Wearable Sensors Market Size, Industry Analysis Report, Regional Outlook, Application Growth Potential, Competitive Market Growth & Forecast, 2020 - 2026
Report ID: GMI1287
Wearable Sensors Market size is anticipated to witness a surge during the forecast period. This industry is predicted to witness massive growth due to the rising need across several application areas; for instance, lifestyle and security, fitness and healthcare. These sensors detect, monitor, process and analyze the environment. They are implanted and integrated into materials, for instance garments, wrist-bands, hats and shoes, which can be worn to observe body functions, including body temperature, blood pressure and heart rate. Integrated sensors gather relevant data about the physical and chemical conditions of the body and surrounding local environment, and feed algorithms with this data which produce insightful output.
Techno-fashion clothing such as smart clothing is an emerging trend in the wearable sensors market that brings sensors close to human skin for measuring various health and fitness parameters. Bodywear sensors combine integrated circuit technology and computational functionality into textile fabrics and work on fibertronics technology.
Increasing advancement toward miniaturized, smart, and low cost sensors will prove to be a major factor for the wearable sensors market growth. Recent advancements in the sensor manufacturing, microelectronics and telecommunication, have provided pathways for acceptance and implementation of wearable sensor market in the digital health environment. Lower costs, miniature circuits, data transmission through wireless means, consumer electronic device integration, and microcontroller functions have outpowered the downfalls of formerly used electronics based sensors. In addition, continued growth in usage of wireless connections is anticipated to boost the wearable sensors market demand during the forecast timeline.
Rising share of aging population and application of wearable sensors to observe patients will contribute the wearable sensors market growth. However, the usage of such products has not only been limited to the healthcare sector, as it has expanded into various other sectors like sports, military, entertainment and fitness.
Increase in prevalence of chronic sicknesses and geriatric population, higher penetration of smartphone technology will provide growth opportunities for the wearable sensors market. Rising awareness about fitness and health, remote monitoring of patients, combined with reduced costs in digital health are predicted to significantly influence the wearable sensors market. Technological and software advancements such as cloud networking enables upgradation of wearable sensors with little involvement of the user in the device monitoring, consequently making it convenient, affordable and easier to manage the healthcare monitoring network and provide opportunities that aid in the growth and expansion of the wearable sensors market.
Security concerns relating to data security and collection of the personal information of individuals will continue to be a challenge in the wearable sensors market. Lack of awareness and responsiveness of consumers about usage and benefits of wearable devices may also hamper the industry growth. Along with the above-mentioned restrictions, a few other notable factors impeding the industry growth include lack of clarity in communication standards and protocols in the health industry, interoperability issues, unfavorable government regulations may restrict industry growth over the future.
Based on product, the business can be fragmented into inertial measurement units, motion sensors, medical based sensors, image sensors, position sensors, pressure sensors and inertial sensors. The medical- based sensors is further classified into blood oxygen sensors, blood glucose sensors, blood flow sensors, ECG sensors, heart rate sensors
By application, the industry can be segmented into neck wear, body wear, wrist wear, footwear, eyewear etc. For wristwear application, healthcare vertical is one of the major sectors due to applications such as fitness monitoring and GPS tracking. Bodywear is predicted to grow at the significant rate and is expected to be the most profitable application segment throughout the forecast time span. The growth of this segment is primarily credited to widespread usage in consumer electronics, medical and industrial sectors.
The end user segment in the wearable sensors market is classified in to aerospace and defense, healthcare, consumer applications, healthcare, enterprise, infotainment and multimedia, fashion, fitness and industrial applications. In the consumer goods vertical, smartphones and tablets are among the major devices that support the smooth functioning of wristwear devices for navigation and position detection applications. Moreover, wristwear devices are widely used by sports, healthcare, and fitness enthusiasts spurring the demand for wearable sensors market.
U.S. wearable sensors market has witnessed significant growth owing to the advancements in the industries such as consumer electronics, automobiles, healthcare with consumer electronics being one among the major industries causing high demand for smart wearable sensors. The region has become a global focal point for large investments and business expansion opportunities.
The wearable sensors market includes notable players such as NXP Semiconductors, Panasonic Corporation, STMicroelectronics, ZOLL Medical Corporation, Texas Instruments Incorporated, KIONIX, Measurement Specialties and Freescale Semiconductor. There is an intense competition among the key players in the industry due to accessibility to reasonably priced alternatives. The penetration of key players such as Microsoft, Google, Amazon and Apple have further streamlined the growth and competitiveness of this industry.
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