Wearable Sensor Market Growth – Ensuring Health & Regional Security
The profusion of wearable devices that necessitate real-time tracking of motion sensing activities, rising demand for wearable devices, transitioning from preventive to predictive healthcare, a proliferation of all-inclusive internet of things (IoT) and availability of high-speed connectivity are few of the factors that are core drivers of wearable sensors market. The growth is expected to be augmented by high investments in research and development that is leading to miniaturization of sensors as well as plausible elimination of high-power consumption. Another aspect that is anticipated to catapult the wearable sensors market to unprecedented heights is the growing middle-income group which is further expected to attain higher earning capacity through the means of a higher degree of education thereby resulting in a conscientious investment in healthcare and related aspects.
Total Household Spending, European Union (28 Countries)
In millions of US$
Through constant research and development today, wearable sensors are being increasingly combined with attire and accessories whereby metabolic activities like heart rate, calorie count, blood oxygen level, and blood pressure can be satisfactorily monitored. Further, this data can also be shared with licensed healthcare practitioners or clinicians should the need arise. In view of the above, the healthcare segment is estimated to augment the growth of the wearable sensors market during the next few years. Further another sector that is expected to further push the boundaries of wearable sensors market is that of the defense and aerospace sector. With the concept of the Internet of Battlefield Things (IoBT) which was coined by U.S. Army Research Laboratory (ARL) to facilitate predictive analytics and transition the traditional command and control to a smart one, rendering battlefield services even more high-tech than it already is.
The defense sector is estimated to create ample opportunities enabling the growth of wearables sensors market
According to the Stockholm International Peace Research Institute (SIPRI), the global expenditure toward the military was estimated to be $1917 billion in 2019 the highest since 1988. Further, the global military expenditure as a share of global GDP (gross domestic product) in 2019 was 2.2% which is a minor increase from that of 2018. With the military expenditure that is to the tune of $732 billion, the USA was by far the largest spender accounting for 38 % of global military spending, an increase of 5.9% in 2019 from 2018. Followed by China which is the world’s second-largest military spender with an estimated budget allocation of $261 billion in 2019, which is equivalent to 14% of the global military expenditure. Along with the USA, Russia is increasingly invested in the modernization of its military that has required more military spending. Besides, soldiers are the most agile information gathering points on the battlefield. This creates an opportunity for military modernization to take into account of various sensors to be amalgamated with soldiers' equipment to provide the command center with information that is comprehensive and multidimensional. The first area of concern is that of the soldiers’ health which will ensure more optimized and adaptive execution in the multifaceted operational environment of the battlefield.
Military Expenditure, in Constant Us Dollars (World Total)
In billions of US$
This has necessitated investment in R&D of more ruggedized biosensors which are capable of providing real-time feedback on soldiers’ health, performance, and biothreats. In view of the above, it should be noted that Naval Air Systems Command (NAVAIR) had reportedly released a request for information regarding “physiological monitoring fabrics” for “biosensing garments suitable for Naval aviation” in December 2019. Moreover, in July 2020 it was reported that a NextFlexx consortium is working alongside U.S. Army and Air Force Research Laboratory to manufacture wearable health-monitoring devices, among others, in a potential cooperative agreement spanning over 7 years and which is to the tune of $154 million. While the aforementioned was pertaining to the health and wellbeing of the soldier another development that has recently taken place is that of a tactical nature in warfare. In July 2020, Raytheon Technologies Corporation (NYSE: UTX) had reportedly incorporated an application about military situation awareness based on a smartphone into a wearable system that has been created to aid soldiers to discern the location of hostiles sniper or fire attacks. Monikered as Boomerang Warrior-X technology, it employs a sensor that is used in the Boomerang III gunfire locator, which has been jointly developed by Defense Advanced Research Projects Agency and Raytheon BBN Technologies.
Albeit commercially available wearable devices incorporate a variety of sensors, necessitated by COVID 19, temperature sensors are anticipated to dominate this market
The onset of COVID 19 has affected many industries in an unprecedented manner. The semiconductor industry too, is one such industry that is experiencing a high degree of engagement by the traditional MedTech companies, non-industrial players as well as startups. Further with the detection of COVID 19 symptoms in the mix, temperature sensors have emerged as indispensable along with a few other complimentary wearable sensors. To this end, the most recent development is the announcement of the commercial availability of a wearable wrist tracker in July 2020 that is capable of detecting symptoms of COVID 19 at an early stage during August this year. The device is being developed by a startup that is incubated by the Indian Institute of Technology, Madras, India, which is reportedly raising a fund of Rs 22 crore. The device has heart rate, skin temperature, SpO2 (blood oxygen saturation) sensors incorporated that enables the continuously tacking these vital statistics remotely.
Further, in July 2020 an expansion of the Masimo SafetyNet™ platform was announced by Masimo (NASDAQ: MASI)with the introduction of Radius Tº™, a wearable, wireless sensor that provides continuous body temperature measurements. Masimo is a MedTech company renowned globally for developing and producing a wide selection of industry-leading monitoring technologies that includes solutions pertaining to automation, connectivity, innovative measurement, patient monitors as well as sensors. Further in July 2020, it was announced that Celsium the maker of wearable, medical-grade monitoring device intended for measuring core temperatures of the body, which essentially is a temperature sensor mounted over armpit that connects via Bluetooth to a smart monitoring platform and has been approved by the EU and US regulators as a medical device is reportedly raising capital for its expansion.
Leave a ReplyWant to join the discussion?
Feel free to contribute!