Wearable Health Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Wearable Health Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Wearable Health Sensor Market is expected to grow at a CAGR of 10.5% during the forcast period 2021-2026. The miniaturization of physiological sensors, rising growth toward advanced functions sensors in smart gadgets, improvement in the battery sizes and increasing need for continuous monitoring in healthcare services are the key drivers, which are making the wearable health sensors market to grow lucratively. Wearable health sensors, such as accelerometers, gyroscopes, and other motion sensors are expected to be incorporated into activity monitors, fitness devices, pedometers, golf and tennis swing analysis tools, and sports kinetics applications.

Key Highlights

• Leveraging wireless connectivity, powerful application processing and storage capabilities in smartphones, wearable sensors are finding new use cases, such as remote patient monitoring, where the patient's motion data analysis can be sent directly to the physician.
• The increased level of awareness concerning healthcare has created an emerging need for smart health sensor technologies and monitoring devices that are able to sense and provide feedback to users about their health status, for increased safety.
• The key factors for the proliferation of wearable sensors in healthcare are the availability of low-cost MEMS technologies, low power microcontrollers and efficient and reliable telemetry modules.
• Machine learning and AI capabilities are taking their skills to the next level, especially in the current healthcare industry. In support of this, IoT compatibles wearable sensors are also witnessing a decline in pricing, which leads to manufacturers offering wearable devices at a more affordable rate, thus encouraging various industries to adopt products catered to their systems and operations. Additionally, there is also a significant increase in the number of wearable devices being sold over the past few years.
• Temperature Sensors are employing IoT connectivity to speed COVID-19 screening. Multiple companies are joining forces to develop a series of human body temperature monitoring wearable devices. The wearable devices' sensors offer real-time data to frontline healthcare workers and let them quickly screen individuals with a high temperature, one of the most common symptoms of COVID-19.

Key Market TrendsHealthcare Industry Holds a Dominant Share in Wearable Health Sensors Market

• The increased level of awareness concerning healthcare has created an emerging need for smart sensor technologies and monitoring devices that are able to sense and provide feedback to users about their health status, for increased safety. Miniaturization of health sensors will lead to significant benefits in their application, since smaller versions of sensors are more flexible, and they can be embedded in a variety of devices to obtain real-time information.
• Wearable devices play a major role in healthcare analytics where the data collected from the device can be used for the analysis and diagnosis of the disease. From headsets that measure brainwaves to clothes that include sensing devices, BP monitors, etc., these have taken personal health monitoring to a new level.
• It has been clinically proven that physiological data collected from the wireless devices is a valuable contributor for managing chronic diseases and monitoring patients post-hospitalization, as a result, the growing number of medical devices are becoming wearable these days, including glucose monitors, ECG monitors, pulse oximeters and blood pressure monitors and so on.
• Moreover, an increased number of services and applications are associated with the IoT ecosystem across different end-user industry disciplines. IoT has evolved from RFID and Wireless Sensor Network technologies to more advanced technology, integrating cloud computing, Internet services, cyber-physical systems, and interconnections between hardware and software devices.
• Also, wearable sensor devices have emerged out to be a significant part of the sports industry, thereby helping the athletes to stick to daily routines and providing them crucial information regarding the different parameters it is programmed to monitor.

Europe has the Highest Market Share

• The significant growth in Wearable Health Sensors market of Europe is being spurred by the reducing costs of sensors and increasing adoption of Smartphones. The growing consciousness among consumers regarding fitness and easy availability of applications that track and monitor fitness are driving the market ahead.
• The expansion of wireless technology in Europe has improved the communication capabilities of sensors considerably. The miniaturization, coupled with the reduction in power requirement of sensors has enabled their integration into various devices in an aesthetic manner thus generating significant buzz among the younger users who are seeking for a combination of technology and fashion.
• The market is expected to register high growth in the Western European countries, owing to the increasing aging population. The implementation of wearables to monitor and track their well-being is creating a significant demand for wearable health sensors.
• Healthcare accounts for a major chunk of the wearable sensors market, particularly in the developed markets, such as the United Kingdom and France. Increasing applications in the fields of Defense and Infotainment are expected to enhance the market. Development of novel applications is the major trend.

Competitive Landscape

The wearable health sensors market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. It also has a lucrative growth rate with key players investing in R&D to strengthen their product portfolios by launching novel products and technologically upgrading their existing products. The focus of players to manufacture patent products is expected to fuel market competition.

• December 2019 - Researchers at KAIST (Korea Advanced Institute of Science and Technology) announced a 3D-printed pressure sensor. The device uses a rigid microbump array that incorporates liquid metal materials to create a soft and flexible sensor. According to the KAIST researchers, highly sensitive soft-pressure sensors are suitable for electronic skin applications, wearable electronics, and soft robotics.
• September 2020 - Ams, a supplier of high-performance sensor solutions, announced the launch of the industry’s thinnest dedicated sensor for the measurement of blood oxygen saturation (SpO2), bringing the capability to remotely monitor this critical sign to small consumer products such as earbuds, smartwatches, and wristbands, as well as to medical devices such as oximeters and patches. The high performance of the new AS7038RB also signifies that it is utilized for innovative applications in remote diagnostic equipment, such as disposable patches used for SpO2 and electrocardiogram (ECG) measurement in hospital emergency rooms.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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