Wearable Sensors Market Trends

Growth Drivers

• Increasing Consumption of Consumer Electronics Worldwide Owing to Rapid Adoption of Smart Devices - It was observed that from smartphones to wearable accessories, India's consumer electronics consumption grew by 8% in the year 2021 compared to 2019 before the pandemic. A total of USD 250 billion in revenue is expected to be generated in China by the end of 2022. The growing urban population, along with the improving lifestyle of the population, has raised health and safety awareness consequently, electronic and digital devices are becoming more popular among the population. The popularity of smartphones and connected devices, as well as the low cost and convenience offered by miniaturized electronics, are some of the factors expected to enlarge the global wearable sensors market size during the forecast period. 
• Growing Usage of Home-Based and Remote Patient Monitoring Devices with Concern for Safety - In a survey, it was observed that 23 million U.S. patients used remote patient monitoring devices and services during the COVID-19 pandemic in 2020. In addition, over 30 million Americans are expected to use remote monitoring services and tools by 2024.
• Increasing Number of Smartphone Users with Rising Disposable Income of People - For instance, the number of smartphone users in India is expected to reach around 1 billion by 2026. The number of smartphone users in 2021 was approximately 740 million.  
• Advancements in Wearable Sensors and New Product Launches with Rising Demand for Innovation - For instance, Realme launched a Watch S with high-tech sensors which are highly reliable and support advanced blood oxygen level monitoring functions to help users keep track of their health. Also, in a recent announcement, Abbott launched that 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%.
• Surge in the Number of Audiences for Wearable Technology Owing to Improving Lifestyles -There are approximately 24 million wearable tech users in the US, equally divided between men and women. More than half of the audience is under 45 years old, with the majority between 26 and 45 years old. In addition, 51% of users have a high income and work full-time.

Challenges

• Interruption in the Production of Electronics Devices Owing to Covid-19- The emergence of the coronavirus had a significant impact on manufacturing and production hubs, resulting in the shutdown of all factories for several weeks. The shortage of workers and limited supplies in the company reduced the productivity of electronics. Also, the companies resumed manufacturing as the finished products were not dispatched for sale, blocking market growth during the forecast period.
•  High Cost Associated with Technologically Advanced Sensors 
• Inadequate Awareness of Smart Wearables Among the Population