The global Wearable Sensors Market was valued at US$ 854.53 Million in 2022 and is projected to reach USD 6675.99 Million by 2030, growing at a CAGR of 29.3% from 2023 to 2030.

Wearable Sensors Market Overview:

A wearable sensor is a piece of technology that a person puts on their body to track information about their health and fitness. Using wired or wireless devices, these sensors can be built into clothing or other fashion accessories. They can be used to monitor and diagnose vital signs like heart rate, blood pressure, and other metabolic activities. Physiological and biological data can be collected with the help of wearable sensors. The first one helps doctors figure out what's wrong and keep an eye on treatment for diseases like hypertension, asthma, and others that affect the brain, heart, and lungs. Places of health care in rural areas that don't have remote monitoring systems are getting motion sensors.

With the improvement of sensor technology, wireless communication devices and technology, power supply technology, and other technologies, the wearable sensor market is growing steadily. Also, the market for wearable sensors is being pushed by things like more people using home and remote patient monitoring, improvements in sensor technology, and more people using wearable sensors for babies. Also, using smart consumer electronics like tablets and smartphones, which have sensors that can be paired with other devices, has made it easier to monitor and collect data. Other factors include the improvement of technology, which has led to the creation of new devices like smart shirts, smart rings, and smart eyewear, as well as the growth of the Internet of Things (IOT) and the rise in demand for its use in healthcare, fitness, consumer electronics, and other areas. But the high cost of wearable sensors, concerns about privacy, and data integrity slow down the growth of the wearable sensors market. But strict rules about data storage are likely to make wearable devices more popular with the general public.

Market Dynamics

Drivers:

Wearable devices are becoming more popular, which is driving the market growth.

A growing number of older people in western countries and the rise of lifestyle diseases like high blood pressure, heart disease, diabetes, and others, as well as rising treatment costs, have led to the development of remote patient management systems. As the number of people with chronic illnesses goes up, the overall cost of health care goes up. This makes it more important to keep looking for ways to provide quality health care at a reasonable price. The growing use of different kinds of wearable devices in health and wellness is one of the main things driving this market. In the time frame that was planned, businesses have also grown because of things like constant surveillance, more money from the government, and more money spent on health care. The demand for wearable health sensors is also growing in a profitable way because physiological sensors are getting smaller, smart devices are getting more sensors with advanced features, battery sizes are getting bigger, and healthcare services need to keep track of people more and more.

Restraints:

Lack of common standards and problems with how things work together

There are already a lot of smart devices that connect to the Internet, and that number is growing quickly. Standardization is the key to making sure that information and data from sensors can be sent and received quickly and easily. Some companies have come up with rules for how sensors should talk to each other. For example, the OGC's Sensor Web Enablement (SWE) standards make it easier for sensors to talk to each other in both complex and simple applications. The SWE standards make it easy to add this information to the thousands of geospatial applications that use the OGC or other standards. Interoperability problems are also caused by the lack of common standards for how sensors talk to each other. For the wearable ecosystem to continue to grow, it is important that devices can talk to each other and share information easily. At the moment, neither the technical nor the market situation for wearable technology is very good in terms of an architectural solution or a universal standard to solve the problem of interoperability.

Opportunities:

The market is growing because more and more consumer devices are adding medical sensors.

In the next few years, more and more medical sensors will be built into consumer devices. This will make it easier to monitor, sense, and study remote treatment and home-based medical data collection, as well as make digital health programs. Extending the capabilities of the AI ecosystem would have a big impact on how the treatment is given, such as with conversational computing, computer learning, mobile apps, and so on. The demand for wearable sensors will change a lot in the future because of 5G and the growing Internet of Things industry.

Wearable Sensors Market Segmentation Analysis

During the next few years, the wearable sensor market for gyroscopes is expected to grow the fastest by type.

