The market for wearable health tracking devices is truly on the rise as these have attracted increased attention from health-conscious consumers. According to IHS iSuppli MEMS and Sensors Service revenue for MEMS sensors in wearable electronics and fitness monitoring is set to climb to $31.0 million this year and then jump 33 percent to $41.3 million in 2014.
“The biggest leap will occur in 2016 when annual revenue rises 50 percent to $91.5 million,” said Marwan Boustany, senior analyst for MEMS & sensors at IHS. “That means the market by then will have expanded by more than a factor of four from $20.8 million in 2011.”
The two trends that are spurring demand for wearable and mobile health technology include the higher average life expectancy of people all over the world, coupled with the amplified prevalence of illnesses like cardiovascular disease and diabetes; while the second trend arises from greater awareness in the population of health, fitness and wellness issues—indicated by the rapid growth in demand for healthy nutrition, diet programs, gym memberships and even health-based mobile applications.
As a result, by the end of 2016, the top wearable electronics device overall for MEMS motion sensors will be activity monitors.