(2019 – 2024) Wearable Sensors Market – CAGR GROWTH, TRENDS, ANALYSIS AND FORECAST
Wearable Sensors Market is expected to grow at a CAGR of 19.15% during the forecast period of (2019 – 2024). And report provides complete market overview, list of top manufactures, scope of the report, key market trends of Wearable Sensors market and main aspect about report- why should you buy this research report? so don’t miss it.
Wearable Sensors Market Overview:
The market for Global Wearable Sensors was valued at USD 9.08 billion in 2018 and is expected to reach a value of USD 26.62 billion by 2024 at a CAGR of 19.15% during the forecast period (2019 – 2024). Primarily owing to digitalization, the electronic industry has prospered significantly thereby driving the wearable technology devices that are widely used for self-health monitoring applications presently.
– Spending on consumer electronic products and owing to increasing urbanization and improving lifestyles of this growing population has raised health and safety awareness among people is also stimulating the growth of wearable devices. Furthermore, affordability and ergonomics provided by advances in miniaturized electronics, the proliferation of smartphones and connected devices, and the increasing need for low power, smaller, lighter sensors, and enhanced performance are also some of the factor stimulating the growth of wearable devices such as fitbits, ear wears, and smartwatches.
– For instance, smartwatch unit sales increased from 5 million in 2014 to 141 million in 2018, according to the Consumer Technology Association and this growth is mainly attributed to the growing awareness of personal health. Additionally, there is also a significant increase in the number of wearable devices being sold over the past few years. This trend has contributed to the increasing adoption of sensors in these wearable devices. Besides, growth in connected wearable devices from 325 million devices in 2016 to 593 million devices in 2018 according to the Cisco Systems hold a great deal of promise, specifically for healthcare applications.
– With various industries investing significantly in IoT devices, coupled with the declining IoT sensors, is expected to give rise to a significant demand for wearable devices across multiple sectors, which is expected to significantly boost the market growth for wearable sensors in the foreseeable future.
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List of Top Key-players/Leading Manufacturers of Wearable Sensors Market:
Scope of the Wearable Sensors Market Report:
Wearable devices have recently received considerable interest due to their great promise for a plethora of applications. Increased research efforts are oriented towards non-invasive monitoring of human health as well as activity parameters. A wide range of wearable sensors is being developed for real-time non-invasive monitoring.
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Key Trends of Wearable Sensors Market:
Healthcare and Fitness Sector Expected to Occupy the Highest Market Share
One of the most transformative shifts in the wearable sensor market can be seen in the healthcare sector. Digitization of products, services, and commerce models are democratizing current healthcare systems, integrating the current healthcare system with the latest technologies. This trend is surging the demand for connected health technologies such as wearables, telehealth, artificial intelligence, virtual reality, and others that support targeted health and well-being services.
– From tracking air quality through inhaler use to detecting breast cancer with bra inserts, healthcare wearable devices are used in the different applications for wearables as personalized treatment or therapy along with some pitfalls and controversies that accompany the friction on the leading edge of science. Lower regulatory hurdles, faster time to market, unmet needs of doctors to continuously obtain medical quality data from their patients, early diagnosis and some more factors continue to be the primary drivers for the market.456- The current market is dominated by large consumer health wearable companies such as Fitbit, Apple Watch, Samsung Galaxy Gear S, Misfit, Xiaomi, and several others. There is a huge competition in the market amongst the major players. One example is the case of Microsoft, a pioneer in wearable space who has recently reported to discontinue its Band fitness tracker.456- There have been several advancements in the healthcare sector such as introducing hearables, or wireless computing earpieces, and brainwave-reading technology. For instance, Continuous glucose monitors (CGMs) are becoming increasingly popular with diabetic patients, who can wear the devices all the time to keep an eye on their glucose levels.
North-America expected to Occupy a Significant Market Share
North America has the highest penetration for wearable sensors as they are the early adopters of newer technology. Increasing demand across various application sectors such as wearable technology for fitness, healthcare, and security is driving the North America wearable sensors market to grow lucratively.456- The region’s dominance is due to the urge to maintain a healthy lifestyle in countries such as the U.S. and Canada. Also, the increasing demand for wearable devices in the region in the consumer products sector is owing to the rising demand for wristwear and bodywear products growing in this market. A rapid increase in technological advancements in this region is also contributing to the growth of North America wearable sensors market. 456- Also, owing to increasing developments and innovations by US-based companies have contributed most significantly to the market in the region and specifically in the US resulting in increasing usage of wearable devices. In the US, wearables have proven to be popular among consumers and are steadily expanding into new industries, including health care. For instance, researchers at Northwestern University generated small, sticker-like wireless biosensors that monitor important vital sign, without the need for large equipment and wiring.
Reasons to Purchase Wearable Sensors Market Report:
- The report analyses how the stringent emission control norms will drive the global Wearable Sensors market.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Wearable Sensors market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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Overview of TOC, what it contains? –
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter’s Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Product Type
5.2 Distribution Channel
6 COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Most Active Companies
6.3 Most Adopted Strategy
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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