Global Wearable Inertial Sensors Market - Segmented by Product Type (Smart Watches, Fitness Bands, Activity Monitors, Smart Clothing, Sports Gear, Others), End-User Industry (Healthcare, Sports/Fitness, Consumer electronics, Entertainment and Media, Government and Public Utilities), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global wearable inertial sensors market is expected to register a CAGR of 40.01%, during the forecast period (2018 - 2023). The scope of the report is limited segments by product type smart watches, fitness bands, activity monitors, smart clothing, and sports gear and by end-user industries is limited to healthcare, sports/fitness, consumer electronics, entertainment and media, government and public utilities. While the regions considered in the scope of the report include North America, Europe, Asia pacific, Middle East & Africa, and Latin America.
Advancements of Technology and Miniaturization of the Sensors Are Major Factors Driving the Market
The current trend is no longer to realize 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 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. The high degree of integration is possible due to the progress in an area, which is 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. The low power consumption and the lowest possible sizes are the major factors, which give competitive edge over the industry players, which, in turn led to the demand for wearable sensors growth in the market.
Healthcare has a Major Market Share
Wearable sensors are increasingly used in medical applications to facilitate continuous monitoring and tracking of the patients and their representatives. For the staff, wearable sensors provides real time monitoring facility where doctors and other medical staff could be easily located and contacted as per the requirements improving the internal coordination. Moreover, it provides a facility to monitor them as well 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 the ones in critical condition. This enables real time tracking and measure even minute 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 Second Highest Share in the Market
The significant growth is being spurred by the reducing costs of sensors. The growing consciousness among consumers regarding fitness and easy availability of applications that track and monitor fitness are ahead. The expansion of wireless technology has improved the communication capabilities of sensors considerably. The miniaturization, coupled with the reduction in power requirement of sensors has enabled their integration into various devices in an aesthetic manner. This is generating significant buzz among the younger users who are seeking for a combination of technology and fashion. The market is expected to register a high growth in the Western European countries, owing to the increasing ageing population. The implementation of wearables to monitor and track their well-being is creating a significant demand of 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. Increasing applications in the fields of Defense and Infotainment are expected to enhance the market.
Key Developments in the Market