Wearable Medical Device Market Expected to Witness a CAGR of 46.6% over 2022

Market Scenario

Market Research Future (MRFR) proclaims that the global wearable sensors market is estimated to register a striking CAGR of 46.6% during the forecast period (2018-2023). The continuously evolving sensor technology is favoring the market growth. The wearable sensor is referred to as a technological device which is worn by the individuals to track information associated with fitness and health. Such sensors are integrated into several accessories like hats, wristwatches, smartphones, eyeglasses, garments, shoes, wrist bands, headphones, and others which monitors and diagnose vital signs like blood pressure, heart rate, and other metabolic activities. These sensors enable biological and physiological sensing.

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Market Potential and Pitfalls

The wearable sensors market is rapidly stealing the spotlight with increased consciousness regarding health and personal care. The demand for wearable fitness tracker is continuously on the rise to track biometrics like heart rate, calories burnt, and others. Internet of Things has mushroomed in the recent past which is triggering the demand for wearable sensors devices in application areas like consumer electronics, fitness and healthcare, and others. Wearable sensors enable continuous monitoring which has encouraged the behavior pattern of the buyers. There is a noticeable shift towards healthy lifestyle which has influenced people to adopt wearable sensors.

With the advancement in sensor technology, power supply technology, wireless communication devices/technology, and others, the wearable sensors market is receiving the pat. Boltt launched an AI-enabled wearable device in 2017 which constituted of smart shoes to sensors for health and fitness solutions. Factors such as advancements in sensor technology, surging adoption of remote and home patient monitoring, and increased use of wearable devices for infants have enabled the market to reach out to a wider range of audiences. The use of smart consumer electronic devices like smartphones and tablets have enabled the gathering and monitoring of data as these wearable sensors can be paired with other devices. The advent of new devices like the smart ring, smart shirt, eyewear, and others have further amplified the demand for wearable devices worldwide. With pressure sensors extremely becoming popular due to its miniaturization factor, the market is gaining impetus. Sensing muscle activity enables a sportsperson to train specific muscles and gain feedback regarding their performance quality. With pressure sensing shoes being used in motion capture technologies, the era of computer animation has transformed during the past decade.

On the contrary, the concerns associated with privacy, the high cost of the wearable sensors, and data integrity are some of the top barriers considered to vitiate the market growth in the coming years. On a brighter note, strict mandates related to data storage is likely to augment the popularity of wearable devices in the long run.

Global Wearable Sensors Market: Segmental Analysis

The global wearable sensors market has been segmented on the basis of type, application, and end-users.

By mode of type, the global wearable sensors market has been segmented into medical based sensors, motion sensors, position sensors, image sensors, inertial sensors, pressure sensors, and others.

By mode of application, the global wearable sensors market has been segmented into smart glasses, smart wristwear, smart footwear, smart body wears, and others. Among these, the smart wristwear segment occupied the major share across the globe. The growth is ascribed to the increased popularity of fitness and health devices among the consumers. New entrants are offering advanced technologies in smart wristwear at lower prices than smartwatches, which is likely to encourage the growth of the segment. These wristwear offer dynamic analysis of the user activities like heart rate variation, step tracking, sleep quality analysis, and calories count which further add to its functionality.

By mode of end-users, the global wearable sensors market has been segmented into healthcare, consumer, industrial and enterprise, and others. Among these, the consumer segment is likely to gain prominence. The demand for sensor-fused devices are triggering with the increased awareness regarding remote monitoring of fitness and wellness is gaining prominence among the users.

Regional Insights

Geographically, the wearable sensors market span across regions namely, Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).

Considering the global scenario, the North American region is poised to occupy the most significant share as the region offer room to the most prominent players and is in a position to adopt technological advancements at its earliest. High adoption of digital technology in the U.S. has further intensified the growth of the market in this region. With the booming healthcare infrastructure, the market is estimated to flourish.

The European region occupies the second spot and is anticipated to evolve at a significant pace in the foreseeable future. With advancing technology and purchasing power required for the market growth, the region is anticipated to gain an impetus. Moreover, the conscious awakening regarding healthy lifestyle is considered a major factor propelling the market growth in the long run.

The Asia Pacific region is estimated to expand at the fastest rate as the strong economic growth has infused healthy purchasing power which is estimated to encourage the proliferation of wearable sensors in the coming years.

Industry Updates

April 02, 2019: A team of researchers at the Binghamton University, State University of New York have recently developed skin-inspired electronics to conform to the skin, which allows high-performance, long-term, and real-time wound monitoring in the users.

Competitive Dashboard

The prominent players operating in the global wearable sensors market comprises Freescale Semiconductor Inc., KIONIX INC. (ROHM Co., Ltd.), InvenSense Inc., Panasonic Corporation, Analog Devices Inc., STMicroelectronics, ZOLL Medical Corporation (Asahi Kasei Corporation), InvenSense Inc., Measurement Specialties Inc., Robert Bosch GmbH, Infineon Technologies AG., and Texas Instruments Incorporated.

Table Of Content

1. Report Prologue
2. Market Introduction
3. Research Methodology
4. Market Dynamics
5. Market Factor Analysis
6. Global Wearable Sensors Market, By Deployment
7. Global Wearable Sensors Market, By Application
8. Global Wearable Sensors Market, By End User
……

List Of Tables:

TABLE 1 Specific Primary And Secondary Sources Used For This Publication 14 

TABLE 2 Global Wearable Sensors Market Snapshot(2015and 2020) 16 

TABLE 3 Drivers For The Market: Impact Analysis 29 

TABLE 4 Restraints For The Market: Impact Analysis 32 

TABLE 5 Global Market Breakdown By Type, $M (2012 – 2014) 36 

TABLE 6 Global Market Breakdown By Type, Million Units (2012 – 2014) 37 

TABLE 7 Global Market Breakdown By Type, $M (2015 – 2020) 37 

TABLE 8 Global Market Breakdown By Type, Million Units (2015 – 2020) 38 

TABLE 9 Global Market Breakdown By Application, $M (2012 – 2014) 39 

TABLE 10 Global Market Breakdown By Application, Million Units (2012 – 2014) 40 

TABLE 11 Global Market Breakdown By Application, $M (2015 – 2020) 40 

TABLE 12 Global Market Breakdown By Application, Million Units (2015 – 2020) 40 

TABLE 13 Global Market Breakdown By End User, $M (2012 – 2014) 41 

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