Wearable Devices in the next 5 years: Hearable, AR/VR, and Health

As wearable terminal systems have been widely used in consumer electronics, medical and industrial fields, coupled with the consumer market, online consultation, remote patient monitoring, and preventive medicine, the application of 5G networks to improve the connectivity of Industry 4.0 and other trends, the total number of wearable devices worldwide is estimated to grow by a compound annual growth rate (CAGR) of 4% from 949 million units in 2022 to 1.2 billion units in 2028. The total number of wearable devices is estimated to grow from 949 million in 2022 to 1.2 billion in 2028 at a CAGR of 4%.

The number of sensors and actuators in wearable devices and the market size will also grow from 4.17 billion and US$3.58 billion in 2022 to 6.77 billion and US$5.7 billion in 2028, with a total CAGR of about 8% from 2022 to 2028.

TWS earbuds

Among the many wearable device product types, it is estimated that in the next five years, hearing wearable devices (hearable), non-invasive blood glucose monitoring devices, and head-mounted augmented reality / virtual reality (AR/VR) devices will be the most dynamic market of the top three product types.

non-invasive blood glucose monitoring device

According to Yole Intelligence, there are four major trends in the development of wearable endpoint system technology today. The first is the improvement and combination of signals from different sensors, such as through the light volume change tracing map (PPG) signal and inertial measurement unit (IMU) and electrocardiogram (ECG) coupling to improve accuracy and improve the signal noise ratio (SNR). In order to integrate PPG modules, etc. into smaller systems, these modules need to be improved to reduce size and power consumption and to increase sensitivity. In addition, the industry is actively developing non-invasive monitoring technologies in order to integrate the detection of functions such as blood glucose, ketone bodies, lactic acid, and alcohol concentration into wearable devices. Finally, the adoption of MEMS technology for consumer and medical wearable devices is increasing.

VR
VR

In the face of these trends, wearable-specific sensors and actuators are facing a number of challenges. These components must not only reduce power consumption, reduce the size, and increase accuracy as much as possible, but also increasingly integrate more information and provide more additional functionality. Innovation and appropriate ecosystem development will be important to ensure the market position of the industry. Currently, the wearable sensors and actuators market is dominated by 15 players, which together account for approximately 80% of the overall market size. Among them, Bosch, STMicroelectronics, and Knowles Electronics account for 24%, 16%, and 8% respectively, making them the top three players. Bosch and STMicroelectronics lead the consumer market with inertial sensors and accelerometers in smartwatches, fitness bracelets, and true wireless stereo (TWS) headphones. Knowles Electronics is dominating the medical market with MEMS microphones in hearing aids. The data shows that Bosch’s share of the consumer and medical market size in 2022 is 24% and 15% respectively; Knowles Electronics’s share of the consumer and medical market in the same year is 5% and 23% respectively.

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