Body Sensor Market to Grow at 18.5% CAGR from 2017-2022
The global body sensor market features a competitive vendor landscape, with a number of players focusing on R&D activities to stay ahead of their peers, observes Transparency Market Research in a recent report. Some of the leading companies contributing the most to the healthy development of the market through innovative products and technologies are Fitbit, Inc., Texas Instruments Inc., Abbott Laboratories, STMicroelectronics NV, Apple Inc., Koninklijke Philips N.V., Analog Devices, Inc., Garmin Ltd., Broadcom Ltd., and NXP Semiconductors NV.
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These prominent companies strengthen their grip on the market through dedicatedly investing in R&D activities, whereas innovation and development of newer techniques are also key areas of focus. These leading players could gain a stronger hold on the market through mergers and acquisition in the near future and can frame a stronger position in the market.
Of the key product varieties in the market, the market has seen a significant rise in demand for temperature sensors. The segment is expected to accumulate a worth of US$23 mn in 2017, amounting to nearly 18.5% of the overall market in the said year. The market for temperature sensor is expected to rise to US$62 mn by 2022 while the CAGR will be 21.9% during 2017 to 2022. The contribution of temperature sensors segment is projected to acquire a 21.2% of the global market share by the end of the forecast period. It is also estimated to rise to US$7.8 mn annually. The most profitable regional market is North America, which is expected to expand at a 22.1% CAGR over the forecast period and is estimated to rise to US$100.9 mn by 2022.
The segment is expected to remain profitable over the report’s forecast period as there will be high acceptability for newer technology across all consumer demographics, especially across geriatric population.
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The global body sensor market is witnessing a rapid change in its key consumer demographic as the demand for body sensors for use in applications associated with geriatrics has significantly increased over the years. The market is also driven due to the increased demand for products capable of providing real-time caring and monitoring, from customer-base with rising disposable incomes that is more focused on physical fitness and sports leagues. The rising use of body sensors for clinical trials and recent developments in the field of smart mobile user interface are also expected to drive the market.
Body sensor are very high in demand as they have more relevance in today’s market where the users are cautious about body fitness, feasibility of using mobile phones, and increasing number of body sensors by sports professionals. As the devices are easily mounted and their accessibility and demand is increasing at a steady pace. The devices are smarter, smaller, and easily transportable, owing to which they find vast applications in the healthcare industry. The vast rise in research and development activities in areas of augmented reality, internet of things, and man-to-machine that are also favorable conditions for the global body sensor industry.
On the another hand, as rising use of connected devices that involve body sensors and the data accumulated through body sensors could create negative impact on individuals’ privacy, leading to regulatory issues, the uptake of a variety of devices could be hindered to a certain degree.. Nevertheless, despite the purview of these negative factors, there are still new prospects seen regarding the better use of body sensors, where opportunities can be met and obstacles can be curtailed.
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