Wearable sensors are small electronic devices that can be worn as accessories, embedded in clothing or even as implants. They are widely used to track vital health signs such as heart rate, blood pressure, blood sugar levels etc. with increasing focus on fitness, wellness and preventive healthcare.
The global Wearable Sensors Market is estimated to be valued at US$ 978.86 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Continuous health monitoring: One of the major trends seen in the wearable sensors market is continuous health monitoring. Wearable sensors allow for constant monitoring of vital health parameters without many restrictions. 24/7 health data collection allows for early detection of abnormalities and pre-emptive action. The tiny electronic sensors embedded in devices such as smart watches and fitness bands accurately measure metrics like heart rate, blood oxygen levels, number of steps etc. and transmit this health data to mobile applications. Continuous monitoring improves health outcomes by enabling remote patient monitoring and quicker medical intervention, if required. This has contributed significantly to growth of the wearable sensors market.
SWOT Analysis
Strength: Wearable sensors have the ability to monitor user health parameters continuously. They are gaining popularity among health-conscious consumers and medical professionals.
Weakness: Data privacy and security concerns restrict widespread adoption. Limited battery life also poses usage barriers.
Opportunity: Growing geriatric population and rising focus on preventive healthcare present an opportunity area. Integration of advanced technologies like AI, 5G, etc will spur future innovations.
Threats: Stringent regulations around data usage. Stiff competition from established players and new entrants may squeeze margins.
Key Takeaways
The global wearable sensors market is expected to witness high growth over the forecast period. Growing consumer awareness about health and fitness is a key factor driving sales of smartwatches, fitness bands etc. The global Wearable Sensors Market is estimated to be valued at US$ 978.86 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
The Asia Pacific region is anticipated to emerge as the fastest growing as well as most lucrative regional market in the coming years. Countries like China, India and South Korea have witnessed increased shipments of wearable devices in recent times. Advancements in local manufacturing have improved accessibility of affordable smartwatches and fitness bands in the region.
Key players operating in the wearable sensors market are Google, Panasonic Corporation, Freescale Semiconductor, Fossil Groups, InvenSense, Facebook, Amazon, Apple, Microsoft, Infineon Technologies AG, ST Microelectronics. These players focus on developing innovative and user-friendly products to strengthen their market position. Strategic partnerships are also seen across the wearable devices value chain to enhance product offerings.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
