The Wearable Sensors Market Size, Growth driven by the increasing reach of smart wearable devices, rising trend of miniaturization, increasing penetration of IoT, AR, and M2M Platform, burgeoning popularity of connected devices. China is the leading country in Europe for Wearable Sensors, and it is expected to rise rapidly over the projection period, followed by the India and Japan.
NEW YORK, March 21, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Wearable Sensors MarketForecast to 2028 - COVID-19 Impact and Global Analysis By Sensor Type (Accelerometer, Gyroscope, Motion Sensors, Image Sensors, Pressure & Force Sensors, Touch Sensors, Position Sensors, and Others), Application (Smart Wristwear, Smart Glasses, Smart Bodywear, Smart Footwear, and Others), and Vertical (Consumer Electronics, Healthcare, and Industrial & Enterprise)", the global Wearable Sensors market was valued at $1.90 billion in 2021 to reach $5.76 billion by 2028. It is estimated to grow at a CAGR of 17.1% from 2021 to 2028.
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Report Coverage | Details |
Market Size Value in | US$ 1,906.74 Million in 2021 |
Market Size Value by | US$ 5,762.57 Million by 2028 |
Growth rate | CAGR of 17.1% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 170 |
No. Tables | 72 |
No. of Charts & Figures | 77 |
Historical data available | Yes |
Segments covered | Sensor Type, Application, and Vertical |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Wearable Sensors Market: Competitive Landscape and Key Developments
NXP Semiconductors NV; Infineon Technologies AG; STMicroelectronics NV; InvenSense, Inc; Robert Bosch GmbH; TEXAS INSTRUMENTS; ANALOG DEVICES; Panasonic Corporation; Broadcom Limited; and Murata Manufacturing Company Ltd are the key players profiled in this market study. In addition to these players, several other essential companies were also studied and analyzed to get a holistic view of the global Wearable Sensors market and its ecosystem.
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In 2021, Bosch Sensortec announced its partnership with NextNav to strengthen barometric sensor performance for smartphones, wearables, and other devices.
In 2020, Infineon Technologies AG acquired Cypress Semiconductor Corporation to strengthen structural growth on a broader range of applications, such as semiconductors, automotive microcontrollers, sensors, and security solutions.
Increased spending on consumer electronics, a surge in urbanization, and improved lifestyles have led to the rise in health and safety awareness. Moreover, with rising disposable incomes, devices, such as smartwatches, fitness trackers, VR headsets, smart wristbands, activity trackers, sports watches, healthcare applications, and enterprise and industrial applications, are gaining huge traction. As a result, medical device companies are investing in developing new technologies. For instance, in 2020, Adidas collaborated with Google and EA Games to create a smart football boot that tracks how people play in real life, enabling them to complete challenges or hit milestones. For instance, in April 2021, Casio (a leading Japanese watch brand) introduced its first Wear OS G-Shock smartwatch with a dual display and in rugged form factor.
In May 2020, Philips launched a wearable biosensor for early patient deterioration detection, including surveillance for COVID-19. 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. Thus, consumers' increasing demand for wearables devices is driving the global Wearable Sensors market.
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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 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 Sensors manufacturer, announced its Thyez manufacturing facility in France is fully operational and can meet its deliveries timelines.
In addition, Wearable Sensors manufacturers prioritize order deliveries for medical equipment manufacturers. For instance, in Q2 of 2020, Analog Devices announced it prioritizes customers who manufacture medical equipment. However, as containment norms were curtailed from Q3 of 2020, manufacturers could increase their production volume to the maximum. From 2021 the Wearable Sensors market players could meet their scheduled deliveries. Moreover, end users witnessed several market initiatives in 2021, which showcased a positive growth trend.
RisingConsumer Electronics Sector to Propel Market Growth:
A wide range of smartwatches, bands, garments, and patches with embedded sensors, small portable devices, and mobile applications comes under consumer good end user. The rising expenditure on consumer electronic products, increasing urbanization, and the improving lifestyles of consumers have raised awareness toward health and safety among people, which, in turn, has stimulated the growth of Wearable Sensors in consumer applications. For example, Nike, one of the leading companies in the fitness tracker segment, adopts the latest innovations in its products and manufacturing processes. In June 2021, Garmin International Inc. announced its new product, the Forerunner 945 LTE, a premium GPS running and triathlon smartwatch with LTE connectivity. In 2019, Nike introduced a new Nike Adapt BB Basketball Shoe, which uses a power-lacing system, designed to automatically tighten and loosen around a foot, depending on the athlete's movement. The same year, Vuzix partnered with software developer NNTC to integrate "fully autonomous" face recognition software in its smart glasses. In addition, according to IDC report 2021, wearable device shipments accounted for approx. 64% of wearable device in 2020.
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Wearable Sensors Market: Increasing Penetration of IoT, AR, and M2M Platform:
Integrating M2M technology with wearable medical devices improves their flexibility and scalability. Due to the various benefits of IoT, AR, and M2M technologies, the demand from various applications, such as healthcare and consumer electronics, for Wearable Sensors has increased substantially, which is expected to encourage market players to invest in and innovate more products related to these technologies. Thus, the increasing penetration of AR, IoT, M2M technologies in smart wearables creates future trends for the market.
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