Market Research Future recently presented Global Wearable Sensors Market study with Detailed Review, Portraying about the Product/Industry Scope and Expounds Industry Outlook and status to 2023.
According to the analysis offered by Market Research Future (MRFR), the global wearable sensors market is expected to expand exponentially, in terms of value, at CAGR of 46.6% over the assessment period. In terms of volume, the market is estimated to strike a CAGR of 26.2% through the forecast period. The rapid developments in the sensor technology are presumed to drive the growth of the market over the next couple of years.
Wearable sensors facilitate continuous monitoring of the vitals which has influenced the buyers’ behavior pattern. The paradigm shift towards a healthy lifestyle has encouraged the people to adopt wearable sensors which are projected to augment the market over the assessment period.
The developments in the global economy have escalated the purchasing power of the people. It is likely to favor the expansion of the wearable sensors market positively through the review period. Furthermore, the integration of IoT in the healthcare industry is also expected to motivate the growth trajectory of the wearable sensors market over the next couple of years.
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The wearable sensors market, by type, has been segmented into motion sensors, medical based sensors, image sensors, position sensors, pressure sensors, inertial sensors, and others.
On the basis of application, the wearable sensors market has been segmented into smart wristwear, smart glasses, smart bodywears, smart footwear, and others.
On the basis of end-user, the wearable sensors market has been segmented into Consumer, Healthcare, Enterprise and Industrial and others.
The global wearable sensors market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is poised to capture the most significant share of the market and grow substantially in the upcoming years. The region houses the most prominent players of the market and is in a position to adopt innovation at the earliest. This, competitive edge of the region, is presumed to propel the expansion of the wearable sensors market over the next couple of years.
Europe, which has secured the second spot in the global wearable sensors market, is expected to thrive substantially in the foreseeable future. The regional market is equipped with technological advancements and purchasing power required for the growth of the market. Furthermore, the conscious awakening about healthy lifestyle among the people is another major factor expected to push the expansion of the wearable sensors market in the years to come.
Asia Pacific is projected to be the fastest growing region of the global wearable sensors market across the review period. The strong economic growth rate of the region has infused healthy purchasing power which is set to influence the proliferation of the wearable sensors positively over the assessment period. Meanwhile, the Rest of the World is forecasted to hold the least share of the market through the review period.
Some of the prominent players profiled in this MRFR report are InvenSense, Inc., Robert Bosch GmbH, STMicroelectronics, Measurement Specialties, Inc., Texas Instruments Incorporated, Panasonic Corporation, KIONIX, INC. (ROHM Co., Ltd.), Analog Devices, IncFreescale Semiconductor, Inc., Infineon Technologies AG, and, ZOLL Medical Corporation (Asahi Kasei Corporation).
The market is at a nascent stage which makes it attractive for the market participants. Investments are likely to be injected in the wearable sensors market for research & development. The growth strategies that are being explored by the key players include product development, innovation, collaboration, mergers & acquisitions, etc.
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In January 2019, Vuzix® Corporation, a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, together with ST Engineering, a global technology, defense, and engineering company, has announced the launch of the Augmented Intelligence biometric-enabled Smart Glasses platform.
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