The global Wearable Sensors Market Growth Accelerated by Rising Health Concerns

 Wearable sensors facilitate real-time monitoring of various vital health parameters such as heart rate, blood pressure, respiration rate etc. These sensors help individuals track their activities, fitness routines and provide health insights. Advancements in sensor technology have enabled compact, precise and affordable solutions that can be seamlessly incorporated into consumer devices like watches and fitness bands. Growing incidences of lifestyle diseases along with increasing health awareness have boosted the adoption of such self-tracking wellness devices in recent years.

The global Wearable Sensors Market is estimated to be valued at US$ 978.86 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand for smart and connected healthcare devices has played a pivotal role in driving the adoption of wearable sensors. Continuous technological improvements have enabled incorporation of miniaturized medical sensors in consumer devices for unobtrusive health tracking. Furthermore, integration of innovative features like fall detection, Emergency SOS etc are expanding the scope of these sensors beyond fitness into medical monitoring applications. Intensifying focus on remote patient monitoring as well as prevention and early diagnosis is expected to further catalyze the demand. Growing preference for self-empowered health management using self-tracking tools is poised to open lucrative opportunities for wearable sensors market over the forecast period.

Segment Analysis
The global wearable sensors market is dominated by the fitness and sports segment. This segment accounts for over 30% share of the overall market owing to the rising health awareness among individuals and growing adoption of smart wearable devices for monitoring activities. Within the fitness and sports segment, activity trackers are the leading sub-segment. Features offered by activity trackers such as step counting, calorie tracking and sleep monitoring have made them very popular for daily fitness tracking.

Key Takeaways
The global wearable sensors market is expected to witness high growth over the forecast period of 2023-2030 on account of increasing health consciousness among people and growing number of geriatric population. The global Wearable Sensors Market is estimated to be valued at US$ 978.86 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.

Regional analysis reveals that North America is expected to be the fastest growing market for wearable sensors over the forecast period. The presence of major players and technology leaders in the United States is supporting the growth of the market in the region. Europe is also expected to witness significant growth owing to the increasing focus on innovations in wearable technologies by companies.

Key players analysis suggests that Google, Apple and Microsoft are the leading players in the global wearable sensors market. Google leads the market followed by Apple, mainly due to their dominance in the smartwatch category. All these major companies have launched their proprietary smartwatch platforms integrated with various healthcare features. Besides smartwatches, these companies are also exploring possibilities of integrating more sensors in other wearable devices.