According to the latest research report, titled 'Wearable Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis,' the market is expected to grow from US$ 1,906.74 million in 2021 to reach US$ 5,762.57 million by 2028. It is estimated to grow at a CAGR of 17.1% from 2021 to 2028.
Increasing Penetration of Smart Wearable Devices to Drive Market
Smart wearable devices, such as smartwatches, fitness trackers, VR headsets, smart wristbands, activity trackers, and sports watches, are integrated with advanced technologies such as artificial intelligence (AR) and IoT (IoT). Users can access their health-related information on their smartphones, tablets, or computers linked to these devices. With the growing consumer awareness, the adoption of smart wearable devices is on the rise in the healthcare sector. Fit bits, smartwatches, and pulse oximeters are among the wearable systems incorporated with optical sensors to provide real-time patient health tracking solutions.
Photoplethysmography (PPG) sensors that help monitor heart and respiration rates are high in demand. For instance, several smartwatches with inbuilt PPG sensors were launched in late 2021 by Moto G, Realme, and Apple. The Realme watches have wide-ranging health functions, comprising blood-oxygen-level and top-level PPG heart rate sensors. In October 2020, Mobvoi launched its new PPG sensor-enabled TicWatch Pro 3 smartwatch in India. According to the International Data Corporation (IDC) report for 2020, the global wearable device shipments surged by 28.4% in 2020 compared to the previous year. They further grew by 9.9% till the third quarter of 2021.
Surging cases of cardiovascular diseases (CVDs) worldwide are a key factor behind the uptake of wearable devices. According to the American Heart Association, ~17.0 million people die each year due to cardiac abnormalities, and the number is expected to rise to ~23 million by 2030. The PPG sensors typically measure oxygen saturation, blood pressure, and cardiac output through a series of waves and peak detection. Thus, the increasing sales of wearable devices are contributing substantially to the market growth.
Due to the COVID-19 outbreak, the wearable sensors market was negatively affected from the supply side in the Rest of the world. The disruption in supply lines of electronics and semiconductors in 2020 caused this hindrance. However, from the demand side, the wearable sensors market was unaffected. For instance, at the end of 2020, Samsung announced it witnessed a 218% increase in smartwatch sales in Q1 of 2020 compared to Q1 of 2019 and that it will be manufacturing smartwatches and fitness bands in Brazil. Also, several manufacturing facilities and government agencies showcased the use of advanced technology such as AR and VR. For instance, the UAE police started to use smart helmets to fight against the pandemic. The smart helmet used by police officials is powered by thermal scanning capabilities, which allows the officials to identify people with high temperatures in public places.
A rapid increase in the use of smartphones and connected devices and the growing need for low-power, smaller, lighter sensors with enhanced performance are the factors supporting the trend of miniaturization. Advancements in nanotechnology and micro-fabrication technologies have been driving the progress of the miniaturization process, thereby making smart sensors cost-effective and anchoring the emergence of smart fabrics. Further, in January 2022, Abbott Laboratories demonstrated the Libre 3 System, a glucose monitoring system that can be used for up to 14 days. Ava AG's wearable fertility tracker for women received the US Food and Drug Administration clearance in 2021. At the Consumer Electronics Show (CES) 2022, Reliefband Technologies LLC showcased the Reliefband Sport smartwatch that can prevent and treat nausea and vomiting due to anxiety, hangovers, motion sickness, physician-diagnosed migraines, chemotherapy, and pregnancy-related morning sickness. Thus, the increasing demand for wearables devices in healthcare applications drives the global wearable sensors market.
The global wearable sensor market is segmented into five major regions - North America, Europe, Asia Pacific (APAC), and the Rest of the World (ROW). The US, Canada, and Mexico are among the key countries in North America. APAC holds a significant share in the global wearable sensor market, owing to the higher awareness among the end users. End users in this region are aware of the importance of wearable sensors in consumer electronics, healthcare, and industrial applications.
China is considered the manufacturing hub of consumer electronics in the APAC region, including connected wearables and the largest share for wearables sensors. Being the largest market for consumer electronics, all the major connected wearables companies have a presence in the country and are actively introducing new products. For instance, in December 2021, Huawei announced the launch of smart glasses with ultra-thin large-amplitude stereo speakers on the temple for music streaming and hands-free calling with Harmony OS. In September 2021, Xiaomi Inc. announced the launch of smart glasses with live translation and navigation support. In May 2019, Xiaomi, in collaboration with Amazfit, announced the launch of smart shoes. Companies worldwide are focusing on expanding their business to China, which is among other factors that are likely to create opportunities for market players over the coming years.
