Global Wearable Sensor Market - 2023-2030

Global Wearable Sensor Market - 2023-2030

Global Wearable Sensor Market reached US$ 840.2 million in 2022 and is expected to reach US$ 4,027.6 million by 2030, growing with a CAGR of 19.2% during the forecast period 2023-2030.

Wearable sensors allow the collection of physiological and biological information. Motion sensors are now being installed in healthcare institutions in rural locations that do not have access to remote monitoring systems. The wrist-worn wearable apps for entertainment, wellness and fitness contribute considerably to the fast-rising market traction of these devices. Furthermore, the growing market penetration of smart wearable devices has raised the need for wearable sensors.

The wristwear segment holds more than 2/3rd share in the market and increasing use of the Internet of Things (IoT) and connected devices, as well as popular technological devices such as GPS and Radio Frequency Identification (RFID). Continuous developments in mobile device technology, as well as increased government initiatives and spending on behavioral monitoring, all contribute to this segment's revenue growth.

Wearable technologies have various benefits, such as non-invasiveness and real-time monitoring, which drive customer demand for body and temperature monitoring devices. Furthermore, the incorporation of thermal sensors capable of monitoring body temperature from the wrist skin is projected to dramatically boost the adoption of smart wearable technology.

Market Dynamics
Growing Consumer Electronics Sector
Consumer product end user includes a wide range of smartwatches, bands, clothes and patches with embedded sensors, tiny portable devices and mobile apps. Rising consumer electronics spending, increased urbanization and improved consumer lifestyles have increased people's awareness of health and safety, which has fueled the expansion of Wearable Sensors in consumer applications.

The company Nike for example, one of the market leaders in the health and fitness region, incorporates cutting-edge technology into its products and manufacturing methods. Garmin International Inc. introduced the Forerunner 945 LTE, a premium GPS running and triathlon wristwatch with LTE interaction, in June 2021.

In 2019, Nike launched the Nike Adapt BB Basketball Shoe, which has a power-lacing technology that tightens and loosens around the athlete's foot based on movement. Vuzix collaborated with software provider NNTC the same year to implement ""fully autonomous"" facial recognition algorithms in its smart glasses. Furthermore, according to IDC report 2021, wearable device shipments accounted for around 64% of wearable device shipments in 2020.

Rising Growth for Miniaturization Sensors
Wearable devices such as wristwear, bodywear and eyeglasses are increasing appeal in healthcare and consumer infotainment. Wearable product technology has continually improved over time and gadgets have gotten smaller. The Irish Times (2015) claims that the wearable ecosystem is rapidly transitioning from ""wearables"" to ""wearables,"" and that by the end of the decade, wearable gadgets will be ""disappearances."" Fitbit, Apple and Garmin, among the primary companies in the wearable ecosystem, are always working to develop high-end breakthroughs in wearable products.

Sensor miniaturization by microelectronics plays an important role in designing wearable devices. The size of sensors is a key barrier to the broad use of sensing technologies, particularly for wearable devices. Companies like STMicroelectronics, NXP Semiconductors and Broadcom invest considerably in research and development. Another key market driver is the growing use of sensors based on MEMS, nanoelectromechanical systems (NEMS) and CMOS technologies.

Technical Problems with Hardware and Software
Wearable devices, like many other new technologies integrated into one system, are having hardware and software performance challenges that may hinder mainstream adoption. Protection is a significant concern for consumers since perspiration or washing can damage wearable devices.

Because of their diminutive size, the device’s screens and displays may be modest and their battery reserves may be limited. As a result, the technical complexity of the hardware and software of wearable devices is a substantial barrier to market expansion for wearable sensors.

Furthermore, the tiny size of gadgets might result in limited battery reserves or small screens and displays. Some hardware-related incidents have previously been documented in the market; for example, Jawbone's UP product encountered circuit board difficulties in 2011, affecting charging, data gathering and, at times, entire performance. As a result, the element connected to the technical difficulties of hardware and software in wearable devices is a big restricting for the wearable sensors growth.

COVID-19 Impact Analysis
The COVID-19 pandemic increased the market for wearable sensors and underlined the importance of using digital infrastructure for remote patient monitoring. Because existing virus testing and vaccinations take a long time to develop, wearable sensors could help in illness identification and surveillance of individual and group health.

The COVID-19 pandemic had an influence on the economics and industries of many countries. The COVID-19 epidemic has a negative supply-side impact on the global market for wearable sensors. The 2020 disruption in semiconductor and electronic supply lines caused this obstacle. However, the market for wearable sensors was unaffected in terms of demand. For example, Samsung said at the end of 2020 that it will be producing smartwatches and fitness bands in Brazil and that it had experienced a 218% increase in smartwatch revenue in Q1 2020 compared to Q1 2019.

Segment Analysis
The global wearable sensor market is segmented based on product, sensor, connectivity, application and region.

Rising Demand For Sensor-Based Devices in Sports and Fitness Applications
The sports and fitness segment holds more than 44.3% share of the global wearable sensor market. The growing demand for wellness monitors and fitness trackers is a major element driving the global rise of wearable sensor shipments. Global demand for sensor-based devices is rising as people become more aware of the benefits these devices offer, such as remote monitoring of wellness and fitness.

According to Cisco Systems, in 2022, North America will have the most 5G connections established utilizing wearable devices. In 2022, wearables in North America and Asia will account for around 70% of all wearable 5G connections worldwide.

Furthermore, Whoop raised US$ 200 million in September 2021 for athlete-focused fitness wearables. Whoop's total investment now stands at over USD 405 million, thanks to the Series F spherical. The circular series, which uses SoftBank's Vision Fund 2, sets the valuation at USD 3.6 billion. IVP, Cavu Venture Partners, GP Bullhound, Accomplice, NextView Ventures and Animal Capital are among the other investors. They are all past supporters, along with the National Football League Players Association, Jack Dorsey and various professional players.

Geographical Analysis
Geographical Penetration
Asia-Pacific Growing Developing Technologies in the Chip Industry
China has been a major participant in the chip industry for many years and the nation is currently emerging as a leader in semiconductor miniaturization which has made it contribute to the market nearly half share globally. One of the main drivers of chip miniaturization in China is the development of innovative manufacturing processes, such as nanotechnology, which enable the creation of smaller and more efficient processors.

This has resulted in an increase in the development of smaller and more efficient chips, which are required for constructing wearable sensors. Furthermore, the Chinese government has initiated a number of measures to support the development of digital healthcare and medical technology, including wearable sensors.

Asia-Pacific is seeing an increase in wearable sensor releases, rising disposable incomes in many emerging nations, such as India and significant contributions to the development of MEMS, CMOS and other technologies. For instance, Epicore Biosystems, located in the United States, participated in a partnership with Denka Corporation, a global technology and materials firm based in Japan, in August 2022. The agreement seeks to assist strategic activities in Japan involving pilot testing and distribution of Epicore's innovative wearable hydration products.

Furthermore, the collaboration intends to increase Epicore Biosystems' product footprint in Asian markets. The cooperation between Epicore Biosystems and Denka Corporation is planned to expedite the adoption of novel wearable devices for monitoring hydration, stress and general well-being in this region by using their respective expertise.

Competitive Landscape
The major global players include STMicroelectronics, TE Connectivity, ams AG, Texas Instruments, Maxim Integrated, Bosch Sensortec, TDK Corporation, Analog Devices, Knowles Corporation and Infineon Technologies.

Why Purchase the Report?
• To visualize the global wearable sensor market segmentation based on product, sensor, connectivity, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of wearable sensor market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global wearable sensor market report would provide approximately 69 tables, 76 figures and 181 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies