According to the new market research report "Wearable Sensors Market by Type (Accelerometers, Magnetometers, Gyroscopes, Image Sensors, Inertial Sensors, Temperature & Humidity Sensors, Pressure & Force Sensors, Touch Sensors and Motion Sensors), Application (Wristwear, Eyewear, Bodywear), Vertical, and Geography - Global Forecast to 2022", The wearable sensors market is expected to grow from USD 189.4 Million in 2015 to USD 1,654.0 Million by 2022, at a CAGR of 30.14% between 2016 and 2022. The major factors driving the growth of the wearable sensors market include the increasing advancement toward smaller, smarter, and cheaper sensors, miniaturization trend in sensors, and mounting benefits of wearable devices in the healthcare sector.
Driver: Miniaturization trend in sensors
Wearable devices such as wristwear, bodywear, and eyewear are increasingly being used in healthcare and consumer infotainment. Over time, wearable products technology has improved steadily, and the devices are becoming smaller. According to the Irish Times (2015), the trend in the wearable ecosystem is slowly moving from “wearables” to “hearables” and by the next decade, wearable devices will be “disappearables.” This implies that the major players in the wearable ecosystem such as Fitbit, Apple, and Garmin are constantly striving to offer high-end innovations in wearable products (such as wearable devices with maximum functionalities and small size).
The miniaturization of sensors using microelectronics has been instrumental in the development of wearable devices. One of the major hurdles in the adoption of sensing technology, especially for wearable electronics, is the size of the sensors. The hardware components gather the physiological and movement data which is suitable for long-term monitoring applications. Companies such as STMicroelectronics, NXP Semiconductors, and Broadcom are the major players investing heavily in R&D. The increasing use of sensors based on MEMS, nanoelectromechanical system (NEMS), and CMOS technologies is also another key market driver.
“Wearable sensors market in North America expected to grow at the highest rate during the forecast period”
Wearable sensors have a growing demand in North Americaowing to the increasing focus of the region toward industrial, consumer electronics, and healthcare sectors. In this study, the North Americanmarket has been segmented into Canada, Mexico, and the U.S. The APAC region is among the major markets for various sectors such as consumer electronics and industrial. Moreover, Europe is one of the potential markets for healthcare and industrial sectors as countries such as the U.K, Germany, and France are actively trying to strengthen their position in these markets.
The major companies involved in the development of wearable sensors include NXP Semiconductors N.V. (Netherlands), STMicroelectronics N.V. (Switzerland), TE Connectivity Ltd. (U.S.), Broadcom Limited (U.S.), Knowles Electronics, LLC. (U.S.), Analog Devices, Inc. (U.S.), Infineon Technologies AG (Germany), Asahi Kasei Corporation (Japan), Sensirion AG (Switzerland), InvenSense, Inc. (U.S.), Robert Bosch GmbH (Germany), Texas Instruments Incorporated (U.S.), Panasonic Corporation (Japan), mCube, Inc. (U.S.), ams AG (Austria), and ARM Holdings Plc. (U.K), among others.
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