Reasons to Buy
Increasing Penetration of Smart Wearable Devices to Drive Market
Smart wearable devices, such as smartwatches, fitness trackers, VR headsets, smart wristbands, activity trackers, and sports watches, are integrated with advanced technologies such as artificial intelligence (AR) and IoT (IoT). Users can access their health-related information on their smartphones, tablets, or computers linked to these devices. With the growing consumer awareness, the adoption of smart wearable devices is on the rise in the healthcare sector. Fit bits, smartwatches, and pulse oximeters are among the wearable systems incorporated with optical sensors to provide real-time patient health tracking solutions.
Photoplethysmography (PPG) sensors that help monitor heart and respiration rates are high in demand. For instance, several smartwatches with inbuilt PPG sensors were launched in late 2021 by Moto G, Realme, and Apple. The Realme watches have wide-ranging health functions, comprising blood-oxygen-level and top-level PPG heart rate sensors. In October 2020, Mobvoi launched its new PPG sensor-enabled TicWatch Pro 3 smartwatch in India. According to the International Data Corporation (IDC) report for 2020, the global wearable device shipments surged by 28.4% in 2020 compared to the previous year. They further grew by 9.9% till the third quarter of 2021.
Surging cases of cardiovascular diseases (CVDs) worldwide are a key factor behind the uptake of wearable devices. According to the American Heart Association, ~17.0 million people die each year due to cardiac abnormalities, and the number is expected to rise to ~23 million by 2030. The PPG sensors typically measure oxygen saturation, blood pressure, and cardiac output through a series of waves and peak detection. Thus, the increasing sales of wearable devices are contributing substantially to the market growth.
Due to the COVID-19 outbreak, the wearable sensors market was negatively affected from the supply side in the Rest of the world. The disruption in supply lines of electronics and semiconductors in 2020 caused this hindrance. However, from the demand side, the wearable sensors market was unaffected. For instance, at the end of 2020, Samsung announced it witnessed a 218% increase in smartwatch sales in Q1 of 2020 compared to Q1 of 2019 and that it will be manufacturing smartwatches and fitness bands in Brazil. Also, several manufacturing facilities and government agencies showcased the use of advanced technology such as AR and VR. For instance, the UAE police started to use smart helmets to fight against the pandemic. The smart helmet used by police officials is powered by thermal scanning capabilities, which allows the officials to identify people with high temperatures in public places.
A rapid increase in the use of smartphones and connected devices and the growing need for low-power, smaller, lighter sensors with enhanced performance are the factors supporting the trend of miniaturization. Advancements in nanotechnology and micro-fabrication technologies have been driving the progress of the miniaturization process, thereby making smart sensors cost-effective and anchoring the emergence of smart fabrics. Further, in January 2022, Abbott Laboratories demonstrated the Libre 3 System, a glucose monitoring system that can be used for up to 14 days. Ava AG's wearable fertility tracker for women received the US Food and Drug Administration clearance in 2021. At the Consumer Electronics Show (CES) 2022, Reliefband Technologies LLC showcased the Reliefband Sport smartwatch that can prevent and treat nausea and vomiting due to anxiety, hangovers, motion sickness, physician-diagnosed migraines, chemotherapy, and pregnancy-related morning sickness. Thus, the increasing demand for wearables devices in healthcare applications drives the global wearable sensors market.
Key Findings of Study:
The global wearable sensor market is segmented into five major regions - North America, Europe, Asia Pacific (APAC), and the Rest of the World (ROW). The US, Canada, and Mexico are among the key countries in North America. APAC holds a significant share in the global wearable sensor market, owing to the higher awareness among the end users. End users in this region are aware of the importance of wearable sensors in consumer electronics, healthcare, and industrial applications.
China is considered the manufacturing hub of consumer electronics in the APAC region, including connected wearables and the largest share for wearables sensors. Being the largest market for consumer electronics, all the major connected wearables companies have a presence in the country and are actively introducing new products. For instance, in December 2021, Huawei announced the launch of smart glasses with ultra-thin large-amplitude stereo speakers on the temple for music streaming and hands-free calling with Harmony OS. In September 2021, Xiaomi Inc. announced the launch of smart glasses with live translation and navigation support. In May 2019, Xiaomi, in collaboration with Amazfit, announced the launch of smart shoes. Companies worldwide are focusing on expanding their business to China, which is among other factors that are likely to create opportunities for market players over the coming years.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global wearable sensor market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global wearable sensor market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. Wearable Sensors Market Landscape
5. Wearable Sensors Market - Key Industry Dynamics
6. Wearable Sensors Market - Global Market Analysis
7. Wearable Sensors Market Analysis - By Sensor Type
8. Wearable Sensors Market Analysis - By Application
9. Wearable Sensors Market Analysis - By Vertical
10. Wearable Sensors Market - Geographic Analysis
11. Impact of COVID-19 Pandemic on Global Wearable Sensor Market
12. Wearable Sensor Market-Industry Landscape
13. Company Profiles
14. Appendix
List of Tables
List of Figures
Executive Summary
The wearable sensor market was valued at US$ 1,906.74 million in 2021 to reach US$ 5,762.57 million by 2028. It is estimated to grow at a CAGR of 17.1% from 2021 to 2028.A sharp rise in the use of smartphones and connected devices and the increasing need for smaller and lighter sensors with low-power requirements and enhanced performance are a few of the factors stimulating the trend of miniaturization. Advancements in nanotechnology and micro-fabrication technologies have been driving the progress of the miniaturization process, thereby making smart sensors cost-effective and anchoring the emergence of smart fabrics.
