Wearable Sensors Market Scope
Market Research Future (MRFR) claims that the wearable sensors market 2020 can accrue a remarkable growth rate of 46.73% between 2018 and 2025, which is the evaluation period. The market value anticipated by 2025 is USD 11,076.90 Million, add MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Wearable Sensors Market Key Drivers and Barriers
In many ways, the COVID-19 outbreak and the subsequent lockdown have highlighted the importance of harnessing and leveraging digitization for remote patient monitoring. With the series of vaccines and viral tests emerging slowly, the need for more efficient disease monitoring technology has mounted, which can be met only with the use of wearable sensors. Wearable sensors’ users are constantly alert about any changes in the metrics that is related to SARS-CoV-2. Since the pandemic, the demand for wearable sensors has shot up among public health officials for obtaining data localized to specific zip codes anywhere in the world. Researchers have been using this essential tool to identify and curb the spread of the novel coronavirus, mostly during the second wave.
Technological innovation remains one of the prime growth boosters in the global market, with miniaturization becoming a key trend in light of the escalating demand for compact wearables. The market advancement has also been the result of the appealing use-cases of wearable sensors, especially its ability to sense the motion that helps track the movements in real time. The increasing funds going into remote monitoring activities like blood oxygen level, heart rate, calorie count and fall detection, also enhances the market’s growth potential. Over the coming years, the rising integration of medical wearable sensors in electronic products for better home-based and remote care medical care is anticipated to work in the market’s favor.
Furthermore, the growing use of wearable sensors for infant care at home and the launches of new products with advanced features by the leading firms can also benefit the worldwide market. Sensing the opportunity in the remote patient management area, top0 players are launching new products and solutions that cater to people at home, without the need to visit a hospital or clinic. For instance, in July 2020, Masimo launched Radius T, which is a wireless wearable sensor that gives consistent measurement of the body temperature to the user. Radius T offers remote notifications to the patient every time the body temperature goes outside the specified range.
Wearable Sensors Market Segmentation
The wearable sensors industry can be dissected with respect to type, application, and end user.
The primary types of wearable sensors include medical-based sensors, motion sensors, position sensors, image sensors, inertial sensors, pressure sensors, and more.
Smart wristwear, smart footwear, smart bodywears, smart glasses, and more are identified as the key application areas for wearable sensors. It is believed that the smart wristwear segment has remained in the lead since 2018, having held the value of USD 436.3 million the same year.
Key end-users mentioned in the market study are healthcare applications, enterprise and industrial applications and consumer applications.
Wearable Sensors Market Regional Insight
The wearable sensors market has been regionally considered for the Americas, APAC/Asia Pacific, MEA/Middle East and Africa as well as Europe.
North America is the most thriving market for wearable sensors Industry, thanks to the significant consumption rate of digital components in smart textiles, fitness, sports and consumer electronics. Apart from this, numerous research grants by the government and the notable expansion of the sports and fitness sector in the region has accelerated the market growth rate in recent years. The latter aspect has also give rise to the use of Fitbit, Google Glass, E-wristwatch and Microsoft band, in the region. The U.S/United States stands as one of the strongest markets in North America, on account of the massive pool of OEMs present in the country.
APAC is gaining speed rapidly and can soon be the fastest advancing market across the globe, as a result of the fast developing healthcare sector along with the increasing consumer awareness with regard to latest technologies. The increasing consumption of computing has also augmented the market size in the region. Adding on to the market lucrativeness is the increasing spending on new technologies and their continuous launch by the biggest corporations. In 2018, reports confirm that the APAC market was led by Australia, which seized a share of 13.5% and is currently growing at a breakneck speed.
Leading Wearable Sensors Market Firms
Some of the leading market firms outlined in the study include Xsens Technologies, InvenSense, Inc., STMicroelectronics, Google Inc., Wearable Technologies Service GmbH, Rackspace Hosting Inc., to name a few.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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