Wearable Sensors Market - Forecasts from 2024 to 2029

Wearable Sensors Market - Forecasts from 2024 to 2029

The wearable sensors market is expected to grow at a CAGR of 26.45% over the forecast period to reach US$5.470 billion by 2029, increasing from estimated value of US$1.692 billion in 2024.

Demand for wearable sensors has been experiencing an upswing since the major technological revolution over the past few years, which led to the miniaturization of devices and their connectivity to the internet and smartphones. Other key factors that have augmented the demand for these sensors are advancements in sensor technologies, multiple wireless communication channels, and the longer battery life of wearables. In the healthcare sector, major applications have been found for sensors whose functions are currently being actively performed, such as monitoring heart rate, pulse, body temperature, and calories burnt, among other parameters. The market demand for these sensors has also been affected by personalized and remote health monitoring, which has seen new devices being commercialized or being in the research and development phase. Even though the demand for these sensors is growing exponentially, high power usage, privacy, and security concerns restrain the market’s growth. Regarding geography, a significant share of North America is expected to be attributed to the early adoption of technology and the most significant health expenditure of the United States compared to other developed regions in the world. In terms of being the fastest-growing, Asia Pacific stands out owing to a burgeoning consumer electronics industry mainly fueled by emerging economies like India and China.

Wearable Sensors Market Drivers:

Rising demand from the consumer electronics industry

The high consumer base has been the main contributing factor to the growing consumer electronics industry. The growing income from families and per capita disposable income is influencing consumers to spend more on products, including wearable sensors and a continuum of other mobile devices. Moreover, as life changes, people begin to realize how crucial self-care practices are, and in order not to get left out with updates on their health, consumers will do everything necessary to increase the market demand for wearable sensors.
The growing geriatric population and the adoption of healthy aging are driving the global wearable sensors market growth in the forecast period.

According to the National Institutes of Health, the elderly population will increase from approximately 524 million in 2010 to almost 1.5 billion by 2050. Due to the increasing technologies of sensors recently introduced and acceptance of good living habits associated with health, older people opt for healthy old age. This has further helped older people to keep a check on their day-to-day activities to remain healthy. Further, for patients residing in remote areas, wearable sensors are capable of giving real-time information to doctors, avoiding the need for frequent hospital visits. Therefore, the older population can remain stress-free about their well-being and contribute equally to society. Hence, the growing geriatric population worldwide is providing an opportunity for the market to thrive at a rapid pace in the forecast period.
Increasing demand in the sports and wellness sector.

There has been a high increase in the global shipment of wearable sensors. This is attributed mainly to the rise in demand for wellness monitors and fitness trackers. As consumers continue to be informed about these devices’ capabilities, such as remote wellness monitors and exercise functionality, they tend to increase their purchase of such gadgets worldwide.

According to Cisco Systems, North America led the world in 5G connections made with wearables in 2022. Roughly 70% of wearable 5G connections globally in 2022 came from wearables in North America and Asia combined. Both sports teams and the general public have significant access to wearable performance devices. Technological developments have made it possible for sports teams, doctors, and individual endurance athletes to track workloads, biometric markers, and functional movements to improve performance.

Wearable Sensors Market Restraint:

Lack of standardization.

Without uniformity, it is difficult to integrate and communicate smoothly, thus making it hard for most people to implement and for data collected from different devices to be compatible with each other. Moreover, wearable sensor market challenges are associated with device protection and thermal issues.

Wearable Sensors Market Geographical Outlook

North America is projected to grow rapidly during the forecast period

The wearable sensors market is estimated to hold the largest market share owing to the highest health spending in the United States. Healthcare services are very expensive; most people in the country have medical insurance, and the country does not have a universal healthcare system. Additionally, stakeholders in the United States are moving from volume-based to value-based care by reforming policies and programs. These programs promote operational efficiency, technology use, population health management, and wellness and address the social determinants of health.

Further, the dynamics of the healthcare market are changing due to improved patient outcomes at lower costs, changing demographics such as an older population, and a high incidence of chronic diseases. Therefore, this has resulted in the introduction of technologies and services for enhanced monitoring of patient’s health and enabling people to take more control over their health management. Designing effective healthcare strategies according to the highly aware and curious citizens, in addition to the unique healthcare system among the other developed regions. This has created a need for better health services, which emanates from the regional wearable sensors market growth during the forecast period.

Wearable Sensors Market Developments:

In December 2022, Analog Devices Inc. collaborated with Oregon Health & Science University (OHSU) to create a smartwatch that detects key mental health indicators to help address the growing mental health crisis among teenagers. According to the agreement on the first-of-its-kind project, OHSU would use ADI's cutting-edge products and technology to address the growing global mental health crisis and preserve, enhance, and enrich human lives.
In December 2022, Panasonic Industries welcomed another label from their famous Grid-Eye sensor line. This new camera offers a wide view angle (FoV) of 90°, hence eliminating the need for many detectors in a single place. Thus enabling counting and tracking uses. The only certain thing is that grid-eye 90° cameras will improve both those systems or solutions meant for human movement monitoring and those intended for tracking people’s movement and counting them. This makes the 64-pixel grid-eye family resolution popular among designers who are concerned about their privacy.

Key Market Segmentation:

The Wearable Sensors Market is segmented and analyzed as below:

By Type
Image Sensors
Position Sensors
Pressure Sensors
Inertial Sensors
Motion Sensors
Others
By Application
Bodywear
Headwear
Others
By Industry Vertical
Healthcare
Consumer Electronics
Industrial
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
UAE
Saudi Arabia
Others
Asia Pacific
Japan
China
India
South Korea
Others