Wearable Sensors Market Size & Share, by Sensor Type (Accelerometers, Optical, Pressure& Force, Temperature, Touch, Motion, Medical Sensors); Device (Smart Watch, Fitness Band, Smart Glasses, Smart Fabric, Bodywear, Footwear); End-user (Consumer, Defence, Healthcare, Industrial & Enterprise) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 271
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Wearable Sensors Market size is poised to cross USD 16.5 Billion by the end of 2035, growing at a CAGR of 18% during the forecast period, i.e., 2023-2035. In the year 2023, the industry size of wearable sensors was over USD 2.5 Billion. The growth of the market can be attributed primarily to the increasing interest and awareness of fitness among individuals. In a survey, it was observed that, in the United States, 62% of people are interested in maintaining their health, and 53% are interested in doing physical exercise and eating nutritious foods and drinks. Moreover, the digitalization of products and services in the healthcare sector is anticipated to drive the global wearable sensors market during the forecast period. With different applications such as tracking air quality through the use of inhalers or monitoring breast cancer using bra inserts, healthcare wearable devices can be used for different treatments and therapies.

Furthermore, the rising prevalence of cardiovascular diseases (CVDs) worldwide is one of the key factors expected to propel the demand for wearable sensors.  According to the World Health Organization, across the world, cardiovascular diseases (CVDs) account for the largest number of deaths. Globally, 17.9 million people died from CVDs in 2019, which accounted for 32% of all deaths. Among these deaths, 85% were caused by cardiac abnormalities, heart attacks, and strokes. In PPG sensor technology, oxygen saturation, blood pressure, and cardiac output are measured through waves and peak readings. Such sensors are used to diagnose and monitor cardiovascular diseases, such as strokes, heart valve diseases, and hypertension. Moreover, the rapid adoption of smartphones and wireless devices, miniaturization of sensors, advancements in sensors, the growing smart clothing market, and rising healthcare spending are some of the market trends expected to fuel market growth over the forecast period.


Wearable-Sensors-Market
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Wearable Sensors Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Consumption of Consumer Electronics Worldwide Owing to Rapid Adoption of Smart Devices - It was observed that from smartphones to wearable accessories, India's consumer electronics consumption grew by 8% in the year 2021 compared to 2019 before the pandemic. A total of USD 250 billion in revenue is expected to be generated in China by the end of 2022. The growing urban population, along with the improving lifestyle of the population, has raised health and safety awareness consequently, electronic and digital devices are becoming more popular among the population. The popularity of smartphones and connected devices, as well as the low cost and convenience offered by miniaturized electronics, are some of the factors expected to enlarge the global wearable sensors market size during the forecast period. 
  • Growing Usage of Home-Based and Remote Patient Monitoring Devices with Concern for Safety - In a survey, it was observed that 23 million U.S. patients used remote patient monitoring devices and services during the COVID-19 pandemic in 2020. In addition, over 30 million Americans are expected to use remote monitoring services and tools by 2024.
  • Increasing Number of Smartphone Users with Rising Disposable Income of People - For instance, the number of smartphone users in India is expected to reach around 1 billion by 2026. The number of smartphone users in 2021 was approximately 740 million.  
  • Advancements in Wearable Sensors and New Product Launches with Rising Demand for Innovation - For instance, Realme launched a Watch S with high-tech sensors which are highly reliable and support advanced blood oxygen level monitoring functions to help users keep track of their health. Also, in a recent announcement, Abbott launched that FreeStyle Libre 3 achieved an overall mean absolute relative difference (MARD) of 7.9%, the first and only 14-day continuous glucose monitoring system (CGM) that achieves a MARD below 8%.
  • Surge in the Number of Audiences for Wearable Technology Owing to Improving Lifestyles -There are approximately 24 million wearable tech users in the US, equally divided between men and women. More than half of the audience is under 45 years old, with the majority between 26 and 45 years old. In addition, 51% of users have a high income and work full-time.

