Wearable Sensors Market Size, COVID19 Impact Analysis, Regional Outlook, Application Growth Potential, Competitive Market Growth & Forecast, 2021 – 2027
Report ID: GMI1287
Wearable Sensors Market size is expected to gain phenomenal traction over the next few years driven by continuous technological advances and increasing miniaturization of electronics components. A myriad range of sensors are increasingly finding applications in health monitoring systems, fitness trackers, and consumer electronics.
Wearable sensors are helping a large number of individuals worldwide monitor physiological parameters in real-time while reducing manual interference and cost. Nowadays, most sensors are built into products such as wristwatches, eyeglasses, hats, shoes, headphones, shirts, and others. With advancing technology and arrival of more innovative, affordable products, wearable sensors market is slated to witness a slew of growth opportunities in the coming years.
Ongoing improvements pertaining to monitoring technologies in healthcare and increased consumer awareness towards health and fitness is boosting the adoption of smartwatches, fitness bands, and other wearables. Many are also utilizing these devices while sleeping to keep track of and improve their sleeping patterns.
Wearable sensor technology has become a vital aspect of wearable devices which have been experiencing increased utilization for health and fitness monitoring purposes. This can be attributed to growing health awareness among consumers and the occurrence of numerous weight related conditions such as obesity. Constant monitoring of health and fitness parameters can also help users reduce overall hospitals costs for patients significantly.
With aging population and the increasing occurrence of various lifestyle diseases, such as cardiovascular disorders, diabetes, hypertension, and others, telemedicine has emerged as a major trend in the healthcare space. Wearable devices play an essential role in telemedicine, allowing healthcare providers to track patient’s health parameters remotely. Increasing acceptance of telemedicine across the world, especially during the current COVID-19 scenario, could bolster the wearable sensors market growth.
The integration of wearable sensors into consumer devices in the coming years could support monitoring, sensing, and analysis of remote treatment more efficiently, impelling the trend of home-based medical care.
Panasonic Corporation, NXP Semiconductors, Freescale Semiconductor, STMicroelectronics, Texas Instruments Incorporated, ZOLL Medical Corporation, Measurement Specialties (TE Connectivity) and KIONIX are among the notable wearable sensor manufacturers globally.
These companies are adopting numerous growth and expansion strategies such as mergers, acquisitions, and partnerships to gain a competitive edge and expand their products portfolio. Investment in research and development is also a crucial strategy among these companies as technology advances and demand trends evolve.
Citing an instance, in April 2021, Panasonic Corporation had announced the acquisition of supply chain software firm Blue Yonder in a deal worth US$7.1 billion. The deal will help Panasonic expand its products portfolio which includes hardware devices including sensors, edge devices, wearable tech, and other gadgets. The two companies had also previously formed a joint venture back in 2019.
COVID-19 impact on wearable sensors market forecast
Despite numerous disruptions, the increasing influence of telemedicine amid the COVID-19 pandemic has had a positive impact on the market. In wake of social restrictions and lockdown measures, people are intended to avoid unnecessary hospitals visits. A vast majority of healthcare providers are adopting telemedicine for routine patient check-ups and remote treatment to prevent the spread of the virus. The rise of telemedicine in healthcare systems and advances in AI and IoT could significantly transform the market expansion.
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