Transparency Market Research has published a new research report on the global wearable sensor market. According to the report, the global wearable sensor market is expected to expand at a 45.20% CAGR till 2020. The report, titled ‘Wearable Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020’, states that the global wearable sensor market is primarily driven by factors such as increasing health awareness and advancements in the healthcare sector.
Wearable sensors are commonly used to monitor patients suffering from a variety of diseases. Demand for wearable sensors is expected to increase from several industries, such as sports, gaming, and consumer electronics. Demand for advanced tablets and smartphones is on the rise, which allows integration of smart applications such as wearable sensors to contribute greatly towards the worldwide demand for wearable sensors.
Wearable sensors installed in a wide variety of wearable devices allow the devices to capture and sense motion, images, temperature, pressure, and other elements. Wearable sensors are fixed in devices that can be embedded into footwear, body-wear, eyewear, wrist-wear, and many others. Increasing application of wearable sensors is expected to expand the global wearable sensor market in the coming few years. The growing need to manage and monitor personal fitness and security by using smart wearable devices is predicted to accelerate the growth of the global wearable sensor market during the period from 2015 to 2020. Technological advancements and dropping prices of wearable devices have boosted the demand for wearable sensors in the recent past.
The global wearable sensor market is segmented on the basis of geography, application, and product type. Based on geography, the global wearable sensor market is classified into Europe, Asia Pacific, North America, and Rest of the World. In 2014 the North America wearable sensor market dominated the global wearable sensor market. Rapid technical advancements in wearable sensors are expected to drive the North America wearable sensor market by 2020. Asia Pacific and Europe collectively accounted for a 50% share in the global wearable sensor market in 2014. Development in healthcare services will make the Asia Pacific region the fastest developing region by 2020.
By product type, the global wearable sensor market is divided into motion sensors, pressure sensors, temperature sensors, image sensors, position sensors, and medical-based sensors. In 2014, in terms of revenue, the motion sensor sector accounted for US$24.7 mn and is predicted to maintain its dominant position till 2020. The motion sensor sector has numerous applications, such as smartwatches, consumer durables, smart glasses, biometric wearables, fitness bands, and others.
By application, the global wearable sensor market was dominated by the wrist-wear sector in 2014, accounting for US$32.6 mn. The demand for smartwatches increased by 31.6% in 2014, leading to growth of the wrist-wear sector. The launch of smartwatches from brands such as Nike, Samsung, Sony, and others has driven the global wearable sensor market in the recent past. Considering the increasing demand for smartwatches, the wrist-wear sector is expected to rise at a 45.0% CAGR during the period from 2014 to 2020.