Need for smarter and smaller sensors will dominate the global body sensor market between 2017 and 2022. Thus, a number of wearable devices and an intense research and development environment would mark the forecast period, especially in the field of Internet of Things, Augmented Reality and Man-to-machine interactions.
This is primarily due to rise in ageing population. As per World Health Organization Statistics, between 2015 and 2050, the population of people over 60 years will be up to 22% from 12%, nearly doubling over the period. Besides, an increase in fitness will also lead to growth in global body sensor market owing to a need to measure heart rate, pulse, oxygen levels etc. The ubiquity of smartphones facilitates the growth of body sensors market further. It is important to note here that not only can these sensors be used in smartphones but they can also be mounted on the body or planted inside it. Few can also be placed on clothes and bags.
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As per a Transparency Market Research report the market will grow at a stellar CAGR (Compound Annual Growth Rate). It is predicted to take up the worth of the market considerably.
Increasing Market Adaptability with using Newer Technology
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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A Technological Forte through AI, IOT and M2M
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.
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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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