Global Body Sensor Market – An Overview:
Massive Research and development activities are marking the landscape of global body sensor market. As per Transparency Market Research, a stellar compound annual growth rate would be charted by the forecast period of 2017 to 2022. It will bring to fore new opportunities, ready to be tapped into by proactive market players. Besides, over the forecast period, the worth of the market would also improve.
Some of the primary factors of growth include increase in disposable incomes, advancement in technology, increasing adoption in healthcare, and growing geriatric population. The only limitations to growth in the market are cost variations, lack of awareness and stringent regulatory guidelines. These stop the market from reaching its full potential but overall the impact is not very high.
Some of the factors that are impacting growth in the global body sensor market include the following:
- A number of wearable devices are hitting the market and this would pave way for smaller and much smarter sensors over the forecast period of 2017 to 2022. This would contribute positively to the growth of global body sensor market. Besides, as supporting technologies develop, growth would be seen in body sensor market. Some of these supporting technologies include Internet of Things (IoT), Man-to-machine interactions, and Augmented Reality.
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- Ageing population is one of the most significant factors leading to growth in the body sensor market. This is mainly because the demographic needs measuring of certain physiological parameters such as pulse, heart rate, and oxygen levels. As, smartphones penetration increases, this becomes easier and more accessible. However, it is worth noting that these sensors can also be planted in clothes and bags.The global body sensor market is projected to expand at a steady CAGR during the forecast period of 2017 to 2022, gaining traction from a number of factors such as increasing population of geriatrics who need constant monitoring, growing number of fitness enthusiasts, ubiquity of smartphones, and escalating usage of these sensors by professional sports leagues to enhance physical abilities of sportspersons. Body sensors are wireless computing devices, which can be surface-mounted on the body or installed inside the body implants. They can also be carried on clothes pockets, hand, or bags.
Increasing preference towards smarter, smaller, and cheaper sensors, growing benefits of wearable devices in the healthcare industry, and relentless research and development in the fields of the Internet of Things (IoT), Augmented Reality (AR), and Man-to-Machine (M2M) are some of the key factors paving a favorable future for the global body sensor market. On the other hand, the market for body sensor is hindered by the challenges in supply chain and distribution channel, privacy and security concerns, regulatory issues, and cost of these products. Nevertheless, the increasing number of connected devices and numerous application possibilities are opening new opportunities, provided the technical difficulties pertaining to hardware and software are met.
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Temperature Sensors Leading Product Segment
Among the global body sensor market market’s sensor type segments, temperature sensor remains lucrative, representing US$23.0 mn worth of the market, or 18.5% in 2017. Growing at a CAGR of 21.9%, the temperature sensor segment is estimated to be worth US$62.0 mn by 2022; it is projected to represent 21.2% of the overall demand share. It is projected to grow at US$7.8 mn annually over the course of the forecast period, and this absolute growth is larger than the any other segment. The other product types segments analyzed under the report are: EEG sensor, visual sensor, respiration sensor, ECG sensor, blood pressure sensor, and EMG sensor. Application-wise, the healthcare sector is expected to act as biggest driver in the long run, owing to wider variety of device type and use opportunities.
North America Body Sensor Market Expanding Rapidly
All regions are showing strong growth in the body sensor market, although North America is expected to maintain its position as the region that will account for the highest demand. Valued at US$37.2 mn in 2017, the North America body sensor market is projected for an above-average CAGR of 22.1% during the forecast period of 2017 to 2022, surpassing US$100.0 mn mark by 2022. Stronger buying ability among consumers in the U.S. and Canada, high adoptability rate of new technology, and escalating geriatric population are some of the factors aiding the North America body sensor market. Although Europe is the second-largest market for body sensors globally, its projected CAGR is lower than the market in Asia Pacific except Japan (APEJ).
Product Innovation to Determine Future Competitive Landscape
Some of the key companies in the global body sensor market are: Apple Inc., Fitbit, Inc., Koninklijke Philips N.V., Texas Instruments Inc., Abbott Laboratories, Broadcom Ltd., STMicroelectronics NV, NXP Semiconductors NV, Analog Devices, Inc., and Garmin Ltd. The market for body sensor has innovation at its backbone, with leading companies aggressively investing on R&D activities to formulate a niche within the market. In the near future, strategic acquisitions is also expected to allow the market leaders to gain ground over the competitors.
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