Consumer’s Inclination Towards Wearable Devices And Growing Concern Regarding Fitness & Wellness Is Likely To Drive The Market Of Wearable Biosensors In Near Future, According To Research Nester
Global wearable biosensor market is segmented into application type which includes health & monitoring, safety monitoring, home rehabilitation, disorder detection, environment monitoring, assessment of treatment efficacy and others. Among these segments, health & monitoring segment is estimated to witness maximum demand during the forecast period.
Further, growing implementation of biosensors in smart wearable such as fitness band and smart watch is driving the growth of health & monitoring segment.
Global wearable biosensors market is expected to expand at a robust compound annual growth rate (CAGR) during the forecast period.
The global market of wearable biosensors is likely to reach at striking revenue by the end of 2024. Factors such as growing adoption of health monitoring devices amongst the consumers and rapid introduction of new applications of biosensors are envisioned to escalate the growth of global wearable biosensors at remarkable pace.
By end user, the wearable biosensors market is segmented into homes, hospitals, food & beverage industries, manufacturing industries and others. The home segment is likely to grow at remarkable pace during the forecast period.
Growing awareness amongst the consumers towards fitness & wellness and rising popularity of telemedicine are major factors which are predicated to fuel the demand for wearable biosensors in homes.
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Unceasing enhancement of healthcare infrastructure
The global wearable biosensors market is primarily driven by growing innovation in medical sector and introduction of IoT (internet of things) in healthcare. Further, growing adoption of smart wearable health monitoring devices including smart watch, fitness band, smart ring, smart clothes, smart shoes, smart lenses, smart necklaces are also fostering the growth of global market of wearable sensors.
Moreover, adoption of wearable biosensors in healthcare industries is rising due to growing concern towards better care of patients and need for their continuous health monitoring.
High adoption of advanced technologies
Growing disposable income of the consumers and their inclination towards advanced technologies are the major factors which are anticipated to fuel the demand for wearable biosensors in near future. The consumer’s awareness towards benefits of using health monitoring devices is increasing.
Moreover, increased consumer’s spending on health care is a key factor which is likely to spur the growth of wearable biosensors in near future.
However, some of the challenges included in wearable biosensors include inadequate monitoring of physiological parameters which may hamper the growth of global wearable biosensors market. Additionally, absence of technological maturity is predicated to dampen the growth of global market in near future.
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The report titled “Wearable Biosensors Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global wearable biosensors market in terms of market segmentation by technology, by end user, by application, by biosensor type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global wearable biosensors market which includes company profiling of Google Inc., Microsoft Corp., Samsung Group, Apple Inc., VitalConnect Inc., Huwai Technologies Co. Ltd., Withings SA, Robert Bosch GmBh, Broadcom, Infineon Technologies AG.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global wearable biosensors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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