New York, US, Aug. 02, 2021 (GLOBE NEWSWIRE) — Wearable Sensors Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Wearable Sensors Market Information by Type, Application, End User, and Region – Forecast till 2027”, the market is estimated to reach USD 11.07 Billion by 2025 at 7.2% CAGR.
Market Scope:
Wearable sensors can be used for both diagnostic and monitoring purposes. Physiological and biochemical sensing, as well as motion detection, are among their existing capabilities. It’s difficult to overestimate the scope of the issues that these technologies could assist solve. Physiological monitoring could aid in the detection and treatment of a wide range of neurological, cardiovascular, and pulmonary illnesses such as seizures, hypertension, dysthymias, and asthma in a large number of people. Home-based motion sensing could help reduce falls and increase a person’s independence and community participation.
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Competitive Landscape:
The notable players of the market are:
- InvenSense, Inc. (U.S.)
- Texas Instruments Incorporated (U.S.)
- KIONIX, INC. (ROHM Co., Ltd.) (U.S.)
- Measurement Specialties, Inc. (U.S.)
- Analog Devices, Inc. (U.S.)
- ZOLL Medical Corporation (Asahi Kasei Corporation) (U.S.)
- Freescale Semiconductor, Inc. (U.S.)
- Panasonic Corporation (Japan)
- Robert Bosch GmbH (Germany)
- STMicroelectronics (Switzerland)
- Infineon Technologies AG (Germany)
Market Drives
Fast sensor technology advances, such as the rise of in-home wearable sensors for babies and remote patient control, are important market drivers. A growing senior population in Western countries, as well as an increase in the prevalence of lifestyle disorders such as hypertension, cardiovascular disease, diabetes, and others, as well as rising treatment costs, are driving the development of remote patient care systems. As the number of people suffering from chronic illnesses climbs, so does overall health-care spending, necessitating a continuous examination of viable solutions to give high-quality care at a fair cost.
The increased popularity of various types of wearable devices in healthcare and wellness is one of the primary drivers of this industry. Furthermore, incentives such as ongoing surveillance, increased government financing, and increased healthcare spending have spurred corporate growth over the forecasted timeframe. The miniaturization of physiological sensors, the growing development towards advanced feature sensors in smart devices, the increase in battery sizes, and the increasing need for continuous tracking in healthcare services are all major factors driving the demand for wearable health sensors to grow profitably.
Market Restraints:
The race to develop cost-effective alternatives has heightened supplier competitiveness and is their largest roadblock. Regulatory issues and high wearable product prices could slow market expansion during the projected period.
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COVID-19 Analysis
The recent COVID-19 pandemic has had an impact on the global market for wearable sensors, owing to the growing influence of telemedicine. People are supposed to avoid group meetings in order to comply with social distance. This is why doctors use telemedicine to treat patients from afar without risking the infection spreading. The emergence of telemedicine, as well as the development of artificial intelligence (AI) integration technologies and infrastructure to support medical staff, boosted demand for wearable medical equipment.
Market Segmentation
Global Wearable Sensors Market has been segmented into Application, Type, and End User.
The market has been segmented, by type, into motion sensors, medical sensors, image sensors, position sensors, pressure sensors, inertial sensors, and other sensors.
The market has been divided into smart wristwear, smart glasses, smart bodywear, smart sneakers, and other wearable gadgets based on application.
The industry has been divided by end-users into consumer applications, healthcare applications and business and manufacturing applications.
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Regional Analysis:
Global Market’s geographical overview has been conducted in four major regions, including the Asia Pacific, the Americas, Europe, and the middle east and Africa.
The Americas maintain a significant market position in the global market due to the presence of a large diabetic and obese population, as well as the rising prevalence of cardiovascular illnesses. In comparison to other countries, North American wearable sensor demand accounts for the greatest share of worldwide wearable sensor demand. This is owing to the high rate of digital component adoption in the consumer electronics, health, smart textiles, and sports industries, all of which are critical to the area economy’s growth. Furthermore, some government-sponsored research funds are available.
The European market for wearable sensors is expected to be the second-largest throughout the forecasted age. Technical advancements leading to the launch of new pharmaceuticals, high healthcare expenditure and strong government financing for research and development, rising chronic disease rates, and an increasing number of diabetic patients are expected to drive market expansion in this area.
Asia-Pacific is predicted to be the fastest-growing area, thanks to the booming healthcare industry and customer understanding of technology and computers in everyday life. In addition, multi-national corporations and regional players are investing in and developing new wearable sensor technologies. In comparison, Australia had a 13.5 percent market share in the Asia-Pacific area in 2018.
The Middle East and Africa have the smallest market share, owing to the predominance of poor economic conditions in Africa. Gulf countries: Saudi Arabia and the United Arab Emirates drive the Middle East and African economies because of their well-developed healthcare systems and high per capita incomes. Furthermore, the Middle East and Africa market is expected to grow steadily due to a lack of access to healthcare facilities and a lack of awareness.
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