The Global Wearable Sensors Market was valued at USD 149.3 million in 2016 and is anticipated to grow considerably in the forecast period due to the increasing number of health and fitness monitoring applications. Wearable sensor is a high-tech device worn by individuals for recording information related to health and fitness. These technological sensors can be wired or wireless devices and are incorporated in fashion accessories or clothes. They diagnose and monitor the crucial body signals like blood pressure, heartbeat, and other metabolic activities. The rise in adoption of the advanced monitoring systems across globe is predicted to boost wearable sensors industry in near future.
The wearable sensors enable the biological and psychological senses in the body. It basically identifies and monitor the ongoing treatment for cardiovascular, neurological, and pulmonary disorders like asthma, hypertension, etc. At present, motion sensors are deployed at pharmacies in rural regions that lack the use of remote monitoring systems.
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Subsequent rise in world population as well as considerable ageing population is reinforcing the speedy growth of healthcare costs. The healthcare system is undergoing a revolutionary change, which enables monitoring of inhabitants without hospitalization. The enhancement of sensing technologies, wireless communication technologies, nano technologies, implanted systems, and miniaturization has empowered the development of smart systems to continuously record the human activities.
The wearable sensors identify abnormal and/or unexpected situations by recording psychological factors as well as other indications. The major factors that drive the wearable sensors market are rise in adoption of remote and home patient monitoring systems, developments in sensor technology and increased use of wearable sensors for new borns. Additionally, the growing use of smart electronic devices for consumers like smartphones, tablets, and laptops has streamlined the recording and gathering of information, since these devices can be easily paired. Moreover, the costly wearable sensors, privacy issues, and data integrity are expected to restrict the market growth. Nevertheless, the strict regulations regarding data storage is predicted to increase the acceptance of wearable devices in the society.
The rising chronic sickness, elderly population and higher penetration of smartphone technology are expected to offer growth opportunities in the wearable sensors industry. The growing health and fitness awareness, remote monitoring of patients, integrated with low costs in digital health are expected to affect the Market significantly. The software and technological upgradations like cloud networking has enabled development of wearable sensors with minute user involvement in the device monitoring. This simultaneously makes the procedure convenient, affordable and simpler to manage. This is projected to widen the scope and expand wearable sensors market in near future.
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The wearable sensors industry can be categorized on the basis of product type, application and geography. On the basis of product type, the Market is divided as Image Sensor, Medical Based Sensor, Motion Sensor, Position Sensor, Pressure Sensor, Temperature Sensor and etc.(chemical, optical and stretch). On the basis of application, the industry can be divided into Body Wear, Eye Wear, Foot Wear, Wrist Wear and etc. (finger, head, neck wear).
Geographically, the wearable sensors market can be divided into North America, Europe, Asia-Pacific and LAMEA. The growing Research & Development in wearable sensors segment in terms of improved technologies, and the increasing demand for better lifestyle are the two essential factors that drive the Market in North America. Also, the growing R&D capabilities are expanding the application areas of wearable sensors in various industries like healthcare, consumer electronics and entertainment.
The prominent players in the wearable sensors industry are Panasonic Corporation, Adidas AG, Google, Inc., Infineon Technologies AG, Intel Inc., Analog Devices Inc., InvenSense Inc., STMicroelectronics, ZOLL Medical Corporation (Asahi Kasei Corporation) and Texas Instruments Incorporated.