Global Wearable Sensors Market To Reach $7,455.35 Million by 2030
- Published: October 2022
The global wearable sensors market is projected to generate $7,455.35 million revenue by 2030, advancing at a CAGR of 16.75% during 2021–2030. This can be attributed to the increasing health consciousness among adults, rising pace of technological advancements in healthcare, and growing trend of tracking personal health and fitness. Moreover, the rising prevalence of neurological, cardiovascular, and pulmonary diseases is increasing, thus propelling the need for wearable sensors for health monitoring.
Accelerometer Contribute Majority of Revenue
Accelerometers accounted for the largest revenue share, of more than 28%, in 2021, and they are expected to further dominate the market during the forecast period. This is because these sensors are used in wearable devices to measure the acceleration of a moving body and track sleep patterns. The demand for these instruments is rising as they are extremely helpful for wearable devices to measure and assess physician assistants in clinical/laboratory settings or free-living environments.
Furthermore, medical-based sensors held a significant revenue share in the market, as they are used for capturing biological and physiological parameters, thus bringing health monitoring right to the patient. In addition, such sensors are used in ambulatory health monitoring, wherein patients carry a sensor that detects parameters such as glucose level, heart rate, blood pressure, calorie count, steps taken, and respiration rate.
Based on application, the market is categorized into smart wristwear, smart bodywear, smart glasses, smart footwear, and others. Among these, smart wristwear accounted for the largest revenue share in 2021, and it is expected to maintain its dominance during the forecast period. This is because these devices offer a wide ride range of functionalities, including basic features, such as calling, apps, and heart rate monitoring; as well as advanced smart features, such as wireless charging, sailing functionality, and voice commands. Thus, the rising popularity of smartwatches owing to the increase in the concerns for health and fitness propels the market growth.
Based on vertical, the consumer category accounts for the largest revenue share, and it will continue to maintain the trend during 2021–2030. This will be due to the increasing consumer awareness of health as well as of the benefits of remote health monitoring, rapid urbanization, and rising spending on consumer electronics.
Moreover, the healthcare category held a significant revenue share in 2021, and it will grow rapidly during the forecast period, owing to the rising fitness consciousness and the usage of advanced technology to monitor and track patients’ health-related data.
Geographically, APAC accounted for the largest revenue share, of more than 40%, in 2021, and the trend would remain unchanged during the forecast period. This is attributed to the growing healthcare infrastructure, rising adoption of wearable-sensor-enabled products, growing health concerns, and rising disposable income.
North America accounted for second-largest revenue share, of more than 20%, during the forecast period. This is attributed to the high adoption rate of advanced technologies, huge number of digital device manufacturers, developed healthcare sector, and intense competition in the market.
Some of the major players in the 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, and Analog Devices Inc.