Wearable Sensors Market Outlook Report by Type (Accelerometer, Gyroscopes, Motion Sensors, Image Sensors, Pressure Sensors, Inertial Sensors), Application (Smart Wristwear, Smart Glasses, Smart Bodywears, Smart Footwear), Vertical (Consumer, Defense, Healthcare, Industrial) - Global Industry Demand Forecast to 2030

Market Overview

The global wearable sensors market size was $1,849.54 million in 2021, and this number is expected to increase to $7,455.35 million by 2030, advancing at a CAGR of 16.75% during 2021– 2030. This can be attributed to the increasing need for wireless devices to track or monitor vital indicators, including blood pressure, heart rate, and temperature, due to the surging prevalence of health issues. Other key drivers are the increasing launches of products with advanced technology, high R&D spending in healthcare, and growing fitness industry.

Accelerometer Are Prime Revenue Contributors

Accelerometer sensors held the largest revenue share, of more than 28%, in 2021 in the market, and it is expected to maintain its dominance during the forecast period. This is because these sensors are used in wearable devices to measure the acceleration of a moving body and also track sleep patterns. The demand for accelerometer sensors has been increasing as they are the most-helpful sensor for wearable devices to measure and assess physician assistants in clinical/laboratory settings or free-living environments.

Additionally, image sensors account for a significant revenue share in the market. This can be attributed to the continuous development in image sensing technologies, along with the rising image sensor integration in wearable products and their expanding usage in smart eyewear, such as Google glass; smartwatches, and other imaging devices. Additionally, image sensor devices integrated in wearable are CMOS-based sensors, which are used to improve diagnostic accuracy with enhanced image quality, improved system integration capability, and low-cost image signal processing.

Furthermore, inertial sensor demand will witness a substantial growth rate during 2021–2030. The widening applications of wearable inertial sensors, such as barometers, 3D sound management, high-resolution camera stabilization, global positioning system (GPS), and underwater systems, are expected to increase the sale of wearable inertial sensors.

Rise in Remote Patient Monitoring Demand

The increasing geriatric population in Western countries and growing incidence of lifestyle-associated diseases, such as hypertension, cardiovascular diseases, and diabetes, along with the rising treatment costs, are driving the sales growth of remote patient monitoring systems. With the rise in the number of people suffering from chronic diseases, the overall spending on healthcare is increasing, thereby raising the demand for alternative options to provide better healthcare at affordable costs.

With home-based and remote care, the need for patients to visit hospitals and, in turn, their healthcare expenditure is reduced. In the U.S., insufficient sleep is the biggest general health issue, and the growing recognition of this problem has led to the development of sensor-based devices (such as Fitbug and Fitbit), to monitor sleep. In the coming years, the growing integration of medical sensors in consumer electronics for tracking, sensing, and analyzing vitals will support remote care with the help of home-based medical data capturing.

Smart Bodywear To Witness Lucrative Growth

Smart bodywear will register significant growth during the forecast period, with a CAGR of more than 17%. This can be ascribed to its increasing applications, such as smart patches, smart textiles, and smart tattoos; and wide usage of these products in the sports industry, as athletes have begun wearing apparel that captures body heat and then supplies the energy back to the wearer.

Moreover, smart wristwear held the largest revenue share in 2021, and it is expected to maintain its dominance during the forecast period. This can be ascribed to the rising living standards of individuals, availability of products with advanced features, increasing focus on maintaining a healthy lifestyle, and growing preference for wearing smartwatches.

Rapid Innovations in Sensor Technology

Sensors have evolved as a smart sensing system from just being conventional sensor devices, through the integration of information and communication technology. Further, due to the evolution of cloud-based services, there is an increase in data visualization, sharing, aggregation, storage, and processing activities. The technology nexus is creating a new future for healthcare by advancing sensor technologies to provide human body insights, which was not possible earlier. The demand for the wearable sensing and monitoring of the physiological data of patients (such as skin responses, electrocardiography, and respiratory signals) is predicted to grow in the coming years.

The rapid increase in sensing capabilities, smartphone penetration, connectivity access, and social networking usage is having a profound effect on the market. The rapid advancements in sensor technologies and the introduction of new devices, such as gyroscopes and MEMS devices with low costs and reasonable accuracy, in consumer electronics are expected to propel the industry revenue during the forecast period.

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Healthcare To Witness Significant Growth

The healthcare application category will witness substantial growth during the forecast period. This can be ascribed to the extensive usage of sensors in wearable devices to track multiple parameters, such as hydration, heart rate, blood sugar levels, respiration rate, blood pressure, and sleep duration and quality. Moreover, the increasing R&D spending, developing healthcare infrastructure, and rising need for the continuous monitoring of patients’ health using wearable devices fuel the wearable sensors market growth.

Additionally, the consumer category accounted for the largest revenue share, and it is set to continue to maintain the trend during 2021–2030. This will be due to the increasing consumer awareness of health as well as the benefits of the remote monitoring of wellness and fitness, rapid urbanization, and rising spending on consumer electronics.

APAC Dominates Market

APAC held the largest revenue share, of more than 40%, in 2021, and it will register the fastest growth during the forecast period, with a CAGR of more than 20%. This can be attributed to the rapid urbanization, rising disposable income and living standards, adoption of advanced technologies, surging demand for home-based health monitoring, and growing healthcare sector. Moreover,

• Consumers in Japan, South Korea, and China are fast adopters of new technology, as they become more technologically conscious and several multinational companies launch new products to gain a competitive edge.
• China is one of the major buyers, with a significant revenue share in the regional market, owing to the large base of manufacturing facilities, growing electronics industry, and easy availability of raw material and cheap labor.

North America held the second-largest revenue share, of more than 20%, in 2021, and it is further expected to continue this way during the forecast period. This can be ascribed to the high adoption of smart sensors in wearables, including consumer electronics, smart textiles, and sports and fitness equipment; growing sports and fitness industry, increasing health consciousness, and rising number of manufacturers. Furthermore,

• The U.S. contributes the majority of the revenue to the regional market, owing to the extensive consumer base for sports and fitness equipment, large number of tech companies, and increasing prevalence of chronic diseases.
• Canada will witness significant growth during the forecast period. This will be due to the increasing number of wearable sensor technology startups and researchers and the introduction of e-labeling rules by the Canadian government, which facilitate manufacturers in reducing production cost and providing choices for consumers for the latest digital products.

Europe held a significant revenue share in the market in 2021 as well, and it is further expected to maintain its position during 2021–2030. The growth of the European market is driven by the technological innovations leading to the introduction of new products and increasing incidence of chronic diseases, including diabetes. In addition, consumers in Europe are more likely to use either watches or health monitors on their wrists than gadgets that are built into their clothes or eyewear. Moreover,

• Germany held the largest revenue share, followed by the U.K., in the regional market. The increasing adoption of innovative technologies, growing developments in the smart clothing sector, and rising population are propelling the market growth.

Key Players in Wearable Sensors Market Are:

• TE Connectivity Ltd.
• NXP Semiconductors N.V.
• STMicroelectronics International N.V.
• Robert Bosch GmbH
• Infineon Technologies AG
• InvenSense Inc.
• Sensirion AG
• Analog Devices Inc.

Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Type

• Accelerometer
• Gyroscopes
• Motion Sensors
• Image Sensors
• Pressure Sensors
• Inertial Sensors

Based on Application

• Smart Wristwear
• Smart Glasses
• Smart Bodywears
• Smart Footwear

Based on Vertical

• Consumer
• Defense
• Healthcare
• Industrial

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Spain
  • Italy
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • South Africa
  • Saudi Arabia