Austin, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Outlook:
According to the S&S Insider, “The Wearable Sensors Market Size was valued at USD 3.12 Billion in 2023 and is expected to reach USD 10.83 Billion by 2032 and grow at a CAGR of 14.96% over the forecast period 2024-2032.”
The Wearable Sensors Market is rapidly expanding, driven by healthcare, fitness applications, and technological innovations.
The market for wearable sensors is rapidly expanding, driven by technology and the adoption of smart devices in developing countries. By 2025, approximately 1.1 billion wearable devices will be utilized globally, predominantly linked to healthcare and fitness platforms. Currently, smartwatches and fitness bands hold a 45% market share, as they collect vital health data from children and seniors. With over 60% of the global population projected to suffer from chronic conditions by 2030, the demand for wearable sensors will soar. Innovations like smart shoes and implantable sensors are expected to capture an additional 30% of the market by 2032.
Expansion of Wearable Sensors in Agriculture and Healthcare
The wearable sensors market is anticipated to grow significantly, driven by the demand for compact, intelligent, and affordable sensors, particularly within smart platforms like the Internet of Things (IoT). With a projected need for 70% more food by 2050, agricultural innovation is crucial, incorporating technologies such as sensor-enabled drones and tractors alongside low-resolution satellite imagery for effective crop monitoring. Furthermore, advancements in mobile devices have led to decreased sensor costs. An electronic survey of an online patient advisory group revealed that 98% owned smartphones, with 59% owning wearables, indicating a strong interest in sharing data for research.
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Leading Market Players with their Product Listed in this Report are:
- InvenSense Inc. (Gyroscopes, accelerometers)
- AMS OSRAM AG (Optical sensors, including heart rate sensors)
- Bosch Sensortec GmbH (Accelerometers, gyroscopes)
- STMicroelectronics (Inertial measurement units (IMUs), pressure sensors)
- Infineon Technologies (Power management ICs, microcontrollers)
- Knowles Electronics (MEMS microphones and pressure sensors)
- NXP Semiconductors (Microcontrollers, NFC chips)
- Texas Instruments (Microcontrollers, analog-to-digital converters)
- TE Connectivity (Connectors, antennas, and sensors for wearable devices)
- Broadcom (Wireless connectivity chips (Bluetooth, Wi-Fi) and NFC)
- Analog Devices (ADCs, digital-to-analog converters)
- Panasonic (Batteries, sensors, and modules for wearable devices)
- Asahi Kasei (Materials for wearable devices, including flexible displays)
- Maxim Integrated (Analog ICs, including ADCs)
- Renesas Electronics (Microcontrollers, analog ICs)
- ON Semiconductor (Power management ICs, analog ICs)
- Vishay Intertechnology (Resistors, capacitors)
- TDK Corporation (Electronic components, including capacitors)
- AVX Corporation (Capacitors and filters)
- Honeywell International (Pressure and Humidity sensors)
Wearable Sensors Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.12 Billion |
| Market Size by 2032 | USD 10.83 Billion |
| CAGR | CAGR of 14.96% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Sensor (Accelerometer, Gyroscope, Optical, Force & Pressure, Inertial Sensor, Temperature, Magnetometers, Medical Based Sensors, Others) • By Device type Smartwatch, Fitness Band, Smart Glasses, Smart Fabric, Smart Footwear, Other Wearables) • By End-use (Consumer, Defense, Healthcare, Industrial, Others) |
| Key Drivers | • The growing inclination towards more compact, intelligent, and affordable sensors |
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Accelerometers and Smartwatches: Driving Forces behind Wearable Sensor Market Growth
In 2023, accelerometers accounted for the largest share of the wearable sensor market at 30%, driven by the growing popularity of wearable devices. These sensors enhance motion sensing output, providing improved accuracy in tracking and monitoring user activities. The use of accelerometers in wrist-worn devices plays a crucial role in the fitness and wellness sector, attracting significant market interest. Their capability to accurately differentiate between steps and simple wrist movements further supports this segment's growth, making accelerometers indispensable for effective user activity monitoring and overall device functionality.
In 2023, smartwatches captured the largest share of the wearable sensor market at 39%, with an anticipated growth rate of 16.79% during the forecast period. This growth is primarily fueled by advanced sensors such as GPS, accelerometers, and heart rate monitors, which enhance health and fitness tracking capabilities. The transition from basic fitness bands to multifunctional wearable technologies that support mobile payments, notifications, and media controls has broadened their appeal. Additionally, the emphasis on style and personalization attracts a diverse consumer base, further driving the expansion of the smartwatch market.
Regional Dynamics of the Wearable Sensors Market: North America's Dominance and Asia Pacific's Rapid Growth
In 2023, North America dominated the wearable sensors market with a 38% revenue share, driven by increasing health and fitness awareness. The region's growing digital technology landscape and a thriving healthcare industry are boosting the adoption of wearable sensor-based products. Rising health issues among youth and an aging population further fuel demand for these devices, which accurately monitor users' physical and physiological activities and behavioral patterns.
The Asia Pacific wearable sensors market is projected to grow at a robust CAGR of 17.81% from 2024 to 2032, with Japan, South Korea, and China emerging as key technology hubs. Leading original equipment manufacturers (OEMs) in the region are advancing IMUs and MEMS technology, ensuring accuracy while maintaining competitive pricing. China's enterprises are increasingly developing cost-effective wearables to meet the rising demand for home healthcare monitoring, fueling sustained market growth in the coming years.
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Recent Development
- Sensirion Launches SLD3x Series (May 2024): Introduced miniature liquid flow sensor platforms for subcutaneous drug delivery, offering customizable solutions for precise flow control and enhanced patient safety in medication therapies.
- Breakthrough in Wearable Ultrasound (May 2023): Engineers at the University of California, San Diego, developed the world's first wearable ultrasound fully integrated into the body for deep tissue monitoring, marking a significant advancement in cardiovascular monitoring with life-saving potential.
- STMicroelectronics MEMS Pressure Sensors (May 2023): Launched the first generation of MEMS pressure sensors, noted for outstanding accuracy and environmental durability, applicable in gas and water metering, weather monitoring, air conditioning systems, and home appliances.
Table of Contents - Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization Analysis by Region
5.2 Production Volumes, by Region (2023)
5.3 Design Trends (Historic and Future)
5.4 Fab Capacity Utilization (2023)
5.5 Supply Chain Metrics
6. Competitive Landscape
7. Wearable Sensors Market Segmentation, by Sensor Type
8. Wearable Sensors Market Segmentation, by Device Type
9. Wearable Sensors Market Segmentation, by End-use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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