Wearable Sensors Market Growth Report and Size by 2031
The wearable sensors market size is projected to reach US$ 8953.99 million by 2031 from US$ 2524.91 million in 2023. The market is expected to register a CAGR of 17.1% during 2023–2031. Increasing adoption of miniaturized devices is likely to remain a key trend in the market.
Wearable Sensors Market Analysis
A rapid surge in the use of connected devices and smartphones and the growing need for low-power, lighter, smaller sensors with developed performance are the factors establishing the trend of miniaturization. Advancements in micro-fabrication and nanotechnology technologies have been boosting the progress of the miniaturization process, thereby anchoring the emergence of smart fabrics and making smart sensors cost-effective. Future, Abbott Laboratories demonstrated the Libre 3 System, a glucose monitoring system, in January 2022. Thus, the increasing demand for wearable devices drives the global wearable sensors market.
Wearable Sensors Market Overview
Wearable sensors are sensors that are directly attached to human skin or clothes for gathering biological signals with the purpose of personal healthcare. Flexible thin films of MNPs are deposited on the appropriate substrates for temperature and pressure control as the health signals. With the introduction of the Internet of Things (IoT) technology, all sorts of things are being connected to the Internet. As part of this trend, progress is being made in the creation of mechanisms for collecting data from wearable devices and using artificial intelligence (AI) to analyze this data. Wearable devices such as eyewear, wristwatches, and wristbands are already available. Nevertheless, recent developments include items that can be worn every day, such as shirts, and highly sensitive, multifunctional, and lightweight flexible devices made using thin films and elastomers.
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Wearable Sensors Market: Strategic Insights
Market Size Value in US$ 1,906.74 Million in 2021 Market Size Value by US$ 5,762.57 Million by 2028 Growth rate CAGR of 17.1% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Wearable Sensors Market: Strategic Insights
| Market Size Value in | US$ 1,906.74 Million in 2021 |
| Market Size Value by | US$ 5,762.57 Million by 2028 |
| Growth rate | CAGR of 17.1% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Wearable Sensors Market Drivers and Opportunities
A rapid increase in the medical connected devices
Digital healthcare is an expansive concept that includes concepts that are connected between healthcare and technology. Connected medical devices are a major factor when a patient is to be monitored remotely. These devices are truly transforming the healthcare industry by seamlessly connecting patients and healthcare providers with medical information. For a decade or so, technological advancement has witnessed the beginning of digital healthcare devices that enable patients and providers to reduce the communication gap. Smartphone apps such as connected BP monitor oxygen levels, keep track and generate significant data. Most of the connected devices are equipped with varying capabilities, such as real-time monitoring and high-resolution imaging. This contributes to improving the health of the patient. With digital health technology, patients can receive care from any area of the world. Wearable sensors are widely used in such devices, boosting the market growth of wearable sensors.
Growing wearable industry
Smart mobile devices and the Internet of Things (IoT) have enhanced the development of wearables since they provide many benefits to users and create new opportunities in the market. From consumer wearables that support a healthier lifestyle to medical wearables that help control a patient’s vital signs, sensing components help bring these wearable technologies to life, offering users productivity, a sense of safety, and health incentives. As the wearable industry continues to grow, the need for more compact, accurate, and reliable sensing technologies becomes necessary for proper long-term functionality in wearables.
Wearable Sensors Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wearable sensors market analysis are sensor type, application, and vertical.
- Based on the sensor type, the wearable sensors market is divided into accelerometers, gyroscopes, motion sensors, image sensors, pressure & force sensors, touch sensors, position sensors, and others. The customized segment held a larger market share in 2023.
- By application, the market is segmented into smart wristwear, smart glasses, smart bodywear, smart footwear, and others.
- By vertical, the market is segmented into consumer electronics, healthcare, and industrial & enterprise.
Wearable Sensors Market Share Analysis by Geography
The geographic scope of the wearable sensors market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominates the wearable sensors market. According to the GSM Association, it was projected that the smartphone penetration rate in North America was around 81% in 2021. The association also stated that ~329 million people have subscribed to mobile services. Mobile continues to add to the economy, with and technologies mobile services generating 4.2% of GDP in 2021, in North America. This high penetration rate can be ascribed to various factors, including widespread internet access, advanced telecommunications infrastructure, and a high standard of living. Thus, demand for wearable sensors is increasing in the region.
Wearable Sensors Market Report Scope
Wearable Sensors Market News and Recent Developments
The wearable sensors market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the wearable sensors market are listed below:
- Signify announced installing LED lighting in the recently inaugurated Ahmed Hamdy 2 Tunnel. Signify uses the latest lighting systems that match international specifications to enable remote control of lighting while delivering up to 70% energy savings. (Source: Signify, Press Release, October 2021)
- Tungsram Group signed an agreement in December to install the lighting of “Túnel de Tresponts” in Spain. The project marks the 6th tunnel lighting deal that the Budapest-based company has been awarded in Spain in 2020, a considerable achievement in light of the economic difficulties caused by the coronavirus pandemic. (Source: Tungsram Group, Press Release, September 2022)
Wearable Sensors Market Report Coverage and Deliverables
The “Wearable Sensors Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Wearable sensors market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Wearable sensors market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- wearable sensors market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the wearable sensors market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Sensor Type, Application, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominates the wearable sensors market.
A rapid increase in the medical connected devices and the growing wearable industry are the major factors that propel the global wearable sensors market.
The increasing adoption of miniaturized devices is anticipated to play a significant role in the global wearable sensors market in the coming years.
The key players holding majority shares in the global wearable sensors market are Texas Instruments Incorporated, NXP Semiconductors, Analog Devices, Inc, STMicroelectronics, Infineon Technologies AG, Sensirion AG, Robert Bosch GmbH, Panasonic Corporation, TE Connectivity Corporation, and TDK Corporation.
The global wearable sensors market is expected to reach US$ 8953.99 million by 2031.
The expected CAGR of the global wearable sensors market is 17.1%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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