Farmington, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The global Wearable Sensors Market was valued at US$ 854.53 Million in 2022 and is projected to reach USD 6675.99 Million by 2030, growing at a CAGR of 29.3% from 2023 to 2030. A piece of technology known as a wearable sensor is a device that a person can attach to their body in order to monitor data pertaining to their health and fitness. These sensors can be incorporated into garments or other fashion items by utilising wired or wireless technology in the associated devices. They are capable of being utilised in the monitoring and diagnosis of vital indicators such as a person's heart rate, blood pressure, and other metabolic activities. Wearable sensors allow for the collection of data that is both physiological and biological in nature.
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The market for wearable sensors is rapidly expanding as a result of developments in sensor technology, wireless communication devices and technology, power supply technology, and other technologies. Additionally, the market for wearable sensors is being driven by factors such as an increase in the number of individuals utilising home and remote patient monitoring, advancements in sensor technology, and an increase in the number of individuals using wearable sensors for babies. Additionally, the use of intelligent consumer gadgets such as tablets and smartphones that come equipped with sensors that are able to be coupled with other devices has made it much simpler to monitor and gather data.
Recent Developments:
- In April 2021, Panasonic Corporation announced its $7.1 billion acquisition of supply chain software company Blue Yonder. This agreement will help Panasonic expand its product portfolio to include hardware devices such as sensors, edge devices, wearable technology and other devices. In addition, the two companies previously established a joint venture in 2019.
- In January 2018, Infineon Technologies announced the release of a 3D image sensor chip based on Time-of-Flight (ToF) technology. Less than 12mm x 8mm footprint including receiving optics and Vertical-Cavity Surface-Emitting Laser (VCSEL) illumination, enabling the world's smallest camera module for smartphone integration.
Segmentation Analysis:
The market for wearable gyroscopes is anticipated to experience the highest rate of growth throughout the course of the assessment period. The most typical examples of wearable technology include smartwatches, smart glasses, electronic pedometers, and various other types of devices. The fact that individuals in developing countries lead lifestyles that are more complicated has been a driving force behind the expansion of the market for wearable electronics.
Wearable technology is capable of a wide variety of tasks, ranging from the relatively straightforward monitoring of vital signs and calorie expenditure to the more intricate provision of information regarding the user's sense of smell, taste, hearing, and vision. In 2015, wristwear accounted for approximately half of the total market share for wearable sensors. The categories of clothes and undergarments, arm and legwear, smart socks, body-worn cameras, and chest straps are all considered to be subcategories of bodywear.
Regional Outlook:
During the time covered by the forecast, it is anticipated that North America would maintain its position as the most significant area. It is anticipated that by the year 2030, the North American area will account for more than 30% of the market. The United States holds a larger market share than other countries due to the rapid adoption of digital technology in that country. Additionally, the health care industry in the region has been thriving, and this is projected to lead to an increase in the number of individuals who are interested in purchasing products that include sensors that can be worn. There are now more people living in the United States, and a significant number of them are getting older and struggling with significant health issues.
The APAC market had a value of $47.1 million in 2016, and over the next few years it is anticipated to have the greatest CAGR. IMUs, MEMS technology, and other technologies that can make goods more precise while keeping the price relatively low are all being developed with significant contributions from original equipment manufacturers (OEMs).
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 29.3% from 2023 to 2030 |
| Market Size in 2022 | USD 854.53 Million |
| Revenue Forecast by 2030 | USD 6675.99 Million |
| By Type | Accelerometers, Magnetometers, Gyroscopes, Inertial Sensors, Motion Sensors, Pressure & Force Sensors, Temperature & Humidity Sensors, Microphones & Microspeakers, Medical-based Sensors, Image Sensors, Touch Sensors, Other Sensors |
| By Technology | MEMS, CMOS, Other Technologies |
| By Applications | Wristwear, Eyewear, Footwear, Neckwear, Bodywear, Other Applications |
| By Companies | InvenSense, Inc. (U.S.), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), STMicroelectronics (Switzerland), Texas Instruments Incorporated (U.S.), KIONIX, INC. (ROHM Co., Ltd.) (U.S.), Measurement Specialties, Inc. (U.S.), Analog Devices, Inc. (U.S.), ZOLL Medical Corporation (Asahi Kasei Corporation) (U.S.), Freescale Semiconductor, Inc. (U.S.), Infineon Technologies AG (Germany) |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
The aging population in western countries, the rise of lifestyle disorders such as high blood pressure, heart disease, and diabetes, as well as the rise in the expense of treatment, have all contributed to the creation of remote patient management systems. The overall expense of medical care is expected to continue to rise in tandem with the growing prevalence of people living with chronic conditions. Because of this, it is even more crucial to continue exploring ways to provide high-quality medical care at prices that are affordable. One of the primary factors that are driving the growth of this market is the expanding use of a wide variety of wearable technologies for health and well-being.
