Wearable Sensor Market Revenue to Cross US$ 5,762.57 million by 2028: The Insight Partners

According to The Insight Partners latest market study, titled "Wearable Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Sensor Type, Application, Vertical, and Geography," the market is expected to grow from US$ 1,906.74 million in 2021 to reach US$ 5,762.57 million by 2028. It is estimated to grow at a CAGR of 17.1% from 2021 to 2028.

The global wearable sensor market is segmented into five major regions - North America, Europe, Asia Pacific (APAC), and the Rest of the World. In 2020, APAC led the market with a substantial revenue share, followed by North America and Europe. The rapidly flourishing IoT landscape and miniaturization are trending in wearables technologies. Wearable technology integrates electronics into daily activities, thereby complementing the changing lifestyles. Wearable devices, including bodywear, wristwear, and eyewear, are being used in the healthcare and consumer electronic sectors.

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Internet penetration has increased notably in the last five years, and one-third of the global population uses the Internet at higher bandwidths. This has increased the number of Internet-enabled smart devices in developing countries.
Smartphones are among the most used portable devices. The wearable ecosystem is primarily used to gather and track health and fitness data for 0-9 and 60 and above age groups. According to Cisco, ~6.3 billion people and ~500 million devices were connected to the Internet in 2003, and with increasing customers focus on smart devices, the number reached ~6.58 billion devices by 2020.

A rapid increase in the use of smartphones and connected devices, and the growing need for low-power, smaller, lighter sensors with enhanced performance are the factors supporting the trend of miniaturization. Advancements in nanotechnology and micro-fabrication technologies have been driving the progress of the miniaturization process, thereby making smart sensors cost-effective and anchoring the emergence of smart fabrics. Further, in January 2022, Abbott Laboratories demonstrated the Libre 3 System, a glucose monitoring system that can be used for up to 14 days. Ava AG's wearable fertility tracker for women received the US Food and Drug Administration clearance in 2021. At the Consumer Electronics Show(CES) 2022, Reliefband Technologies LLC showcased the Reliefband Sport smart watch that can prevent and treat nausea and vomiting due to anxiety, hangovers, motion sickness, physician-diagnosed migraines, chemotherapy, and pregnancy-related morning sickness. Thus, the increasing demand for wearables devices in healthcare applications drives the global wearable sensor market.

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Impact of COVID-19 Pandemic on Wearable Sensor Market

In 2020, most electronics and semiconductor manufacturers, including wearable sensors, were operating with a limited workforce or halted production due to lockdown, which negatively affected the supply chain. Thus wearable sensor market players were unable to meet their delivery timelines. For instance, in 2020, Texas Instrument Incorporated reported a delay in deliveries of orders. However, according to a survey conducted before the emergence of COVID-19 in 2019 in US, 88% of healthcare institutions have invested or plan to invest in remote patient monitoring systems. And with the emergence of COVID-19, the deployment of remote patient monitoring systems witnesses significant traction as healthcare facilities had limited hospitalization capabilities and remote patient monitoring systems were used to monitor health vitals of patients remotely, which subsequently boosted the demand for wearable sensors and a has a positive growth trajectory from 2021.

Further, manufacturers of various electronics and semiconductors products, including wearable sensors players, had to experience a delay in lead time, which negatively impacted the market in 2020. Despite the rise in COVID-19 cases in APAC, the region eased the containment norms, and electronics and semiconductor manufacturers were fully operational in 2020. For instance, though there was a second wave of COVID-19 in India in Q2, Amphenol announced its Pune, India, manufacturing facility was fully operational, and the delivery date was not hampered. Similarly, factories are still functional with the ongoing rise in COVID-19 cases in China. Meanwhile, due to surging COVID-19 cases in Malaysia in Q3 of 2021, market players, such as Infineon Technologies, NXP Semiconductors, and STMicroelectronics, had to cease their operations at their manufacturing facilities for around 14 days.

On the other hand, the wearable sensors market was unaffected and has been witnessing steady growth from the demand side. However, from the H2 of 2020, governments worldwide started to relax the containment norms, and the supply chain in the wearable sensors market started to stabilize. From Q4 of 2020, wearable sensors market players began to experience a positive growth trajectory in revenue.

NXP Semiconductors NV; Infineon Technologies AG; STMicroelectronics NV; InvenSense, Inc; Robert Bosch GmbH; TEXAS INSTRUMENTS; ANALOG DEVICES; Panasonic Corporation; Broadcom Limited; and Murata Manufacturing Company Ltd. are the key companies operating in the wearable sensor market.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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