Market Research Report
Global Wearable Sensors Market Research and Forecast 2018-2023
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|Global Wearable Sensors Market Research and Forecast 2018-2023|
|Published: April 25, 2018||Content info:||
The Global wearable sensors market is expected to grow with a CAGR of 14.6% during the forecast period (2017-2023). Wearable sensors are components that are embedded in wearable devices for collecting the information of physiological and biological properties of the human body and the surrounding environment. The information is measured and stored for the enhanced understanding of health and fitness related activities. Some of the parameters monitored by the wearable sensors are body temperature, stress level, heart rate, heart pressure, velocity, blood pressure, speed, movements, and local temperature. Wearable sensors can be implemented in various wearable devices that include smart-watch, body-wear, smart shoes, fitness watch, virtual reality headsets, glasses, jewellery, and sleep masks. The various factors that are significantly contributing towards the market growth include real-time data collection, envisaging and alerting consumers about the health hazards, and continuous health tracking and monitoring system.
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Increasing adoption of wearable devices for the monitoring of patient's health from remote location and increase in penetration of wireless connectivity across the globe are some of the factors propelling the growth of the global wearable sensors market. Moreover, wearable devices facilitate continuous monitoring of various parameters related to health and environment. Wearable sensors devices have applications in various sectors that include healthcare, fitness, lifestyle, security, sports, and automotive. Furthermore, the decreasing cost of wearable devices and introduction of attractive accessories are key factors adopted by the market players for boosting the growth of the wearable sensors market across the globe. However, factors such as high cost of advanced technological sensors and concerns related to data security are likely to hamper the growth of the global wearable sensors market.
The wearable sensors market can be segmented on the basis of type, integrating system, technology, deployment type, and end users. Based on type, the market is segmented into accelerometers, magnetometers, gyroscopes, image sensors, inertial sensors, temperature & humidity sensors, pressure & force sensors, touch sensors and motion sensors, chemical and biochemical sensors, and others. Based on integrating system, the market is bifurcated into CMOS wearable sensors, application-specific integrated circuit (ASIC), microsystems technology (MST), and optical spectroscopy. Based on technology, the market is segmented into Bluetooth, zigbee, Wi-Fi, radio-frequency identification (RFID), near field communication (NFC), z-wave, and ANT. Based on deployment type, the market is segmented into eyewear, clothes, wrist wear, pendant-type, body wear, headwear, ear wear, and others. Based on end users, the market is diversified into healthcare, industrial, defense, sports, automotive, aerospace, security and surveillance, and others. Among type of wearable sensors, the accelerometers hold a major share in the wearable sensors market. Accelerometers are widely used in smart bands and smart watches for tracking and monitoring of user actions.
The global wearable sensors market is further analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. North America holds a dominant position in the global wearable sensors market. This is mainly owing to early adoption of advanced technologies in the region such as sensing technology. Moreover, the increasing awareness of consumer towards healthier lifestyle is significantly contributing towards the growth of the market in the region. Asia Pacific is expected to showcase a fastest growth in the global wearable sensors market over the forecast period. The low cost of wearable sensors in the region and favorable reimbursement policies are fueling the growth of the wearable sensors market in the Asia Pacific region.
Some of the key vendors of the wearable sensors market are Panasonic Corporation, TDK, ST Microelectronics, Robert Bosch GmbH, ams AG, and Broadcom, among others. In order to sustain in the competitive market, these players adopt various strategies such as Acquisitions, mergers, expansions, joint ventures and product development and so on. For instance, in January, 2018, L'Oreal, the global leader in beauty products, has announced the launch of two sun safety products, UV Sense and My UV Patch. The product consists of a sensor that tracks the sun exposure for lowering the risk of skin cancer. The UV Sense device is very small in size- measuring nine millimeters in diameter with two millimeters in thickness.
The market study of wearable sensors market is incorporated by extensive primary and secondary research conducted by research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report country level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders and industry experts. Primary research brings the authenticity in our reports.
The Report is intended for sensors manufacturers, healthcare provider, Government Organizations for overall market analysis and competitive analysis. The report provides in-depth analysis on pricing, market size, intended quality of the product preferred by consumers, initial norms and vehicle segment. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models such as PEST analysis, Porter five analysis delivering insights into the market for better business decisions.
Global wearable sensors market is segmented on the basis of regional outlook and following segments: