Worldwide Wearable Sensor Market: Rising Adoption of Multifunctional Smart Devices in Monitoring Wellness among Populations Bolsters Uptake
The worldwide market for wearable sensor is predicted to rise at a substantial CAGR of 45.20% during 2014–2020. The market stood at a valuation of US$70 mn in 2014.
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Wearable Image Sensors to Witness Substantial Demand
Based on product type, the wearable sensor market is segmented into motion sensors, medical based sensors, pressure sensors, temperature sensors, image sensors, and position sensors. Of these, the wearable image sensor segment is projected to rise at the leading CAGR over the forecast period. The impressive growth of the segment is primarily attributed to their substantial applications in mobile devices in the area of infotainment and defense.
Based on geography, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Of these, the North America market for wearable sensor held the leading share of in 2014 and is anticipated to rise at an impressive pace over the forecast period.
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Reducing Average Price of Wearable Sensors Unlocks New Opportunities
The growing number of applications of sensors in a variety of smart wearable devices, primarily to monitor and track several health parameters, is a key factor driving the wearable sensors market. Wearable smart devices have gained traction in the healthcare industry useful for the monitoring of various parameters such as blood pressure, heart rate, and body temperature. The increasing focus of populations about managing their health and fitness in real time has boosted the demand for wearable sensors in making smart devices. The growing popularity of proactive monitoring of patient data among healthcare providers to prevent life-threatening complications has further bolstered the uptake of wearable sensor technology.
However, the mounting security and compliance concerns in smart wearable devices has hindered their adoption, which is likely to impede the wearable sensor market to an extent. Nevertheless, the rising efforts by manufacturers in the integration of wearable sensors with multifunctional smart devices is a key trend expected to accentuate the market. The growing focus of leading technology players such as Google and Microsoft in developing sophisticated devices bodes well for the wearable sensor market. In addition, in the coming years, the cost of raw materials used in manufacturing smart devices is likely to reduce, thereby increasing the penetration of wearable sensors. In addition, recent advancements in manufacturing methods, such as 3D printing, has opened up new avenues of growth for market players.
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Recent mainstreaming of fitness bands and smart watches among consumers in various developing and developed regions has catalyzed the growth of wearable sensor market. Furthermore, substantial research in sensor and recent design innovations in smart wearable devices are crucial factors expected to unlock exciting opportunities for market players in the coming years.
Key players in the wearable sensors market include Analog Devices, Inc. (U.S.), Broadcom Corporation (U.S.), Freescale Semiconductor Inc. (U.S.), Infineon Technologies AG (Germany), InvenSense, Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), and Panasonic Corporation (Japan) among others.
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