In a recent published report, Kenneth Research has updated the market report for Wearable Biosensors Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Wearable Biosensors Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
A wearable biosensor is an analytical device which is used to monitor vital signs of an individual person. It consists of three major components including bioreactor system, transducer and output devices. Biosensors are used to monitor, record transmit physiological signals in order to offer a better healthcare experience to the global population.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Further, wearable biosensors are perfect solution in those professions where workers are exposed directly to dangerous conditions. Implementation of wearable biosensors in these professions can protect worker’s health as well as their lives. Furthermore, wearable biosensors have a number of applications in medical sector including health diagnostic and health monitoring. Further, they are capable of sensing of biochemical, physiological and motions of the consumers.
Market Size & Forecast
Global market of wearable sensors is anticipated to flourish at a robust pace during the forecast period i.e. 2017-2024. Further, growing adoption rate of health monitoring devices amongst the consumers conjugated with growing expenditure on health care are some major factors which are envisioned to fuel the growth of global wearable biosensors market during the forecast period.
Furthermore, global wearable biosensors market is expected to be dominated by North America & Europe region during the forecast period. Further, North America region is anticipated to witness an adequate growth during the forecast period. Various factors such as rapid enhancement of healthcare infrastructure, high adoption rate of advanced technologies and high spending of consumers on wearable devices are projected to bolster the growth market of wearable biosensors in North America region.
Additionally, Europe is one of the leading markets of wearable biosensors and is envisioned to expand at a satisfactory pace during forecast period. Rising awareness amongst population regarding advantages of using biosensors is major factor which is likely to foster the growth of wearable biosensors market in this region.
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However, Asia Pacific region is anticipated to be the fastest growing market of wearable biosensors over the forecast period. This growth in Asia Pacific region can be attributed to factors such as blooming population, growing number of patients suffering from diabetes and rising awareness towards healthcare in this region.
Key Players
Google Inc.
Microsoft
SAMSUNG
Apple Inc.
VitalConnect
Huwai Technologies Co. Ltd.
Withings SA
Robert Bosch GmBh
Broadcom
Infineon Technologies AG
Others
Growth Drivers & Challenges
Global wearable biosensors market is primarily driven by various factors including increased healthcare spending, growing chronic diseases, rising global population. Further, increasing adoption of smart wearable devices amongst the consumers coupled with rising penetration of wearable technology in healthcare sector are identified as major factors which are driving the growth of global wearable biosensors market.
Furthermore, technological advancements with sensors and there growing use in consumers daily life are also likely to propel the growth of the market. Additional benefits of wearable sensors in manufacturing industries and energy & Utility sector in order to provide safety to the workers are also anticipated to bolster the growth of global wearable biosensors market.
Additionally, various features of wearable sensors such as assess ability to real time information and early disorder detection are also envisioned to escalate the demand for wearable sensors in near future. Limited monitoring of physiological parameters and high implementation cost of wearable biosensors are some major challenge to the growth of global wearable biosensor market. Moreover, lack of technological maturity is hampering the growth of global wearable sensors market.
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