The wearable sensors market comprises a wide range of miniature sensors embedded in devices worn on the body such as fitness bands, smartwatches, and smart clothing. These sensors monitor and collect health and fitness-related data such as heart rate, breathing rate, body temperature, brain activity, and body movements. The collected data helps users track physical activities, sleep patterns, calorie intake, and get insights into their overall wellness. Wearable sensors reduce healthcare costs by empowering individuals to proactively manage their health through continuous monitoring of vital signs. Medical practitioners and researchers have also adopted sensor-enabled devices to remotely monitor patients, speed up clinical trials, and develop digital therapeutic solutions.
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:
One of the key trends in the wearable sensors market includes advanced miniaturization of sensor technologies. Ongoing research on nanotechnology and silicon-based fabrication processes have enabled the development of highly versatile yet miniature sensors that can be embedded in even the smallest form factors of wearable devices. The miniaturization of sensors has not only increased their application in existing wearable categories but also opened new opportunities to develop smart textiles and novel types of implantable sensors. In addition to size reduction, sensor manufacturers are also working on improving the accuracy, processing power, battery life, and connectivity of sensors. Advancements in areas such as printed electronics, artificial intelligence, and cloud computing are expected to enhance the potential of wearable sensors in personal healthcare over the coming years.
Threat of new entrants: The threat of new entrants is moderate as significant capital investment is required to design and develop new sensors along with developing a brand presence in the already competitive wearable sensors market.
Bargaining power of buyers: The bargaining power of buyers is high as wearable sensors are readily available from numerous manufacturers providing buyers with a variety of options at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many component suppliers for sensors but specialized technologies require developing long-term relationships with key suppliers.
Threat of new substitutes: The threat of substitutes is moderate as while new technologies continue to emerge, wearable sensors have found widespread applications across domains establishing itself as a reliable technology.
Competitive rivalry: The wearable sensors market is competitive with manufacturers competing on the basis of technology, features, and pricing.
The global wearable sensors market is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing applications of sensors across industries. 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.
North America dominates the market currently owing to widespread adoption of wearable devices for both healthcare and consumer applications in the region. Asia Pacific is expected to witness the fastest growth over the forecast period led by countries like China and India experiencing increased uptake of wearable devices. Increased disposable incomes, rising health awareness, and expanding application areas across domains are fueling the demand for wearable devices and sensors in Asia Pacific.
Key players – 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, and Analog Devices, Inc. Major players are focusing on new product developments and innovations to expand their market share through advanced technologies and solutions.
- Source: Coherent Market Insights, Public sources, Desk research
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