Wearable Sensors Market Current Outlook Of Industry & Forecast 2018-2028

Posted by sandra k on December 13th, 2022

The global wearable sensors market size was valued at USD 1.7 billion in 2021. The market is projected to grow from USD 1.7 billion in 2021 to USD 5.6 billion by 2028, exhibiting a CAGR of 12.90% during the forecast period.
 
A wearable sensor helps with continuous physiological observation or tracking with less manual interference and at a lower cost. These sensors help with navigation as well as the gathering and transmission of environmental data. At the moment, wearable sensors can be found in various gadgets, such as watches, headgear, glasses, cell phones, shoes, shirts, and headphones. One of the key factors predicted to drive the wearable sensors market during the projected period is the aging population.

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The market for wearable sensors is expanding due to several key factors, including the growing popularity of IoT platforms, smart end-user lifestyles, and consumers' growing preference for smaller, less expensive, and more intelligent sensors. Additionally, the growth rate of the market for wearable sensors would be accelerated by the increased infrastructural development in developing nations. The market for wearable sensors will continue to benefit from opportunities brought on by the development of new markets and rising demand from end-user industries, primarily those in the retail and healthcare sectors.
 
COVID-19 IMPACT

The COVID-19 epidemic impacted numerous countries' economies and industries. The COVID-19 outbreak negatively affects the supply side of the world's wearable sensor market. The disruption in semiconductor and electronics supply lines in 2020 caused this barrier. But in terms of demand, the market for wearable sensors was untouched. For instance, Samsung announced at the end of 2020 that it would be producing fitness bands and smartwatches in Brazil and that its revenue from smartwatches had increased by 218% in the first quarter of 2020 compared to the first quarter of 2019.
 
DRIVING FACTORS

Trend in Sensor Miniaturisation to Boost the Market Growth

The use of wearable technology in healthcare and consumer entertainment is growing, including wrist, body, and eyewear. The technology of wearables has advanced steadily over time, and the size of the devices is decreasing. The development of wearable technology has benefited greatly from the miniaturization of sensors using microelectronics. The size of the sensors is one of the main obstacles to the adoption of sensing technology, especially for wearable electronics. The hardware elements collect movement and physiological data appropriate for long-term monitoring applications. The major players who make significant investments in R&D include businesses like STMicroelectronics, NXP Semiconductors, and Broadcom. Another major factor influencing the market is the growing adoption of sensors built using MEMS, NEMS, and CMOS technologies.

View More Information :  https://www.globenewswire.com/en/news-release/2022/12/12/2572001/0/en/Global-Wearable-Sensors-Market-Size-Share-to-Reach-USD-5-6-Billion-by-2028-at-a-12-90-CAGR-Markets-N-Research-Oppurtunities-Price-Report-Trends-Forecast-Segmentation-Growth-Rate-Va.html

RESTRAINING FACTORS

Safety Concerns and Fierce Manufacturer Competition Limit Market Expansion

A significant barrier to expanding the wearable sensor market is poor consumer awareness and safety concerns for security data. In addition, unclear wearable device health communication protocols and interoperability problems are anticipated to restrain market expansion. Key manufacturers face fierce competition due to low-cost substitutes, another obstacle to expanding the global market for wearable sensors.

LIST OF KEY COMPANIES PROFILED:

• ADIDAS
• ANALOG DEVICES
• GOOGLE
• INFINEON TECHNOLOGIES AG
• INTEL
• INVENSENSE INC.
• PANASONIC CORPORATION
• STMICROELECTRONICS
• TEXAS INSTRUMENTS
• ZOLL MEDICAL CORPORATION

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