During the forecast period, the market for gyroscopes that can be worn is expected to grow the fastest. Smartwatches, smart glasses, electronic pedometers, and other devices are the most common types of wearable tech. The growth of the wearable electronics market has been helped by the fact that people in developing countries have more complicated lives. So, the demand for things you can wear, like glasses, watches, and shoes, has gone up. In all kinds of wearable devices, sensors like accelerometers, gyroscopes, pressure and force sensors, and medical-based sensors are used a lot.

The market for wearable sensors During the forecast period, the wristwear application sector is expected to have the largest market size.

Wearable devices can do a lot of different things, from simple ones like tracking your heart rate and calories burned to more complex ones like giving you information about how you smell, taste, hear, and see. In 2015, about half of the wearable sensors market was made up of wristwear. Bodywear is further divided into clothing and underwear, arm and legwear, smart socks, body-worn cameras, and chest straps.

Regional Insights:

During the Forecast period, North America is anticipated to be the largest market by region.

During the forecast period, North America is expected to keep being the most important region. By 2030, more than 30% of the market is expected to be in the North American region. The U.S. has a bigger share of the market because digital technology is being used quickly there. Also, the healthcare industry in the region has been doing well, which is expected to make more people want to buy products with sensors that can be worn. There are more people living in the U.S., and many of them are getting older and have serious health concerns. This is driving the need for healthcare activity monitoring devices. Wearable sensors are an important part of a wearable device that gives accurate and reliable information about how and what the user does. It finds out what's going on by keeping an eye on physical and physiological parameters and other signs.

In 2016, the APAC market was worth USD 47,1 million, and it is expected to have the highest CAGR over the next few years. OEMs are making a big difference in the development of IMUs, MEMS technology, and other technologies that can make products more accurate while keeping the price relatively low. Many companies in China have gotten better at making wearables at lower prices. This is because there are more users in the market. China's market is expected to grow even more as the number of people who want to monitor their health at home grows.

Scope Analysis

Recent Development

• In April 2021, Panasonic Corporation announced its $7.1 billion acquisition of supply chain software company Blue Yonder. This agreement will help Panasonic expand its product portfolio to include hardware devices such as sensors, edge devices, wearable technology and other devices. In addition, the two companies previously established a joint venture in 2019.
• In January 2018, Infineon Technologies announced the release of a 3D image sensor chip based on Time-of-Flight (ToF) technology. Less than 12mm x 8mm footprint including receiving optics and Vertical-Cavity Surface-Emitting Laser (VCSEL) illumination, enabling the world's smallest camera module for smartphone integration.
• In October 2016, STMicroelectronics and HMicro, Inc. (USA) launched a vital sign monitor and electrocardiogram in the medical field.

The Global Wearable Sensors Market has been segmented into:

By Type

• Accelerometers
• Magnetometers
• Gyroscopes
• Inertial Sensors
• Motion Sensors
• Pressure & Force Sensors
• Temperature & Humidity Sensors
• Microphones & Microspeakers
• Medical-based Sensors
• Image Sensors
• Touch Sensors
• Other Sensors

By Technology

• MEMS
• CMOS
• Other Technologies

By Application

• Wristwear
• Eyewear
• Footwear
• Neckwear
• Bodywear
• Other Applications

By Vertical

• Consumer Goods
• Healthcare
• Industrial
• Other Verticals

By Companies

• InvenSense, Inc. (U.S.)
• Panasonic Corporation (Japan)
• Robert Bosch GmbH (Germany)
• STMicroelectronics (Switzerland)
• Texas Instruments Incorporated (U.S.)
• KIONIX, INC. (ROHM Co., Ltd.) (U.S.)
• Measurement Specialties, Inc. (U.S.)
• Analog Devices, Inc. (U.S.)
• ZOLL Medical Corporation (Asahi Kasei Corporation) (U.S.)
• Freescale Semiconductor, Inc. (U.S.)
• Infineon Technologies AG (Germany)