Commonly
known as wearable sensors, sensors based on micro-electromechanical
systems (MEM) are capable of processing and quantifying certain
elements in their surroundings. Wearable sensors are embedded into
devices that we wear and use every day, such as watches or bracelets.
They can monitor bodily activities such as heart rate, body
temperature, and blood pressure. This is a priceless asset for those
who need to keep a check on their physical state or even for those
who are simply health-conscious.
The
key growth driver for the global wearable
sensors market has always been the increasingly health-conscious
global population. Their growing numbers results directly in an
elevated demand for wearable health tracking technology, which
incorporates wearable sensors. However, wearable sensors have only
recently evolved from their nascent stage of pure research and
development to be available to the masses. Due to this, prices for
technologies offered by the global wearable sensors market have been
rather steep. The ongoing technological advancement means that
manufacturers will find ways to produce wearable sensors in larger
number more efficiently, thereby meeting the growing demand at
cheaper prices.
Healthcare
Sector Shows High Demand for Wearable Sensors
There
are currently three top user segments for the global wearable sensors
market: security, healthcare, and fitness. Of these, the healthcare
segment has recently shown a high level of demand for wearable
sensors that can be used to monitor and scan patients. One of the
other top end users for the global wearable sensors market is
consumer electronics, smartphones in particular. Another segment that
is generating a high demand for the global wearable sensors market is
gaming. All segments employ customized wearable sensors that are
built for the specific purpose that they seek. They all are set to
benefit from the technological advancements that are occurring in the
various industry verticals. Two of the most commonly used devices in
the global wearable sensors market are fitness bands and
smartwatches.
Growing
Demand for Motion Sensors sees the Global Wearable Sensors Market
Through
The
motion sensors segment held the largest share in the global wearable
sensors market in 2014, amounting to US$24.7 million. The segment is
expected to stay the leading product type in the coming years. Other
product segments include medical sensors, position sensors, image
sensors, temperature sensors, and pressure sensors. According the
various applications, the global wearable sensors market was led by
wrist wear in 2014, when it generated US$32.6 million in revenue. The
boom in the demand for smartwatches and fitness bands has fueled the
growth of this segment. Wrist wears are expected to grow at a
stupendous CAGR of 45% between 2014 and 2020.
North
America Leads Global Wearable Sensors Market
North
America displayed a growing desire to maintain healthier lifestyles,
especially in the U.S., Mexico, and Canada. The region also plays
host to some of the biggest names in the global wearable sensors
market. Their research and development efforts are therefore aimed
directly at the consumers in this region, prompting its growth even
further. Some of the top participants in the global wearable sensors
market include Panasonic Corporation, NXP Semiconductors, Infineon
Technologies AG, Analog devices Inc., Freescale Semiconductor Inc.,
and Texas Instruments.
Armed
with an astounding expected CAGR of 45.2% from 2014 to 2020, the
global wearable sensors market is set to flourish in almost all its
segments. The market’s previous values of US$50 million in 2013 and
US$70 million in 2014 stand as evidence of the huge growth potential
it holds. If this growth rate holds, the global wearable sensors
market will reach US$656.7 million in 2020. With the huge demand that
it’s currently experiencing from healthcare and consumer
electronics, we can see that the global wearable sensors market is
here to bring about a big change in the way we live.
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