Global Wearable Sensors Market is expected to grow at a CAGR of 33.1% during the forecast period 2022-2030

Global wearable sensors market is estimated to grow at a CAGR of 33.1% during forecast period (2022-2030). The market is expecting massive rise in the demand due to advancement in healthcare industries and the miniaturization of sensors. Further, the increasing adoption of Internet of Things (IoT) and augmented reality is the major factor triggering the wearable sensors market growth. IoT has a huge impact on various industry verticals such as manufacturing, healthcare, consumer goods and services etc. and wearable sensors market is growing due to adoption of IoT for more personalized experiences. The wearable devices such as fitness band, health tracker and IoT-driven monitoring devices help in tracking daily activities.

Healthcare leads the vertical segment in the global wearable sensor market by capturing largest market share of over 41% in 2021. Owing to the ability of the wearable devices to track a person’s physical activity, biological signals such as heart rate, blood pressure and versatility, portability offered by wearable devices, they have received a wide adoption in the healthcare. These devices have potential application in remote healthcare monitoring which is expected to foster growth opportunities in the healthcare wearable sensor market.

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Wrist wear leads the application segment in the global wearable sensor market by capturing largest market share of over 29% in 2021. Wrist wear market is anticipated to grow at a highest CAGR of 33.4% during the forecast period 2022-2030. The wrist is considered as an ideal place for a fitness as the pulse can be easily located and measured around as it enables a sensor to measure movement (such as increments of steps that are depend on specific arm movements) which acts as the major driver for the wide adoption of wrist wears. Moreover, high funding in-order to develop wrist wears with advanced features is also positively affecting the wrist wear market.

Motion sensors leads the type segment of the global wearable sensor market by capturing largest market share of over 12% in 2021. Motion sensor market is anticipated to grow at a CAGR of 34.2% during the forecast period. Motion sensors comprises of different wearable motion sensors such as electromyography (EMG) sensors, Arduino muscles sensors, simple super muscles sensors etc. Wearable motion sensors are those sensors which are in direct contact with body to track the movement of the body. Major application of these sensors are in various fields such as healthcare, fitness, industries etc. Rising adoption of motion sensors is expected to be the key driver for the growth of motion sensor market. Wearable electronics across different application areas such as entertainment, healthcare, fitness etc. is expected to grow the market. According to World Economic Forum, large number of people are using wearable fitness and healthcare devices globally due to rising awareness and concerns related to health and fitness.

North America leads the global wearable sensor market by capturing largest market share of over 37% in 2021. North America wearable sensor market is anticipated to grow at a CAGR of 33.4% during the forecast period. North America wearable sensor market is primarily driven by high disposable income per capita in US and Canada, high investment to the wearable tech startups coupled with rising adoption of wearable devices. Further, the presence of pool of companies such as Texas Instruments (US), Analog device Inc. (US), Knowles Electronics Llc (U.S.), Broadcom (US) that have captured a large share in global wearable sensor market also influences the growth of North America wearable sensor market.Moreover, Asia Pacific is anticipated to be the fastest growing region during the forecast period with a CAGR of 34.5%. Further, high investment in the company’s manufacturing wearable devices is also sorting to be the major driver for the growth of wearable sensor market in Asia Pacific.

Product launch is the primary strategy adopted by the companies in the wearable sensor market. New and advanced products enable to enhance the company's visibility while competing effectively with the key competitors already present in the market. Partnership and collaboration remain as the secondary strategy adopted by the companies in the wearable sensor market. The intensity of competitive rivalry in wearable sensor market is expected to move from moderate to high over the forecast period 2022-2030. Technology advancement, increasing awareness of health and fitness, increasing usage of smart devices, and adoption of IOT (Internet of things) are some the factors fueling the wearable device market.

KEY MARKET MOVEMENTS

• Global wearable sensors market is estimated to grow at a CAGR of 33.1% during forecast period (2022-2030).
• Healthcare leads the vertical segment in the global wearable sensor market by capturing largest market share of over 41% in 2021.
• Wrist wear leads the application segment in the global wearable sensor market by capturing largest market share of over 29% in 2021.
• Wrist wear market is anticipated to grow at a highest CAGR of 33.4% during the forecast period 2022-2030.
• Motion sensors leads the type segment of the global wearable sensor market by capturing largest market share of over 12% in 2021.
• Motion sensor market is anticipated to grow at a CAGR of 34.2% during the forecast period.
• North America leads the global wearable sensor market by capturing largest market share of over 37% in 2021.
• North America wearable sensor market is anticipated to grow at a CAGR of 33.4% during the forecast period.
• Asia Pacific is anticipated to be the fastest growing region during the forecast period with a CAGR of 34.5%.
• The intensity of competitive rivalry in wearable sensor market is expected to move from moderate to high over the forecast period 2022-2030.