Challenges

  • Interruption in the Production of Electronics Devices Owing to Covid-19- The emergence of the coronavirus had a significant impact on manufacturing and production hubs, resulting in the shutdown of all factories for several weeks. The shortage of workers and limited supplies in the company reduced the productivity of electronics. Also, the companies resumed manufacturing as the finished products were not dispatched for sale, blocking market growth during the forecast period.
  •  High Cost Associated with Technologically Advanced Sensors 
  • Inadequate Awareness of Smart Wearables Among the Population

Wearable Sensors Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

18%

Base Year Market Size (2023)

USD 2.5 Billion

Forecast Year Market Size (2035)

 USD 16.5 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Wearable Sensors Segmentation

Sensor Type (Accelerometers, Optical, Pressure& Force, Temperature, Touch, Motion, Medical Sensors)

The global wearable sensors market is segmented and analyzed for demand and supply by sensor type into accelerometers, optical, pressure & force, temperature, touch, motion, and medical sensors. Among these segments, the accelerometers segment is anticipated to capture the largest market size in the global wearable sensors market owing to the increasing demand for accelerometers in wearable sensors for measuring and assessing physician assistants in clinical and laboratory settings. Moreover, the advantages offered by accelerometer sensors, such as ease of installation, a strong performance at high frequencies, and low price along with advancing product launches are anticipated to augment segment growth. For instance, in 2021, STMicroelectronics introduced a next-generation MEMS accelerometer for high-performance automotive applications that offers navigation, tilt and inclination measurements, telematics, and anti-theft systems.

Our in-depth analysis of the global wearable sensors market includes the following segments:

          By Sensor Type

  • Accelerometers Sensors
  • Optical Sensors
  • Pressure& Force Sensors
  • Temperature Sensors
  • Touch Sensors
  • Motion Sensors
  • Medical Sensors

         By Device

  • Smart Watch
  • Fitness Band
  • Smart Glasses
  • Smart Fabric
  • Bodywear
  • Footwear

          By End User

  • Consumer
  • Defence
  • Healthcare
  • Industrial & Enterprise
  • Others

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Wearable Sensors Industry - Regional Synopsis

North America Market Forecast

The North America wearable sensors market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The rapid adoption of new developments and technologies, and a growing healthcare sector. Moreover, increasing spending on wearable sensor devices, as well as increasing demand in a large number of industry applications, such as wearable technology for fitness, security, and healthcare, is anticipated to drive lucrative growth of the wearable sensors market in the region. For instance, it was observed that wearable device spending reached USD 81 billion in 2021, up 18% from USD 67 billion the previous year. Wearable device usage in the United States has increased from 8.5% in 2017 to 32% in 2021. Moreover, the growing demand for home healthcare monitoring in addition to an aging population in the region is expected to drive the regional market over the forecast period. In a survey, it was noted that in the United States 75-80% of people prefer the accessibility of remote patient monitoring devices.

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Companies Dominating the Wearable Sensors Landscape

top-features-companies
    • Robert Bosch GmbH
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • 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.

In the News

  • March 2, 2021: An innovative wearable technology company, Shimmer, has launched Verisense Pulse+, a new sensor for its Verisense platform. This sensor enables galvanic skin response (GSR), and inertial measurement units (IMU). 
  • May 26, 2020:   Koninklijke Philips N.V., launched a new wearable biosensor that provides early detection of patient deterioration including clinical surveillance for COVID-19 infection.

Author Credits:  Abhishek Verma


  • Report ID: 271
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising awareness towards health and fitness, increasing incidence of CVDs along with growing usage of home-based and remote patient monitoring devicesare the major factors driving the growth of the wearable sensors market.

The market is anticipated to attain a CAGR of 18% over the forecast period, i.e., 2023-2035.

High cost associated with technologically advanced sensors and inadequate awareness of smart wearables among the populationare the challenges affecting the market growth.

The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market areRobert Bosch GmbH, Koninklijke Philips N.V., Broadcom Limited, STMicroelectronics, Shimmer, Infineon Technologies AG, Analog devices Inc.,Texas Instruments (Measurement Specialties, Inc.), and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by sensor type, device, end user, and by region.

The accelerometer segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Wearable Sensors Market Report Scope
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