The wearable sensors market is projected to grow at a CAGR of 26.67% to reach US$2.529 billion by 2025, from US$0.612 billion in 2019. Demand for these types of sensors has been experiencing an upswing since the major technological revolution over the last decade, which led to the miniaturization of devices and their connectivity to the internet and smartphones. Other key factors that have augmented the demand for these sensors are advancements in sensor technologies, multiple channels of wireless communication and longer battery life of the wearables. These sensors have found major applications across the healthcare sector and are being implemented actively for different applications like monitoring heart rate, pulse, body temperature, calories burnt among various other parameters. Personalized and remote health monitoring has also impacted the market demand for these sensors with new forms of devices being commercialized or, are in the research and development phase. Even though, the demand for these sensors is growing exponentially; high power usage, privacy and security concerns are some of the factors restraining the market growth. Geographically, North America is expected to hold a major share owing to the early adoption of technology, and the highest health expenditure of the United States among all the developed regions of the world. While the Asia Pacific region is expected to be the fastest-growing, this is due to the growing consumer electronics industry, especially in the emerging economies of India and China. The growing consumer electronics industry here is attributed to the high consumer base where with the increase in the family income and per capita disposable income, consumers are willing to spend more on products such as wearable sensors and other mobile devices. Also, with the changing lifestyle conditions, consumers are becoming aware of self-care benefits and are keen to remain up-to-date in regard to their health status.
The growing geriatric population coupled with the adoption of healthy aging is driving the growth of the global wearable sensors market in the forecast period.
The older population is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050 (source: National Institutes of Health). With the rise in upcoming advancements in sensor technology and adoption of the healthy lifestyle conditions, the aging population is becoming aware and are interested in choosing healthy aging. This has further helped the older people to keep a check on their day-to-day activities in order to remain healthy. For patients residing in remote areas, wearable sensors are capable of giving real-time information to doctors avoiding the need for frequent hospital visits. Therefore, the older population can remain stress-free about their well-being and can equally contribute to society. Hence the growing geriatric population worldwide is providing an opportunity for the market to thrive at a rapid pace in the forecast period.
North America is expected to hold a significant market share in the forecast period.
The wearable sensors market is estimated to hold the largest market share owing to the highest health spending of the United States, healthcare services are very expensive, most of the people in the country have medical insurance, and the country does not have a universal healthcare system. Additionally, the stakeholders in the United States are moving from volume-based to value-based care by reforming policies, programs promoting operational efficiency, technology use, population health management, wellness, and addressing the social determinants of health. There is a shift in the healthcare market dynamics owing to the better patient outcome at lower costs, changing demographics like an aging population, and a high prevalence of people with chronic diseases. Thus, this has led to the development of technologies and services which provide better tracking of the patients’ health and provide the consumers to be in greater control of their own health management. Designing effective healthcare strategies according to the highly aware and curious citizens in addition to the unique healthcare system among the other developed regions has created a need for the provision of better health services emanating the growth of the global wearable sensors market in this region during the forecast period.