A report just published by Allied Market Research is predicting the global wearable sensor market will be worth $2,258 million by 2022. In 2015 the market was valued at just $123 million.
This means the wearable sensor market is projected to grow by 52.9% from 2016 to 2022. The segment for wrist wear accounted for more than a 45% share of the global market in 2015. In the medical sector, implants equipped with wearable sensors are used in diagnostic and monitoring applications. In the healthcare sector, wearable sensors are generally used in remote monitoring systems, collecting physiological and movement data and for monitoring patient health.
The wearable technology market is being driven by the introduction of new wearable sensors being integrated into eyewear and other prospects such as smart shirts and smart rings. It’s also being driven by the growing popularity of the Internet of things combined with the use of smart consumer electronic devices including tablets and smartphones. In spite of the growth, there are still privacy and security concerns which when combined with the high cost of wearable sensors is expected to temper this growth.
Within the global market, rest where products are expected to maintain their dominant position until 2022 due to technology advancements by well-known manufacturers that include Fitbit, Apple, and Samsung. The motion sensors segment accounted for more than a third of the global market in terms of value in 2015. This is due to the compactness of wearable sensors and the introduction of micro-electro-mechanical systems technology into the motion sensor industry. This has increased their use within the field of aerospace and defense, automotive, healthcare and consumer electronics.
In 2015, Japan was the highest revenue contributor to the global market, accounting for more than a quarter share of the Asia-Pacific region. The wearable sensor market in North America accounted for more than one-third of the global market in 2015. Collectively, North America and Europe accounted for more than three-fifths share of the global wearable sensor market in 20 team, a trend that is expected to continue due to the increased adoption of technologically advanced products, the expansion of the Internet of things and because of increased concerns towards health and fitness.