Wearable Sensors Market size worth $ 5,208.05 Million, Globally, By 2028 at 29.3% CAGR | The Insight Partners | Market Size, Share, Market Trends, Service, Forecast To 2028

Global Wearable Sensors Market was valued at 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. 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.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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With continuous and steady improvements in wearable technology, devices are becoming compact. A sharp rise in the use of smartphones and connected devices and the increasing need for smaller and lighter sensors with low-power requirements and enhanced performance are a few factors stimulating the trend of miniaturization.

STMicroelectronics, NXP Semiconductors, and Broadcom are some key players, which are investing heavily in R&D. Microvision (US) introduced the world's smallest and lightest display module PicoP scanning technology for smart glasses that utilize ultra-miniature MEMS mirror for scanning a modulated laser beam using state-of-the-art control systems. Thus, the increasing use of MEMS-, nanoelectromechanical systems (NEMS)-, and CMOS-based sensors is bolstering the wearable sensors market.

Moreover, the elevating cases of cardiovascular diseases (CVDs) worldwide is a key factor that is contributing substantially to the rising uptake of wearable devices. According to the American Heart Association, ~17.0 million people die each year due to cardiac abnormalities, and the number is expected to rise to ~23 million by 2030. PPG sensors typically measure oxygen saturation, blood pressure, and cardiac output through a series of waves and peak detection.

Further, the increasing number of connected devices is fueling the demand for wearable sensors. According to Cisco Systems, in terms of volume, connected wearable devices surged from 325 million in 2016 to 529 million in 2018, particularly in healthcare applications. This trend is expected to continue in the near future, aiding the demand for connected wearable devices. With increasing investments by various industries in IoT and IoT sensors, the need for wearable devices across multiple sectors is expected to rise and create a massive opportunity for wearable sensors market players during the forecast period.

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The global wearable sensors market is assessed on four fronts: Sensor type, application, vertical, and geography. Based on sensor type, the market is segmented into accelerometer, gyroscope, motion sensors, image sensors, position sensors, pressure & force sensors, touch sensors, and other sensors. Based on application, the market is bifurcated into smart wristwear, smart glasses, smart bodywear, smart footwear, and other applications. Based on vertical, the market is classified into consumer electronics, healthcare, enterprise, and industrial. In terms of geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, South Korea, Japan, and the Rest of APAC), and Rest of the World (Brazil, Argentina, UAE, and Other Countries).

Impact of COVID-19 Pandemic on wearable sensors market:
The COVID-19 significantly impacted the electronics and semiconductors industry in 2020. According to Electronics Component Industry Association, the pandemic led to obstruction in the supply chain, cancelation of trade events, delay in product releases, and disruption in various other industry activities. Due to the containment norms, the electronics and semiconductors temporarily halted their operations.

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 sensors market.

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