Global Wearable Health Sensors Market - Segmented by Type (Bench Top Sensor, Portable Sensor, On-Line Sensor), End-User Industry (Food and Beverage, Industrial Manufacturing, Medical, Agriculture, Paper and Pulp, Metals and Mining), and Region - Growth, Trends, and Forecast (2018 - 2023)
The wearable health sensors market is expected to register a CAGR of 12.70% over the forecast period (2018 - 2023). The report is segmented by type into benchtop sensors, portable sensors, and on-line sensors, by end-user industries into food & beverage, industrial, medical, agriculture, paper & pulp, and metals & mining. While the regions considered in the report include North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Advancements in Technology and Miniaturization of Sensors Are the Major Driving Factors
The current trend is no longer to depend up on discrete sensors, which can be combined with various integrated circuits(IC) on printed circuit board to perform a specific desired function, instead the technological advances in the area of microelectronic fabrication have made it possible to integrate a complete microsystem on a single chip, both the sensor and its intelligent signal conditioning circuits as well as digital processing blocks which manipulate the data. This high degree of integration is possible due to the progress in two areas, miniaturization of integrated circuits, which has been going for decades and now reached ultra large scale integration (ULSI) in which the size of the transistor is at the submicron scale, and the development of micro-opto-electro-mechanical systems (MOEMS) and micro electro mechanical system (MEMS) that can be fabricated in silicon using modifies microelectronic processing derived from IC fabrication. This has enabled the realization of new and complex structures that can be used as sensors. The low power consumption and the lowest possible sizes are the major factors which give them a competitive edge over the other industry players, thereby, leading to the demand for the growth of the wearable sensors market.
Healthcare has the Major Market Share
Wearable sensors are increasingly being used in medical applications to facilitate continuous monitoring and tracking of the patients and their representatives. For the staff, wearable sensors provide real-time monitoring facility where the doctors and other medical staff can be easily located and contacted as per the requirements, thereby, improving internal coordination. Moreover, it provides a facility to monitor staff as well as improving the overall productivity of the system. For patients, wearable sensors have even more significant applications, which include continuous status monitoring and diagnosis, especially for those in critical condition. This enables real-time tracking and measuring of the minutest changes in the condition of the patient. Healthcare verticals are constantly taking measures for rolling out advanced technology with improved designs for constant patient monitoring which drives the market in the coming years.
Europe has the Highest Market Share
The significant growth in Europe is being spurred by the reducing costs of sensors and the increasing adoption of smartphones. The growing consciousness among consumers regarding fitness and the easy availability of applications that track and monitor fitness are is also aiding the market. The expansion of wireless technology has improved the communication capabilities of sensors considerably. The miniaturization and the reduction in the power requirement of sensors have enabled their integration into various devices in an aesthetic manner. This is generating a significant buzz among the younger users who are seeking a combination of technology and fashion. The market is expected to register a high growth in the Western European countries owing to the increasing aging population. The implementation of wearables to monitor and track the geriatric population’s well-being is creating a significant demand for wearable health sensors. Healthcare accounts for a major chunk of the wearable sensors market, particularly in the developed markets, such as the United Kingdom and France. The increasing application in the fields of defense and infotainment are expected to enhance the market.
Key Developments in the Market
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