According to the latest research report, titled "Wearable Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, 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, including smartwatches, fitness trackers, VR headsets, smart wristbands, activity trackers, and sports watches, utilize advanced technologies such as artificial intelligence (AR) and IoT (Internet of Things). These devices are integrated with optical sensors that allow users to access their health-related information on their smartphones, tablets, or computers. The healthcare sector has witnessed a rise in the adoption of smart wearable devices due to growing consumer awareness. Fit bits, smartwatches, and pulse oximeters are some of the wearable systems that incorporate optical sensors to provide real-time patient health tracking solutions.
The demand for Photoplethysmography (PPG) sensors, which help monitor heart and respiration rates, is on the rise. In late 2021, several smartwatches with inbuilt PPG sensors were launched by Moto G, Realme, and Apple, and the Realme watches have a wide range of health functions, including blood-oxygen-level and top-level PPG heart rate sensors. In India, Mobvoi launched its new PPG sensor-enabled TicWatch Pro 3 smartwatch in October 2020. According to the International Data Corporation (IDC) report for 2020, global shipments of wearable devices increased by 28.4% compared to the previous year, and they continued to grow by 9.9% until the third quarter of 2021, indicating the growing adoption of smart wearable devices.
The growing prevalence of cardiovascular diseases (CVDs) globally is a significant driver for the adoption of wearable devices. The American Heart Association states that approximately 17 million individuals die each year due to heart ailments, and this number is projected to reach around 23 million by 2030. PPG sensors are commonly used to measure oxygen saturation, blood pressure, and cardiac output by analyzing a series of waves and peaks. Therefore, the rising demand for wearable devices is significantly boosting market growth.
The supply side of the wearable sensors market in the Rest of the world was negatively impacted due to the COVID-19 outbreak, with disruptions in the supply lines of electronics and semiconductors in 2020. However, the demand side remained unaffected. Despite the challenges, some companies still experienced growth. For instance, Samsung reported a 218% increase in smartwatch sales in Q1 of 2020 compared to the same period in 2019, and announced plans to manufacture smartwatches and fitness bands in Brazil. Additionally, several manufacturing facilities and government agencies continued to incorporate advanced technologies like AR and VR. For example, the UAE police began using smart helmets to combat the pandemic. These helmets are equipped with thermal scanning capabilities, enabling officials to identify people with high temperatures in public areas.
The trend of miniaturization is being driven by the rapid increase in the use of smartphones and connected devices, as well as the growing need for low-power, smaller, and lighter sensors with enhanced performance. Progress in nanotechnology and micro-fabrication technologies has also contributed to this trend, making smart sensors more cost-effective and facilitating the emergence of smart fabrics. Recently, Abbott Laboratories showcased the Libre 3 System, a glucose monitoring system that can be used for up to 14 days, in January 2022
The wearable fertility tracker for women developed by Ava AG was cleared by the US Food and Drug Administration in 2021. Meanwhile, Reliefband Technologies LLC showcased the Reliefband Sport smartwatch at the Consumer Electronics Show (CES) 2022, which is designed to prevent and treat nausea and vomiting caused by anxiety, motion sickness, hangovers, physician-diagnosed migraines, chemotherapy, and pregnancy-related morning sickness. The growing demand for wearable devices in healthcare applications is driving the growth of the global wearable sensors market.
Key Findings of Study:
The market for wearable sensors is divided into five primary regions, namely North America, Europe, Asia Pacific (APAC), and the Rest of the World (ROW). North America includes key countries such as the US, Canada, and Mexico. The APAC region has a substantial share in the global wearable sensor market, driven by greater awareness among end users. In this region, end users recognize the significance of wearable sensors in various applications, including consumer electronics, healthcare, and industrial use.
The APAC region, particularly China, is known for being the manufacturing center of consumer electronics, which includes connected wearables and has the largest market share for wearable sensors. Major companies that produce connected wearables have a presence in China and continuously introduce new products to the market. For instance, in December 2021, Huawei launched smart glasses equipped 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. released smart glasses with live translation and navigation support. Xiaomi also collaborated with Amazfit to introduce smart shoes in May 2019. The growing interest of companies to expand their business in China presents an opportunity for market players to grow their business in the region.
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