The elevating cases of cardiovascular diseases (CVDs) worldwide is one of the key factors contributing to the rise in the adoption of wearable devices. According to the American Heart Association, ~17.0 million people die each year due to cardiac abnormalities, and the number is expected to rise to ~23 million by 2030. The PPG sensors typically measure oxygen saturation, blood pressure, and cardiac output through a series of waves and peak detection. Thus, the increasing sales of wearable devices for healthcare application is contributing to the wearable devices market growth.
Further, increasing internet penetration has increased the number of Internet-enabled smart devices in developing countries. Smartphones are among the most used portable devices. In the wearable ecosystem, they are primarily used to gather and track health and fitness data for 0–9 and 60 and above age groups. According to Cisco, ~6.3 billion people and ~500 million devices were connected to the Internet in 2003 and with increasing customers focus on smart devices, the number reached ~6.58 billion devices by 2020. Such an increasing number of connected devices eventually increases the demand for wearable sensors.
Thus, the increasing sales of wearable devices are contributing to the wearable devices market growth.
The COVID-19 has marginally affected the operations of electronics and semiconductor manufacturers including wearable sensors market players as manufacturers continued their operations with partial workforces which impacted to the product deliveries in 2020. However, from Q1 of 2021, manufacturers increased their production to maximum capacity. For instance, in march 2020, Amphenol, a leading wearable sensor manufacturer announced its Thyez manufacturing facility in France is fully operations and was is able to meet its deliveries timelines. For instance, in the end of 2020, Samsung announced it witnessed 218% increase in smartwatch sales in Q1 of 2020 compared to Q1 of 2019 and further also announced to that it will be manufacturing smartwatches and fitness bands in Brazil. Also, several manufacturing facilities and government agencies showcased use of advanced technology such as AR and VR. For instance, UAE police started to use smart helmet to strengthen fight against coronavirus. The smart helmet used by police officials are powered by thermal scanning capabilities which allows the officials to identify person with high temperature in public places. Moreover, several market initiatives were witness in 2021 from end users which showcased positive growth trend. Thus, wearable sensors market was negatively affected in 2020 due to bottlenecks in supply chain, however robust demand from end users from 2021 positively influenced the growth of wearable sensors market.
The wearable sensor market is analyzed on the basis of sensor type, application, and vertical. Based on sensor type, the market is segmented into accelerometer, gyroscope, motion sensors, image sensors, position sensors, pressure & force sensors, touch sensors, and other sensors. In 2021, the accelerometer segment led the wearable sensor market and accounted for the largest market share.
Based on application, the market is segmented into smart wristwear, smart glasses, smart bodywear, smart footwear, and other applications. In 2021, the smart wristwear segment led the wearable sensor market and accounted for a larger market share. Based on vertical, the market is segmented into consumer electronics, healthcare, enterprise, and industrial. In 2021, the consumer electronics segment led the wearable sensor market and accounted for a larger market share. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (ROW). In 2021, APAC accounted for a significant share in the global market.
The key players profiled in the study are NXP Semiconductors N.V.; Infineon Technologies AG; STMicroelectronics NV; InvenSense, Inc; Robert Bosch GmbH; TEXAS INSTRUMENTS; ANALOG DEVICES; Panasonic Corporation; Broadcom Limited; and Murata Manufacturing Company Ltd.
The overall global wearable sensor market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the wearable sensor market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the wearable sensor market.
Companies Mentioned
- Nxp Semiconductors N.V.
- Infineon Technologies AG
- Stmicroelectronics N.V.
- Invensense, Inc
- Robert Bosch GmbH
- Texas Instruments
- Analog Devices
- Panasonic Corporation
- Broadcom Limited
- Murata Manufacturing Company Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 170 |
| Published | March 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 1906.74 Million |
| Forecasted Market Value ( USD | $ 5762.57 Million |
| Compound Annual Growth Rate | 17.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
