According to a new report published by Allied Market Research, titled, “Wearable Sensor Market: Global Opportunity Analysis and Industry Forecast, 2014 – 2022,” the global wearable sensor market was valued at $123 million in 2015, and is projected to reach $2,258 million by 2022, growing at a CAGR of 52.9% from 2016 to 2022. The wrist wear segment accounted for more than 45% share of the global market in 2015.
Medical implants equipped with wearable sensors are used in diagnostic and monitoring applications. In the healthcare sector, wearable sensors are mostly used in remote monitoring systems, which collect physiological and movement data for monitoring the health of patients.
The global wearable market is driven by factors such as introduction of new wearable sensors integrated in products such as smart shirt, eyewear, smart ring, and others through technological advancements, growing popularity of Internet of things (IOT) trend, and increasing use of smart consumer electronic devices such as smartphones and tablets. However, privacy & security concerns and high cost of wearable sensors are expected to hamper the market growth.
Wrist wear product segment is expected to maintain its dominant position in the global market until 2022 owing to technology advancements by prominent manufacturers, such as Samsung, Apple, and Fitbit, which facilitate easy integration of smart sensors in smartphones & tablets.
The motion sensors segment accounted for more than one-third share of the global market, in terms of value, in 2015. Compactness of wearable sensors and introduction of micro-electro-mechanical systems (MEMS) technology into the motion sensor industry have increased their utility in the field of automotive, aerospace & defense, healthcare, consumer electronics, and others.
According to Komal Sharma, Research Analyst, Semiconductor & ICT at Allied Market Research, “The global wearable sensor market is expected to provide tremendous growth potential for market players in the near future, as the market is in its nascent stage of growth. High cost of these devices is a major limitation for the industry. However, recent innovations including flexible, printed electronics and compatibility with consumer electronics have increased the efficiency of the new devices, which in turn has increased their adoption in various applications.”
KEY FINDINGS OF THE WEARABLE SENSOR MARKET STUDY:
- Wrist wear segment is projected to be the highest revenue contributor, in terms of value, to the global market throughout the forecast period.
- Image sensors segment is expected to grow at a significant CAGR until 2022.The North American wearable sensors market accounted for more than one-third share of the global market in 2015.
- LAMEA is estimated to be the fastest growing region, registering a CAGR of 54.7% from 2016 to 2022.
- Japan was the highest revenue contributor to the global market in 2015, accounting for more than one-fourth share of the Asia-Pacific region.
In 2015, North America and Europe collectively accounted for more than three-fifths share of the global wearable sensors market, and are expected to continue this trend during the forecast period, owing to increased adoption of technologically advanced products, surge in concerns towards health & fitness, and expansion of IoT.
The major companies profiled in the report include Panasonic Corporation, STMicroelectronics, Adidas, Texas Instruments Incorporated, Analog Devices, ZOLL Medical Corporation (Asahi Kasei Corporation), Infineon Technologies AG., InvenSense Inc., Intel Inc., and Google Inc.