Market Restraints
There are currently a lot of connected smart devices, and the number of these gadgets is quickly increasing larger. When it comes to ensuring that information and data from sensors can be communicated and received swiftly and conveniently, standardization is the key to success. Several firms have devised protocols that dictate how sensors should communicate with one another. For instance, the Sensor Web Enablement (SWE) standards developed by the OGC make it simpler for sensors to communicate with one another in applications that are both complicated and straightforward. The multitude of geospatial applications that employ the OGC or other standards may now easily incorporate this information thanks to the SWE standards, which make it simple to do so. The absence of universal standards for the manner in which sensors communicate with one another is another factor that contributes to interoperability issues.
Market Opportunity:
Within the next several years, there will be an increase in the number of medical sensors that are integrated into consumer gadgets. This will make it much simpler to monitor, sense, and research remote therapy as well as data collection for medical purposes at home, as well as to create digital health programs. The expansion of the capabilities of the AI ecosystem would have a significant influence on the manner in which the treatment is administered. This would include conversational computing, computer learning, mobile app development, and many other areas.
Key Segments Covered:
Top Market Players:
InvenSense, Inc. (U.S.), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), STMicroelectronics (Switzerland), Texas Instruments Incorporated (U.S.), KIONIX, INC. (ROHM Co., Ltd.) (U.S.), Measurement Specialties, Inc. (U.S.), Analog Devices, Inc. (U.S.), ZOLL Medical Corporation (Asahi Kasei Corporation) (U.S.), Freescale Semiconductor, Inc. (U.S.), Infineon Technologies AG (Germany), And Others.
By Type
- Accelerometers
- Magnetometers
- Gyroscopes
- Inertial Sensors
- Motion Sensors
- Pressure & Force Sensors
- Temperature & Humidity Sensors
- Microphones & Microspeakers
- Medical-based Sensors
- Image Sensors
- Touch Sensors
- Other Sensors
By Technology
- MEMS
- CMOS
- Other Technologies
By Application
- Wristwear
- Eyewear
- Footwear
- Neckwear
- Bodywear
- Other Applications
By Vertical
- Consumer Goods
- Healthcare
- Industrial
- Other Verticals
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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- Stacked Cmos Image Sensor Market - The global stacked CMOS image sensor market is expected to grow at a CAGR of 9.5% from 2022 to 2030. North America is expected to hold the largest stacked CMOS image sensor market share due to the trio of innovations, significant investments by major players to develop new technologies and the adoption of new technologies.
- Camera Sensors Market - The global Camera Sensors Market is expected to register USD 26.1 billion in 2023 and is projected to grow at a CAGR of 8.6% during the forecast period 2023 to 2030. Among them, the European market is expected to have a high adoption rate of camera sensors due to increased purchases of camera modules and smartphones. This is expected to contribute to the development of the market in the coming years. North America also holds a significant imaging market share.
- Barometric Pressure Sensors Market - The Biometric Pressure Sensors Market Was Valued At USD 2.92 Billion, Growing At A CAGR Of 5.00% From 2022 To 2030. Biometric Pressure Sensors are used to measure atmospheric pressure. A barometer is an instrument for determining altitude by measuring air pressure or changes in air pressure. Barometers can be operated manually or automatically and have a moving needle that points to the nearest center of mass, usually indicating millibars (mbar) or hectopascals (hPa).
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