Saturday, 7 March 2020

Global Wearable Sensors Market to Gain Benefit from Penetration of Consumer Electronics


Summary: 

Wearable sensors technologies have been weaved into consumer lives; thus, its future has no signs of slowing the growth down. The adoption of smart consumer electronic devices such as smartphones and tablets are increasing substantially owing to its efficiency in monitoring and gathering data about their health condition. Additionally, these sensors can be weaved with other devices, which widens its applications across several other devices. Also, with technological advancements, it has been used with shirts, rings, and glasses. Increasing demand for various wearable devices is augmenting demand for the wearable sensors, which in turn is likely to be beneficial for the market growth.


A guest post by Supriya Ghuge.

The adoption of wearables is likely to witness upswing owing to increasing inclination toward fitness and wellness. The attention toward health and a healthy lifestyle are the key factors fueling growth of the global wearable sensors market. Thus, the demand for suitable and convenient wearable devices including VR headsets and wrist-worn is increasing. Furthermore, the adoption of advanced wearable including smart shirts and rings, is also estimated to witness an upsurge in the coming years.

Increasing Geriatric Population:

The Global Health and Aging report presented to the World Health Organization (WHO) suggested that the number of people aged more than 65 is anticipated to increase from 524 million in 2010 to around 1.5 billion in 2050. WHO considers the increasing number of the elderly population are prone to catching life-threatening infections or chronic non-communicable diseases, which has created a need for advanced healthcare and monitoring devices. 

This factor has augmented demand for wearable sensors and in turn, is benefiting its market. Additionally, increased prevalence of diseases including hypertension, arthritis, high cholesterol, diabetes, cancer, heart disease, congestive heart failure, and dementia has impacted the demand for wearable sensors market. Moreover, increased spending of people on the consumer electronics coupled with urbanization and improving lifestyles of the people have boosted the consumption of wearable sensors.

Further, according to the Consumer Technology Association, the sales of the smartwatch has increased from 5 million in 2014 to 141 million in 2018. This growth is primarily attributed to the increasing awareness level about personal health among consumers.

Advent of Newer Technologies:

Technological development is anticipated to remain a key factor in augmenting market growth during the forecast period. Sensor miniaturization and manufacturing have popularity with rising demand for compact wearables. Increased spending over remote monitoring activities including heart rate, fall detection, blood oxygen level, and calorie count, are driving growth of the global wearable sensors market. Additionally, penetration of Artificial Intelligence (AI) and smart wearables in the medical devices and advanced medicines are helping the companies to acquire a substantial share in the global value of the wearable sensors market. Further, technological advancements offer the benefits of remote patient monitoring, which is propelling growth of the global wearable sensors market.

The key players and universities are trying to enter into the collaboration for further research and development. Also, the advanced research over the developing compact and effective wearable sensors is driving the growth of the global wearable sensors market. For instance, in October 2019, researchers at the University of Illinois at Urbana-Champaign have developed a more strain tolerant and more adaptable material by adopting the techniques used in kirigami, the Japanese art of paper folding. These sensors will be used to monitor the stress of the human body.

Another decent example is monitoring premature babies in an intensive care unit. The wearables placed in the sensors in the mattress offer the comfort and hustle less monitoring of babies. Launch of these kinds of techniques and products are likely to provide opportunities for growth in the global wearable sensors market.

New product launches:

The new players entering the wearable sensors market are trying to offer advanced technologies in wearables are available at comparatively lower prices, which is anticipated to drive the growth of the market. Additionally, the launch of the new model and expanding user pool are estimated to drive the market growth in the coming years. For instance, Omron Healthcare introduced HeartGuide in 2019, the device to monitor the blood pressure.

Market Outlook:

The factors including increasing incidences of chronic diseases coupled with an increase in the geriatric population have created a certain need for the advanced healthcare systems, and monitoring devices are fueling the market growth. Additionally, technological advancement, continuous investment in research and development, and newer product launches are estimated to benefit the market growth in the coming future.


However, the high costs of the wearable sensors and devices, including Apple Watch and Fitbit, are anticipated to pose as a key restraint to the market growth. The concern over data loss or leak among people are likely to slow down growth march of the wearable sensors market. Nonetheless, increasing health awareness among the people is estimated to offer opportunities to overcome the challenges in the market growth in years to come.

Conclusion:



The market for wearable sensors is likely to witness the most lucrative growth in the coming years owing to the rising penetration of consumer electronics in daily life. Additionally, the growing need for advanced healthcare options is leading to the increasing adoption of wearable sensors. On the back of these factors, the market is estimated to witness robust growth opportunities for growth of the global wearable sensors market. 

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