Research Nester published a report titled “Wearable SensorsMarket: Global Demand Analysis &Opportunity Outlook 2031” which delivers detailed overview of the global wearable sensors marketin terms of market segmentation by sensor type, device, end user,and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global wearable sensors market is anticipated to grow with a CAGR of ~18% during the forecast period, i.e., 2022-2031. The market is segmented by sensor type into accelerometers, optical, pressure& force, temperature, touch, motion, and medical sensors. Out of these, the accelerometers segment is anticipated to garner the largest revenue by the end of 2031. Accelerometers are increasingly being used in wearable sensors for measuring and assessing physician assistants. Additionally, accelerometer sensors' advantages, including easy installation, superior performance at high frequencies and low price, as well as innovative product launches are expected to enhance segment growth.
The global wearable sensors market is expected to generate significant revenue by the end of 2031, up from modest revenue in the year 2021. The rapid adoption of smartphones and wireless devices, the miniaturization of sensors, the use of remote patient monitoring devices and home-based devices, advances in sensors, the growth of smart fabrics markets, and the increase in healthcare spending are expected to drive global wearable sensors market growth during the forecast period. Moreover, the increasing incidence of cardiovascular diseases (CVDs) is expected to propel the demand for wearable sensors. The World Health Organization reports that cardiovascular diseases (CVDs) account for the majority of deaths worldwide. In 2019, 17.9 million people around the world died from CVDs, accounting for 32% of all deaths.
Geographically, the global wearable sensors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to garner the largest revenue by the end of 2031 backed by the aging population in the region and the growing demand for home healthcare monitoring. For instance, it was observed that approximately 75-80% of Americans prefer remote patient monitoring devices.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Globally Rising Utilization of Consumer Electronics to Drive the Market Growth
Smartphones and wearable accessories accounted for 8% of the growth in the Indian consumer electronics sector in 2021 compared to the previous year before the pandemic. By the end of 2022, China is expected to generate USD 250 billion in revenue ofelectronics devices.
Urbanization, along with improving lifestyles, has raised health and safety awareness, resulting in an increase in the use of electronic and digital devices.Moreover, smartphones and connected devices, as well as the convenience and low cost of miniaturized electronics are some of the factors that are expected to boost the market for wearable sensors during the forecast period.
However, the high cost of technologically advanced sensors and the lack of awareness of smart wearables among the general population are expected to operate as key restraint to the growth ofglobal wearable sensors marketover the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global wearable sensors marketwhich includes company profiling ofRobert Bosch GmbH, Koninklijke Philips N.V., Broadcom Limited, STMicroelectronics, Shimmer Sensing Ltd., Infineon Technologies AG, Analog devices Inc.,Texas Instruments (Measurement Specialties, Inc.), mCube, Inc., Knowles Electronics Corp. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global wearable sensors marketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.