wearable sensor Market

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.