The increased health consciousness among people leads to the demand for smart devices to monitor their health records. The smart IoT infused wearables are adding value to the expansion in the body sensor market. These smart devices are used as clinical gadgets for continuous monitoring of pressure, temperature, and other wellbeing parameters.
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The increasing application of wearable gadgets alerts individuals to take precautionary actions and maintain a healthy lifestyle. It results in a decreased number of emergency clinical visits. The wearable body sensor market is expected to rise at a compound annual growth rate (CAGR) of 21.9%. The anticipated market worth of wearables is US$ 62.0 Mn. By 2022. The segment provides an annual growth of US$ 7.8 Mn. during the forecast period. This growth rate is bigger than various other segments.
North America to Expect a Rapid Growth in Body Sensor Market
The body sensor market is showing tremendous growth in countries like Europe, North America, Japan, Latin America, MEA, and APEJ. Among these regions, North America is anticipated to retain its position with the highest consumption in the market. In 2017 the estimated market value was US$ 37.2 Mn. but it is predicted an above the average compound annual growth rate (CAGR) by 22.1% during the forecast period from 2017 to 2022.
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The factors driving the market growth are the higher adoptability of new technology and the growing geriatric population in the U.S. and Canada, as per a market survey on body sensors. Although Europe has the second-largest market of wearables and its anticipated CAGR rate is comparatively lower to the Asia Pacific except Japan (APEJ).
Major key players in body sensor market include Fitbit, Apple Inc., Philips N.V., Koninklijke, Abbott Laboratories, Texas Instruments Inc., Garmin Ltd., and Analog Devices Inc. R&D activities and innovation are expected to formulate growth in the market.
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The Requirements for Body Sensor Market – The Key Factors Driving Market Growth
The market research report on body sensors identifies primary factors such as technological advancements, increased disposable income, and its’ adoption in the healthcare industry. Another impacting factor includes the use of wearable devices that would enable increased market demand for smaller and smarter sensors during the forecast period from 2017 to 2022. Supportive technologies to advance market demand include Augmented Reality, Man-to-Machine interactions, and the Internet of Things (IoT). The market analysis body sensor has traced one significant factor among others is the growing geriatric population.
As per the demographics, certain physiological parameters such as heart rate, pulse, and oxygen levels are crucial to measuring. The advent of smartphones has made this task easier and accessible. However, these body sensors have been planted in bags and clothes. Apart from this, the increased proportion of fitness enthusiasts, adoption of these sensors by sportsperson to improve physical strength, and the pervasiveness of smartphones are also gaining traction for the growth in the body sensor market. Body sensors are basically wireless computing devices. They are either surface-mounted on the user’s body or installed through a body implant. They may be used, on the hands, clothes pocket, or bags.
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Market research report on body sensor identifies some other factors driving its growth in the market. It includes the increasing benefits of wearables in the healthcare industry and continuous research along with development in Internet of Things (IoT), Man-to-Machine (M2M), and Augmented Reality (AR). Apart from this increasing demand of smarter, economical, and smaller sensor are paving the market growth in the body sensor market.
The imposed lockdown and social distancing during COVID-19 pandemic has delayed in the supply chain and channel of distribution. Apart from this the cost of products, regulatory affairs, and privacy and security concerns are also crucial factors to hinder development in the body sensor market.
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