The UK wearable sensors market is estimated to register a CAGR of about 39.50% during the forecast period. The major trend driving the UK wearable sensor market is miniaturization and improved communication capabilities, which enable their integration into various devices and machines without compromising other functionalities. The market is also stimulated due to the rising awareness of health and fitness, where wearable sensors play a vital role. Innovations in fields as diverse as connectivity, sensor technology, material and data sciences, robotics, and e-textiles, are driving rapid advances in wearables sensors in a broad range of consumer and commercial sectors in the United Kingdom. With the increasing expectation of being connected anytime and anywhere, wearable sensor technology has grown to be one of the biggest growing industries in the United Kingdom. New opportunities in the market, such as the internet of things (IoT) and smart mobile devices, have accelerated the development of wearables since they provide many benefits to users.
– In the United Kingdom, wearable sensors are being used in various domains, such as healthcare, sports, and fitness, defense, and travel. These sensors have been used in the military for multiple applications, like heads up displays. In the entertainment industry, these sensors are being adopted in cinemas, gaming, and flight simulator. The wearable sensors market is helping the augmented reality market in entertainment. Products, like Oculus Rift and Sony HMZ-T3Q, are gaining a lot of popularity among gamers, and the United Kingdom is a prominent gaming market.
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Key Market Trends
Healthcare Sector Expected to Occupy the Highest Market Share
– The demand for wearables with health applications is firmly on the surge in the United Kingdom. As patients are increasingly utilizing wearable technology and mobile apps in health monitoring and management, healthcare service administration is changing. The digitization of healthcare is being realized, with many providers and patients already utilizing AI-powered healthcare services, including home-based diagnostics, and virtual health assistants. One such instance would be Babylon Health in the United Kingdom.
– Another typical example of wearable healthcare technology that has a practical application is Current, which has designed a wearable device that can remotely monitor patients after their discharge from the hospital. The device uses Artificial Intelligence (AI) to analyze patient data delivering actionable insights to clinicians. The Dartford and Gravesham NHS Trust Hospital reported a 22% reduction in-home visits after deploying the technology.
– Wearables as medical technologies are growing an integral part of measuring physical status, personal analytics, recording physiological parameters, or informing schedule for medication. In the United Kingdom, businesses developing wearable devices for the healthcare sector will continue to witness the market expansion, with AI ecosystem assets, such as Machine Learning, and Smartphone apps, expected to have a profound impact on the delivery of care.
– Further, active partnerships and research efforts are an ongoing trend in the wearable sensors market in the United Kingdom. For instance, in a research project funded by the Department of Health and Social Care (administered by Innovate UK), wearable biosensors are being developed to help monitor the health of livestock.
Increasing Adoption of Wearable Devices for Continuous Monitoring of Vital Signs
– Wearable devices have emerged as rapidly developing technologies that have the potential to change people’s lifestyles and improve their wellbeing, decisions, and behaviors as well as enhance core business processes.
– Owing to the growing penetration rates of urbanization, the need for aesthetically appealing advanced featured products with the capacity to better serve consumers’ daily necessities, such as time schedules, have propelled the market for smartwatches, globally.
– Beating the 2019 list is the Apple series four that comes amongst the few watches with an inbuilt electrocardiogram to alert in case one is receiving a heart complication. Additionally, the watch automatically recognizes panic, for instance, in case of a fall, which will trigger it to send help notifications to the physician and close family members.
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– Wearable Devices from other popular models like Fitbit, Huawei, Garmin, and Samsung, can keep track of day’s activities such as the distance covered and stay in track of health goals more so when one wants to reduce calorie intake and burn fats.
– Moreover, the vast millennial population has been embracing smartwatches, owing to enhanced spending for their regular work hours tracking as well as luxury standards. For instance, European millennials are predicted to witness an average expenditure growth by 18%, to above USD 53,000, by 2022.
– Additionally, various efforts are being taken by the players in the market to get a competitive edge in this fast-growing market, mainly catering to the need of the millennial generation population. In 2018, Fossil Group launched seven next-generation smartwatches, magnifying the technological innovations on the wrist, while keeping the aesthetically fashioned designs for Indian millennials.
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With the entrance of principal players, such as Infineon Technologies UK Ltd, STMicroelectronics Ltd, Panasonic UK Ltd, NXP Semiconductors UK Ltd, and TE Connectivity Ltd, in the wearable device technology market, the requirement for wearable sensors in the consumer electronics sector has increased swiftly in the region. This growing demand is a result of the strong demand from young customers, enhancing the competition among the current players. Hence, many organizations are continuously unfolding and innovating to match demand. For instance, Fitbit, one of the significant players in wearable device technology, in the market, is an exceptional example of a growing demand for fitness trackers.
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