Body Sensor Market: Temperature Sensors Leading Product Segment
Body Sensor Market -Snapshot
The increasing popularity of wearable devices is a significant factor aiding in expansion of the global body sensor market growth. Body sensors and are little clinical gadgets utilized for persistently observing temperature, pressure and other imperative boundaries of wellbeing. These sensors are fused with anodes that sensor such boundaries. Consistent checking encourages an individual to take preventive measures and maintain a strategic distance from any further confusions to his wellbeing. Broad utilization of wearable clinical gadgets, innovative progression and decrease in number of visits to the emergency clinic or facility decide the development of this market. Huge scope clinical gadget organizations center around consistent item improvement, in this way expanding the interest of these sensors on the lookout.
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Various wearable gadgets are hitting the market and this would clear route for more modest and a lot more intelligent sensors in the coming years. Aside from this, as supporting advances create, development would be found in body sensor market. A portion of these supporting advancements incorporate Internet of Things (IoT), Man-to-machine connections, and Augmented Reality.
COVID-19 has affected the market in the recent past on account of the implementation of stringent regulations imposed on both business as well as industrial sectors. People were forced to stay home and as there was no means of commute, cargo and shipping was at a halt altogether. The market is however expected to witness significant growth in the coming years on account of the escalating use of sensos by sports leagues for improving the physical abilities of sportspersons, coupled with the increasing adoption of smartphones.
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Expanding inclination towards more brilliant, more modest, and less expensive sensors, developing advantages of wearable gadgets in the medical care industry, and persevering innovative work in the fields of the Internet of Things (IoT), Augmented Reality (AR), and Man-to-Machine (M2M) are a portion of the key elements clearing an ideal future for the worldwide body sensor market. Then again, the market for body sensor is impeded by the difficulties in inventory network and appropriation channel, protection and security concerns, administrative issues, and cost of these items. In any case, the expanding number of associated gadgets and various application prospects are opening new chances; given the specialized challenges relating to equipment and programming are met.
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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.
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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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