The 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.
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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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A rapid increase in the use of smartphones and connected devices, and the growing need for low-power, smaller, lighter sensors with enhanced performance are the factors supporting the trend of miniaturization. Advancements in nanotechnology and micro-fabrication technologies have been driving the progress of the miniaturization process, thereby making smart sensors cost-effective and anchoring the emergence of smart fabrics. Further, in January 2022, Abbott Laboratories demonstrated the Libre 3 System, a glucose monitoring system that can be used for up to 14 days. Ava AG’s wearable fertility tracker for women received the US Food and Drug Administration clearance in 2021. At the Consumer Electronics Show (CES) 2022, Reliefband Technologies LLC showcased the Reliefband Sport smart watch that can prevent and treat nausea and vomiting due to anxiety, hangovers, motion sickness, physician-diagnosed migraines, chemotherapy, and pregnancy-related morning sickness. Thus, the increasing demand for wearables devices in healthcare applications drives the global wearable sensors market.
Impact of COVID-19 Pandemic on Wearable sensors market
In 2020, most electronics and semiconductor manufacturers, including wearable sensors, were operating with a limited workforce or halted production due to lockdown, which negatively affected the supply chain. Thus wearable sensors market players were unable to meet their delivery timelines. For instance, in 2020, Texas Instrument Incorporated reported a delay in deliveries of orders. However, according to a survey conducted before the emergence of COVID-19 in 2019 in US, 88% of healthcare institutions have invested or plan to invest in remote patient monitoring systems. And with the emergence of COVID-19, the deployment of remote patient monitoring systems witnesses significant traction as healthcare facilities had limited hospitalization capabilities and remote patient monitoring systems were used to monitor health vitals of patients remotely, which subsequently boosted the demand for wearable sensors and a has a positive growth trajectory from 2021.
Lucrative Regions in Wearable sensors market
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Market Insights – Wearable sensors market
Increasing Penetration of IoT, AR, and M2M Platform Propel Wearable Sensor Market
Mobile device original equipment manufacturers (OEMs) aggressively invest in wearable devices to offset declining margins in their traditional smartphone and tablet markets. The wearable sector has been immersed with the various smart bands, smartwatches, and other wearable devices with machine-to-machine (M2M) offerings, capable of collecting, sending, and processing data over mobile applications.
Sensor Type-based Insights
Based on sensor type, the wearable sensors market is segmented into accelerometer, gyroscope, motion sensors, image sensors, position sensors, pressure & force sensors, touch sensors, other sensors. The accelerometer segment held a larger market share in 2021. The demand for accelerometers sensor has been increasing, as it is the most helpful sensor for wearable devices to measure and assess physician assistants in clinical/laboratory settings or free-living environments. Due to the high demand for wearable technology, many market players are investing in manufacturing advanced accelerometers, such as NXP Semiconductors NV, Analog Devices, ST microelectronics, and others. For instance, in 2022, TDK Corporation launched InvenSense ICM-45xxx SmartMotion™ with BalancedGyro™ technology for consumer applications.
Players operating in the wearable sensors market are mainly focused on the development of advanced and efficient products.
- In 2021, Analog Devices acquired Maxim Integrated to boost its analog and mixed-signal portfolio, expand its reach in more markets, and broaden its digital and sensor products, serving the communications, automotive, consumer, and industrial sectors end-markets.
- In 2020, Infineon Technologies AG acquired Cypress Semiconductor Corporation to strengthen structural growth on a broader range of applications such as semiconductors, automotive microcontrollers, sensors, and security solutions.
The wearable sensors market is analyzed on the basis of sensor type, application, and vertical. 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. In 2021, the accelerometer segment led the wearable sensors market and accounted for a larger market share. Based on application, the market is segmented into smart wristwear, smart glasses, smart bodywear, smart footwear, and other applications. In 2021, the smart wristwear segment led the wearable sensors market and accounted for a larger market share. Based on vertical, the market is segmented into consumer electronics, healthcare, enterprise, and industrial. In 2021, the consumer electronics segment led the wearable sensors market and accounted for a larger market share. The market is segmented geographically into North America, Europe, Asia Pacific (APAC), and the Rest of the World (ROW). In 2021, APAC accounted for a significant share in the global market.
The key market players profiled in the study are Texas Instruments Incorporated, NXP Semiconductors, Analog Devices, Inc. STMicroelectronics, Infineon Technologies AG, Sensirion AG, Robert Bosch GmbH, Panasonic Corporation, TE Connectivity Corporation, TDK Corporation.
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
The wearable sensor have been in use for several years worldwide, however, the technology has been experiencing immense demand in recent years. Increasing reach of smart wearable devices and rising trend of miniaturization are supporting the growth of wearable sensor market.
Internet penetration has increased notably in the last 5 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. According to Cisco Systems, the growth in connected wearable devices from 325 million in 2016 to 529 million in 2018, particularly in healthcare applications, which will increase the demand of connected wearable device in the upcoming years. Therefore, with the burgeoning popularity of connected devices there will more opportunities for wearable sensor.
The global wearable sensor market was dominated by accelerometer segment accounted for the largest share in 2021 during the forecast period. Accelerometer is anticipated to continue drive the wearable sensor market by sensor type segment owing to the significant adoption of in various applications. The gyroscope segment is the second largest segment gaining its prominence during the forecast period.
In 2021, APAC led the market with a substantial revenue share, followed by North America and Europe. China is the leading country in Europe for wearable sensor, and it is expected to rise rapidly over the projection period, followed by the India and Japan.
The major companies in wearable sensor includes STMicroelectronics, Infineon AG, Texas Instruments, Analog Devices Inc, InvenSense Inc. The ranking has been derived analysing multiple parameters such as annual revenue earned from wearable sensor portfolio, client base, geographic locations, R&D expenditure, brand image, and number of employees, among others. These companies are actively participating in developing wearable sensor for various applications.
China held the largest share in APAC region. The country is considered the manufacturing hub of consumer electronics including connected wearables and largest share for wearables sensors. Being the largest market for consumer electronics, all the major connected wearables companies are have presence in the country and actively introducing new products. Moreover, the country law enforcement officials is known for using advance technology such as worn camera and smart glasses. These factors is driving the growth of these services in the APAC region. Companies around the world are focusing on expanding their business to China which is among another factor which will create opportunities for the market players.
The List of Companies - Wearable Sensors Market
- Texas Instruments Incorporated
- NXP Semiconductors
- Analog Devices
- Inc. STMicroelectronics
- Infineon Technologies AG
- Sensirion AG
- Robert Bosch GmbH
- Panasonic Corporation
- TE Connectivity Corporation
- TDK Corporation
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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