The wearable sensor market is anticipated to witness significant growth over the forecast period owing to increase in demand across various application areas such as healthcare, security and lifestyle, especially fitness. Wearable sensors sense and process the surrounding environment, and are implanted in wearable devices so as to monitor body activities, including blood pressure, heart rate and body temperature.
Neoteric advancements in microelectronics, sensor manufacturing, telecommunication and data analysis techniques, provide avenues for adoption of wearable sensors in digital health ecosystem. Further, miniature circuits, front-end amplification, microcontroller functions and wireless data transmission have surpassed the drawbacks of previously used front-end electronics incorporating huge sensors. Increased penetration of wireless connectivity is also expected to fuel the wearable sensor market demand over the forecast period.
In addition to wearable sensors being used to monitor patients in the healthcare industry they are also used in sectors such as military, sports, fitness, entertainment etc. For example, Apple watch, which is a wearable sensor exhibits an accelerometer, microphone, gyroscope and a pulse sensor, and is used in an array of applications. Wearable sensors can be integrated into garments, wrist-bands, hats, shoes, eye-glasses, wrist-watches and smartphones, and provides several opportunities for the wearable sensor market growth.
Miniaturization, decreasing cost, integration with consumer electronic devices and accessories are a few key factors driving the wearable sensor market demand. Furthermore, market entry of a few leading industry players such as Apple, Microsoft, Google and Amazon, growing geriatric population, high occurrence of chronic diseases, high mobile and smartphone penetration, increased end-user acceptance, growing health and fitness awareness, home and remote patient monitoring, coupled with reduced digital health costs is expected to drive the wearable sensor market significantly. Cloud proliferation enables wearable sensors to be upgraded without the need for user installation of software in the monitoring device, thereby making it affordable and convenient to maintain the health monitoring systems network.
However, security concerns pertaining to data security pose to be a challenge to the wearable sensor market growth. Further, low consumer awareness regarding the benefits and usage of wearable sensors may also hinder market growth. In addition to the aforementioned limitations, a few other factors inhibiting the market growth include unfavourable government regulations,, interoperability issues and lack of clarity in health communication protocols and standards may also hamper market growth over the forecast period. Further, the key industry players face intense competition due to the availability of low-cost alternatives.
North America exhibits high market penetration as the region is characterized by continuous technological advancements. Further, Asia Pacific is also expected to witness a high growth rate over the forecast period owing to technological advancements in Japan and Korea.
The key market participants the wearable sensor arena include Texas Instruments, Freescale Semiconductor, InvenSense, Panasonic Corporation, Infineon Technologies AG, ST Microelectronics, Analog Devices, Inc.
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