Growing Demand for Remote Patient Monitoring Surges Growth in the Wearable Sensor Market, Valuation to Surpass US$ 11 billion by 2034 | Future Market Insights Inc.
The United Kingdom wearable sensor market is poised for 22.7% CAGR growth till 2034, fueled by incentives spurring health tech innovation. Wearable sensors are a critical component in the rapidly expanding field of wearable technology, revolutionizing how individuals monitor and manage health, fitness, and a range of other activities.
NEWARK, Del, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The wearable sensor market is poised to cross US$ 1.6 billion in 2024 and is likely to attain a valuation of *US$ 11 billion* by 2034. The wearable sensor market is projected to thrive at a staggering *CAGR of 21.1%* from 2024 to 2034.The increased need for remote digital patient monitoring systems in the healthcare sector provides providers of wearable sensors with opportunities. These firms are establishing themselves as key participants in the rapidly expanding telehealth sector by incorporating their sensors into medical-grade devices that are authorized for remote usage. These wearables simplify healthcare delivery, lower hospital readmission rates, and save healthcare expenses by enabling healthcare practitioners to remotely monitor patient's vital signs and chronic illnesses. In the quickly changing field of digital health, this strategic alignment with healthcare providers improves their market position and creates profitable prospects.
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Manufacturers are adding Biometric authentication features to wearable sensor devices to improve user convenience and security. These businesses give consumers safe access to gadgets and confidential information by utilizing cutting-edge biometric technology like voice authentication, fingerprint recognition, and ECG-based identification. Their goods gain value from this strategic distinction, improving consumer loyalty and brand reputation. Wearables with strong biometric authentication capabilities are set to dominate the market and fetch high prices as safety concerns in an increasingly linked world continue to rise.
To solve the battery life issue of wearable gadgets, wearable sensor manufacturers are investing in energy harvesting technology. These businesses are increasing device runtime and improving user experience using solar cells, kinetic energy harvesting, and other renewable energy sources. This calculated emphasis on energy harvesting lessens the need for conventional batteries and supports environmental and sustainability objectives. Wearable sensor companies can gain a competitive advantage and attract environmentally concerned customers by providing wearables with eco-friendly features and longer battery lives.
*Key Takeaways from the Wearable Sensor Market Report:*
· The global wearable sensor market size expanded at a 23.4% CAGR through 2034.
· The accelerometers segment is anticipated to rise at a 21.0% CAGR through 2034.
· The wristwear segment is predicted to expand at a 20.8% CAGR through 2034.
· The market size in the United States is projected to rise at a 21.6% CAGR through 2034.
· The market size in Japan is anticipated to develop at a 22.1% CAGR through 2034.
· The market size in the United Kingdom is estimated to surge at a 22.7% CAGR through 2034.
· The market size in South Korea is expected to increase at a 22.2% CAGR through 2034."Investigating the trends within the Wearable Sensor Market reveals a dynamic landscape characterized by rapid technological advancements and growing consumer adoption, our comprehensive market research study underscores the market's robust growth trajectory, driven by increasing health consciousness and the integration of sensor technology across diverse applications ranging from healthcare to fitness." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
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*Competitive Landscape:*
The wearable sensor industry is intensely competitive, ruled by large firms like Apple and Samsung and disruptive newcomers. Competition expands beyond hardware to include whole ecosystems and strategic relationships. Data security is a top priority, and differentiators include personalization, design, and increasing functions beyond fitness tracking. Acquisitions and mergers aid in market consolidation as firms seek to strengthen their positions in this dynamic and continually changing industry.
*Leading Key Players:*
· Apple Inc.
· Fitbit (acquired by Google)
· Samsung Electronics Co., Ltd.
· Garmin Ltd.
· Xiaomi Corporation
· Huawei Technologies Co., Ltd.
· Alphabet Inc. (Google)
· Sony Corporation
· Qualcomm Technologies, Inc.
· Misfit (a subsidiary of Fossil Group)
· Polar Electro Oy
· Withings (a subsidiary of Nokia Technologies)
· Suunto (a subsidiary of Amer Sports Corporation)
· Amazfit (a brand of Huami Corporation)
· Lifesense Group
· WHOOP, Inc.
· Oura Health Ltd.
· Motiv, Inc.
· Empatica Inc.
· BioTelemetry, Inc. (acquired by Royal Philips)
*Recent Developments:*
· In January 2024, Bosch Sensortec launched the BMA530 and BMA580, the world's smallest MEMS accelerometers. Both devices have built-in features, making them easy to design. BMA530 employs a step counter to track activities and is best suited for wearables, whereas BMA580 detects voice activity.
· In November 2023, DuPont Liveo Healthcare Solutions partnered with STMicroelectronics, a worldwide semiconductor technology leader, to develop a smart wearable device for remote biosignal monitoring.
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*Wearable Sensor Market Segmentation:*
*By Type:*
· Accelerometers
· Magnetometers
· Gyroscopes
· Inertial Sensors
· Motion Sensors
· Pressure and Force Sensors
· Temperature and Humidity Sensors
· Microphones & Micro Speakers
· Medical- Based Sensors
· Image Sensors
· Touch Sensors
· Others
*By Application:*
· Wristwear
· Eyewear
· Footwear
· Neckwear
· Bodywear
· Others
*By Vertical:*
· Consumer
· Healthcare
· Industrial
· Other Verticals
*By Region:*
· North America
· Latin America
· Western Europe
· Eastern Europe
· Asia Pacific (APAC)
· Middle East & Africa (MEA)
· Japan
*Authored By:*
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
*Have a Look at the Related Reports of the Technology Domain:*
· Wearable Computing Devices Market Share: The global market size is projected to surpass a valuation of US$ 258.87 billion by 2033 at a CAGR of 19.3% from 2022 to 2032.
· Sensors Market Scope: It is anticipated to achieve a valuation of US$ 153.0 billion by 2033. The market is anticipated to thrive at a CAGR of 5.7% from 2023 to 2033.
· Sensor Data Analytics Market Analysis: The market is likely to exhibit a CAGR of 16.2% for the forecast period.
· Body Worn Temperature Sensors Market Size: With a projected CAGR of 24.5% for the next ten years, the market is likely to reach a valuation of nearly US$ 779.5 million by the end of 2033
· Smart Fitness Market Demand: The overall market size is expected to reach US$ 46,934.8 million by 2033, growing at a CAGR of 12.4% from 2023 to 2033.
· Sensor Hub Market Outlook: It is predicted to hit a valuation of US$ 102.0 billion by 2033. The market is foreseen to thrive at an astronomical CAGR of 14.5% from 2023 to 2033.
· Sensor Fusion Market Forecast: It is projected to surpass a valuation of US$ 23.3 billion by 2032. It stood at a valuation of around US$ 5.1 billion in 2022.
· Wearable Fitness Tracker Market Trends: The market is likely to reach US$ 133,218.4 million by 2034. The market is further expected to surge at a CAGR of 15.7% during the forecast period 2024 to 2034.
· Wearable Band Market Growth: It is rising to US$ 170.31 billion by 2033. The market is estimated at a CAGR of 15.0% during the forecast period.
· Wearable Fitness Technology Market Overview: The market is expected to grow at a CAGR of 10.2% from 2023 to 2033 to reach US$ 33 billion in 2023.
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