Wearable Health Sensor Market - Forecasts from 2018 to 2023
Wearable health sensor market is expected to grow at a CAGR of 63.61% over the projected period to reach US$1,955 million by 2022, from US$170.252 million in 2017. Rising global aging population and growing cases of chronic diseases such as cancer, diabetes and cardiovascular disease across the globe are some of the key drivers of global wearable health sensor market, as theses sensors provide continuous real-time feeds of vital signs of the patient and also alert the medical center in case of any anomalies. Moreover, technological advancements in the industry coupled with declining prices of sensors are further propelling the demand of these sensors. Others additional growth factors include miniaturization of physiological sensors, improvement in battery sizes, and advancements with respect to the sensor accuracy. However, restraints such as data security and compliance issues, low consumer awareness regarding the benefits of these sensors, lack of clarity in health communication protocols and standards will hinder the market growth during the forecast period.
Growing healthcare industry along with rising costs of medical treatments in hospitals in European region will escalate the demand for wearable health sensors in the region during the forecast period. Asia Pacific region is anticipated to witness the fastest market growth due to the presence of a large number of sensor manufacturers in the region, along with increasing adoption of sensor-enabled devices for health applications. Furthermore, growing awareness regarding good health and fitness will boost the demand for health and fitness sensors in the region.
The global market for wearable health sensor is highly fragmented with the presence of several large and small vendors. The large vendors owing to their brand image get an advantages position in the market. The global wearable health sensor market is highly competitive in terms of price, technology, and features offered. The vendors are largely focusing on the development of advanced sensor technology in order to differentiate themselves and attain a competitive advantage. The major players discussed in the report include Panasonic Corporation, NXP Semiconductors, Analog Devices, Infineon Technologies, Samsung, Sony, and Motorola among others.
Wearable health sensor market has been segmented by type and geography.
Europe Middle East and Africa
Middle East and Africa