Market Trends of Wearable Sensors Industry
Sports and Fitness Segment to Hold Major Market Share
- The increasing demand for wellness monitors and fitness trackers is a crucial factor driving the growth of shipments of wearable sensors globally. Globally, demand for sensor-based devices is increasing as consumers become more aware of the features that these devices provide, such as remote monitoring of wellness and fitness. According to Cisco Systems, North America had the most 5G connections made using wearable devices in 2022. Together, wearables in North America and Asia accounted for around 70% of the wearable 5G connections worldwide in 2022.
- Wearable performance devices are significantly available to the general population and athletic teams. Advancements in technology have allowed individual endurance athletes, sports teams, and physicians to monitor functional movements, workloads, and biometric markers to increase performance. The increased growth is driving the market.
- Technology organizations are making significant strides in growing and advertising wearable gadgets for athletic teams. Companies like Zephyr Technology, Viperpod, Smartlife, miCoach, and Catapult are remodeling how athletic coaches make decisions, how sports activities are played, and professional sports players' performance, health, and safety. These technologies are also moving rapidly from the professional sports arena into markets for the general public.
- In June 2022, Garmin Ltd introduced the Forerunner 955 Solar, the company's first dedicated running smartwatch featuring solar charging. The Forerunner 955 Solar features a Power Glass solar charging lens, providing athletes with up to 20 days of battery life in smartwatch mode1 and up to 49 hours in GPS mode2. The smartwatch features an always-on, full-color display that is easy to read in direct sunlight. The responsive touchscreen, coupled with the traditional 5-button design, allows fast access to standard health features, easier map control, etc.
- Further, in September 2021, Whoop raised USD 200 million for athlete-focused fitness wearables. The Series F spherical brings Whoop's general investment to nearly USD 405 million. The spherical series, with the aid of using SoftBank's Vision Fund 2, places the valuation at USD 3.6 billion valuations. Additional investors include IVP, Cavu Venture Partners, GP Bullhound, Accomplice, NextView Ventures, and Animal Capital. They have all been part of an extended listing of former backers, together with the National Football League Players Association, Jack Dorsey, and some expert athletes.
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Asia-Pacific to Register Fastest Growth
- China has been a significant player in the chip industry for many years, and the country is now emerging as a leader in chip miniaturization. One of the critical drivers of chip miniaturization in China is the development of advanced manufacturing techniques, such as nanotechnology, which enable the production of more minor and more efficient chips. This has led to a surge in the production of smaller and more efficient chips, which are essential for developing wearable sensors. In addition, the Chinese government has launched several initiatives to promote the development of digital healthcare and medical technologies, including wearable sensors.
- Japan is expected to observe significant growth in the wearable sensors market as it has experienced increasing digitization in recent years. This trend has been driven by several factors, including government initiatives to promote the adoption of digital technologies, a growing number of digital-native consumers, and the need to improve productivity and efficiency in various industries.
- The market for wearable sensors is rapidly growing in India, driven by several factors, including the increasing adoption of digital technologies, a growing focus on health and fitness, and a rising awareness of the benefits of wearable devices.
- The demand for wearable sensors in the Rest of Asia-Pacific has steadily increased over the past few years, driven by a growing interest in fitness and wellness, a rising aging population, and advancements in technology and healthcare.
- According to the ASEAN Post, nursing homes are not enough to meet the ever-growing aged population. The services provided at these homes are also inadequate, impacting the quality of life and creating isolation among residents. Property developers are also considering the issue of an aging society when creating housing for urban dwellers, thus presenting an untapped potential market for wearable sensors.
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