Wearable Sensor Market Size, Trends and Growth Analysis by 2027

The wearable sensor market was valued at approximately US$ 1,906.74 million in 2021 and is projected to reach US$ 5,762.57 million by 2028. This growth represents a compound annual growth rate (CAGR) of 17.1% from 2021 to 2028.

A significant increase in the adoption of smartphones and connected devices, coupled with the rising demand for smaller, lighter sensors that require less power while delivering enhanced performance, is driving the trend towards miniaturization. Innovations in nanotechnology and micro-fabrication techniques are propelling the miniaturization process, making smart sensors more affordable and facilitating the development of smart fabrics.

The growing prevalence of cardiovascular diseases (CVDs) globally is a major factor influencing the uptake of wearable devices. According to the American Heart Association, approximately 17 million individuals die annually from heart-related issues, with projections suggesting this number could rise to around 23 million by 2030. Photoplethysmography (PPG) sensors, which measure parameters such as oxygen saturation, blood pressure, and cardiac output through wave detection, are increasingly being integrated into wearable healthcare devices, thus boosting the market for these products.

Moreover, the surge in internet connectivity has led to a rise in the number of Internet-enabled smart devices, particularly in developing nations. Smartphones, being among the most widely used portable devices, play a crucial role in the wearable ecosystem by collecting and monitoring health and fitness data across various age demographics, including those aged 0-9 and 60+. Data from Cisco indicates that around 6.3 billion people and approximately 500 million devices were connected to the Internet in 2003, with this number escalating to about 6.58 billion devices by 2020. This proliferation of connected devices is a key driver for the demand for wearable sensors.

As a result, the increasing sales of wearable devices are significantly contributing to the growth of the wearable technology market.

The COVID-19 pandemic had a slight impact on the operations of electronics and semiconductor manufacturers, including those in the wearable sensor sector, as many companies operated with reduced workforces, affecting product delivery timelines in 2020. However, by the first quarter of 2021, manufacturers ramped up production to full capacity. For example, in March 2020, Amphenol, a prominent manufacturer of wearable sensors, announced that its Thyez facility in France was fully operational and meeting delivery schedules. By the end of 2020, Samsung reported a remarkable 218% increase in smartwatch sales in Q1 2020 compared to Q1 2019, and also revealed plans to manufacture smartwatches and fitness bands in Brazil. Additionally, various manufacturing facilities and government agencies began utilizing advanced technologies such as augmented reality (AR) and virtual reality (VR). For instance, the police in the UAE adopted smart helmets equipped with thermal scanning capabilities to help identify individuals with elevated temperatures in public spaces. Furthermore, numerous market initiatives from end users in 2021 indicated a positive growth trajectory. Thus, while the wearable sensors market faced challenges in 2020 due to supply chain disruptions, robust demand from consumers in 2021 positively influenced its growth.

The wearable sensor market is analyzed based on sensor type, application, and vertical. In terms of sensor type, the market is divided into categories such as accelerometers, gyroscopes, motion sensors, image sensors, position sensors, pressure and force sensors, touch sensors, and other sensor types. In 2021, the accelerometer segment dominated the market, holding the largest share.

When categorized by application, the market includes smart wristwear, smart glasses, smart bodywear, smart footwear, and other applications. The smart wristwear segment led the market in 2021, capturing a significant share. By vertical, the market is segmented into consumer electronics, healthcare, enterprise, and industrial sectors, with the consumer electronics segment also leading in market share in 2021. Geographically, the market is divided into North America, Europe, Asia Pacific (APAC), and the Rest of the World (ROW), with APAC holding a substantial share of the global market in 2021.

Key players in the wearable sensor market include 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 size of the global wearable sensor market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast for the wearable sensor market across all segments. Additionally, multiple primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the wearable sensor market.