Wearable Sensors Market Trends

Growth Drivers

• Rising penetration of smartphones: Rapid digitalization across the globe has resulted in increasing popularity of wearable sensors and devices. These devices can be connected to smartphones, providing real-time alerts for critical events such as abnormal heart rhythms, falls, or significant changes in health metrics. As of 2024, around 4.88 billion people globally own a smartphone. Thus, the high adoption of smartphones makes wearable technology more accessible to consumers. The popularity of smartphones and connected devices, as well as the low cost and convenience offered by miniaturized electronics, are expected to boost the global wearable sensors market size.
• Rapid advancements in wearable sensors and rising new product launches: To cater to the rising demand for wearable devices, several industry giants are investing in R&D activities to develop advanced sensors and technologies.  For instance, Realme launched a Watch S with high-tech sensors that are highly reliable and support advanced blood oxygen level monitoring functions to help users keep track of their health. Also, in a recent announcement by Abbott its FreeStyle Libre 3 achieved an overall mean absolute relative difference (MARD) of 7.9%, the first and only 14-day continuous glucose monitoring system (CGM) that achieves a MARD below 8%.

Challenges

• High manufacturing costs: Developing advanced, accurate, and miniaturized sensors requires robust investments in research and manufacturing technology. Thus, the high cost can result in expensive end products, limiting accessibility for price-sensitive consumers in many emerging economies.
• Rising concerns about data privacy and security: The wearable sensors collect and transmit sensitive personal health data which can cause privacy and security concerns. Due to the potential risks of data breaches, consumers may hesitate to buy wearables. Moreover, wearable sensors may face issues with inaccurate readings in non-medical-grade devices, restraining wearable sensors market expansion going ahead.