Wearable Biosensors Market Size, Share, Growth, and Industry Analysis, By Type (Single Use, Repeated Use), By Application (Sports & Fitness, Remote Patient Monitoring, Military Personnels) Regional Forecast to 2027

Updated On: 13 November 2023

REPORT OVERVIEW

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The wearable biosensors market size was USD 835.4 million in 2020. As per our research, the market is projected to touch USD 3340.6 million by 2027, exhibiting a CAGR of 22.4% during the forecast period.  The global COVID-19 pandemic has been unprecedented and staggering, with the Global Wearable Biosensors Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Electronic gadgets called wearable biosensors, such as CGM sensors or ECG sensors, can continuously and non-intrusively monitor and send physiological data. Target biomarkers can be tracked by sophisticated sensors to improve clinical illness understanding and health monitoring. Due to their capacity to deliver continuous, real-time physiological data through dynamic, non-invasive assessments of biochemical markers in bodily fluids like sweat, tears, saliva, and interstitial fluid, wearable biosensors are becoming more and more popular. Soon, wearable biosensor devices will be adopted profitably thanks to these characteristics.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

The market for biosensors has a bigger market share for embedded devices than other types. Numerous applications, including point of care, home diagnostics, food and beverage, research lab, environmental monitoring, and biodefense, make extensive use of these devices. The number of Internet of Things (IoT) devices has increased dramatically, which has had a significant impact on connected healthcare applications. Real-time alerting, tracking, and monitoring made possible by IoT allow for hands-on treatments, enhanced accuracy, timely clinician intervention, and better overall patient care. For IoT-enabled medical devices, many healthcare facilities have begun implementing embedded solutions to solve the shortage of physicians in rural areas.

SEGMENTATION

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• By Type

Based on type the Global Wearable Biosensors Market is classified as Single Use, Repeated Use.

• By Application

Based on application the Global Wearable Biosensors Market is classified as Sports & Fitness, Remote Patient Monitoring, Military Personnels.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth "

This market's expansion can be ascribed to a number of factors, including an ageing population, an increase in the prevalence of chronic diseases, and a rise in the demand for high-tech medical gadgets that make it possible to thoroughly analyse psychological data while undergoing treatment or surgery, among other things. One of the main factors accelerating the adoption of wearable biosensors in the U.S. region is the release of miniaturised diagnostic kits, smartwatches, and fitness bands.Some of the important variables that are favourably influencing the adoption of wearable biosensors include increased healthcare spending as well as growing public awareness of cutting-edge healthcare gadgets like fitness bands and smart watches.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

Because they have the potential to alter traditional medical diagnostics and continuous health monitoring paradigms, wearable biosensors have garnered a lot of attention. In order to shift from centralised hospital-based care systems to home-based personal medicine and decrease healthcare costs and diagnosis times, wearable biosensor apps are being developed. We now observe that wearable biosensors are causing a surge of innovation to sweep through society. They might offer a new level of exposure to a patient's current health status due to their comfort and improved utilisation. Better clinical judgements are made possible by the availability of real-time data, which leads to improved health outcomes and a more effective use of the healthcare system.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

One of the primary obstacles to the growth of the global wearable biosensor market is the high cost of purchasing and maintaining wearable sensors, as well as their restricted monitoring functionalities. Additionally, the development of the global market for wearable sensors is being hampered by a lack of technological proficiency.For the Atellica Solution platforms from Siemens Healthineers, Bio-Rad Laboratories and Siemens Healthineers worked together to introduce quality control products and Unity Quality Control data management solutions in December 2020.The next generation wearable biosensor for early care, including clinical surveillance for COVID-19, was introduced by Philips in May 2020.It aims to help physicians identify danger so they can intervene earlier and enhance treatment for patients in environments with lower levels of acuity.

REGIONAL INSIGHTS

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

Due to the presence of major companies and the rising prevalence of targeted diseases in the region, North America accounted for the greatest portion of worldwide revenue in 2022, accounting for more than 39.50% of it. Technology advancements, such as the release of miniature diagnostic tools that boost the market penetration of Electronic Medical Records (EMR), as well as accurate and speedy results, are anticipated to fuel market expansion throughout the anticipated period. Additionally, the existence of the Clean Air Act, Clean Water Act, and National Environmental Policy Act in the United States is anticipated to open up growth opportunities for the market in North America throughout the anticipated time frame.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Abbott (US)
• Dexcom (US)
• Medtronic (US)
• Eversense (Switzerland)
• VitalConnect (US)
• Philips (Netherlands)
• Butler Technologies (US)
• NeuroSky (US)
• Pkvitality (France)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.