Wearables are devices worn by the user and used in collecting data relevant to the human body. Wearable sensors are embedded into wearables and increase its performance and capacity to a great degree. The expansion of the healthcare industry and inclination towards personal health by users has expanded its scope. The global smart grid wearable sensors market report by Market Research Future (MRFR) contains insights, drivers, opportunities, and challenges for the forecast period.
The global wearable sensors market size can expand at an astounding 46.73% CAGR over the forecast period. Its size can balloon to USD 11,076.90 million by 2027. The shift to wearable sensing platforms and development of flexible wearables is likely to widen the market scope. Changes in fabrication methods and catering to patient uses can be translated into end products and bode well for the overall market.
Rise of remote patient monitoring and monitoring of infants at home can drive the need for sensors greatly. The large geriatric population and incidence of lifestyle diseases can propel the development types of wearable sensors. This can lower the spending by hospitals greatly and curb healthcare costs. The identification of insufficient sleep-in patients in the U.S. was detected due to Fitbit and pushed the development of sensor-based devices.
Xsens Technologies, InvenSense, Inc., STMicroelectronics, Rackspace Hosting Inc., Wearable Technologies Service GmbH, and Google Inc. are key players of the global wearable sensors market.
The global wearable sensors market has been segmented by type, application, and end user.
- Based on type, the market has been segmented into pressure sensors, motion sensors, medical-based sensors, position sensors, image sensors, inertial sensors, and other sensors.
- Based on application, the market has been segregated into smart footwear, smart wristwear, smart bodywears, smart glasses, and other wearable devices. The smart wristwear segment accounted for a market value of USD 436.3 million in 2018.
- Based on end-user, the market has been divided into enterprise and industrial applications, consumer applications, and healthcare applications. The healthcare applications can contribute significantly to the market owing to the use of wearables in monitoring patient movement patterns during clinic visits and after reaching home. This can be used in assessing the fluctuating symptoms in a patient and encourage 24 hour therapeutic in patients diagnosed with Parkinson’s Disease (PD).
The global wearable sensors market, based on region, has been divided into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas can dominate the global market till 2025 primarily to prolific use of wearables by consumers and other end-users in North America. Its use in sports, fitness, consumer electronics, and smart textiles can favor the regional market growth.
Europe follows the Americas in the market owing to technological breakthroughs and rising number of cases of lifestyle diseases. The focus of companies in the region to gain market share through mergers and acquisitions will bode well for the market.
APAC is expected to display growth at a rapid clip owing to the gradual expansion of the healthcare sector and changes in patient care. Consumer awareness of wearables and investments in new technologies by multinational companies can fuel the global wearable sensors market growth. Australia had captured 13.5% share of the regional market in 2018.
Lastly, the MEA had accounted for the lowest market share due to limited awareness and shortage of healthcare infrastructure.
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