalized treatment or therapy. Lower regulatory hurdles, faster time to market, unmet needs of doctors to continuously obtain medical quality data from their patients, early diagnosis, and some more factors continue to be the primary drivers for the market.
The current market is dominated by large consumer health wearable companies, such as Fitbit, Apple Watch, Samsung Galaxy Gear S, Misfit, Xiaomi, and several others. There is substantial competition in the market, among the major players. One example is the case of Microsoft, a pioneer in wearable space that has recently reported that it will discontinue its Band fitness tracker.
There have been several advancements in the healthcare sector, such as introducing hearables or wireless computing earpieces, and brainwave-reading technology. For instance, continuous glucose monitors (CGMs) are becoming increasingly popular with diabetic patients, who can wear the device at all times to keep an eye on their glucose levels.
North America Expected to Occupy a Significant Market Share
North America has the highest penetration of wearable sensors, as the region is an early adopter of newer technology. Increasing demand across various application sectors, such as wearable technology for fitness, healthcare, and security, is driving the lucrative growth of the North American wearable sensors market.
The region's dominance is due to the push to maintain healthy lifestyles in countries, such as the United States and Canada. Also, the increasing demand for wearable devices in the region, in the consumer products sector, is due to the rising demand for wristwear and bodywear products in the market. The rapid increase in technological advancements in this region also contributes to the growth of the North American wearable sensors market.
Also, the increasing developments and innovations by US-based companies have contributed significantly to the market in the region, and specifically in the United States, resulting in increasing usage of wearable devices. In the United States, wearables have proven to be popular among consumers and are steadily expanding into new industries, including healthcare. For instance, researchers at Northwestern University generated small, sticker-like wireless biosensors that monitor important vital signs, without the need for large equipment and wiring.
The wearable sensors market comprises several sensor providers, with most of them based in North America, followed by Europe, holding a majority share.
With the entrance of key players, such as Samsung, Apple, and Microsoft, in the wearable device technology market, the demand for wearable sensors in the consumer electronics sector has multiplied rapidly. This growing demand is a result of the strong demand from young customers, increasing the competition among the existing players. Hence, many companies are continuously evolving and innovating to match demand. For instance, Fitbit, one of the major players in wearable device technology, in the market, is an excellent example of increasing demand for fitness trackers.
Also, Texas Instruments is significantly focussed on developing a new sensor technology, which finds applications in wearables and other smart devices. Its HDC2010 low power humidity and digital temperature sensors, innovated in 2017, have complemented its product offerings.
Recently, Kinexon developed a wearable technology that enables the seamless detection of motion data with a microsensor, which is attached to the athlete's back. The further increased emphasis on sports analytics is expected to drive the market growth.
Also, in January 2018, Infineon Technologies introduced the 3D image sensor chip based on Time-of-flight (ToF) technology. It enables the world's smallest camera module for integration in smartphones, with a footprint of less than 12 mm x 8 mm, including the receiving optics and VCSEL (Vertical-Cavity Surface-Emitting Laser) illumination.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain / Supply Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
5.1 Introduction to Market Dynamics
5.2 Market Drivers
5.2.1 Increasing Awareness about Health and Fitness
5.2.2 Increasing Trend of Smart Wearable Devices
5.3 Market Restraints
5.3.1 High Costs Associated with Gadgets
5.4 Market Opportunities
6 MARKET SEGMENTATION
6.1.5 Other Types of Sensors
6.2.1 Health and Wellness
6.2.2 Safety Monitoring
6.2.3 Sports and Fitness
6.2.4 Other Applications
6.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
6.3.4 Latin America
6.3.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.2 Infineon Technologies AG
7.1.3 Texas Instruments Incorporated
7.1.4 Analog Devices Inc.
7.1.5 InvenSense Inc.
7.1.6 Freescale Semiconductor Inc
7.1.7 Panasonic Corporation
7.1.8 NXP Semiconductors NV
7.1.9 TE Connectivity Ltd
7.1.10 Bosch Sensortec GmbH (Robert Bosch GmbH)
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
8.1 Investment Analysis
8.2 Future Outlook
For more information about this report visit https://www.researchandmarkets.com/r/hn3363
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