Albany, NY -- (SBWIRE) -- 11/27/2017 -- As per the findings of a new intelligence study by Transparency Market Research (TMR), the prospects of global Body Sensor Market remain positive, with demand projected to increase at an impressive CAGR during 2017 to 2022. Body sensors are wearables that can constantly track or measure physiological attributes in humans and relay the information on smartphones and other electronic devices. With the ubiquity of smartphones, the growth in the global body sensor market is augmenting quickly, especially in the developed regions as well as among the urban populations in emerging economies.
Some of the key factors driving the demand in the global body sensor market are: rapidly increasing percentage of geriatrics in the world's population who need real-time caring and monitoring, growing fitness awareness among the high-income customers, proven usefulness of body sensors in professional sports leagues, growing use of body sensors in clinical trials, added comfort with fabric-based sensors, and the development of smart textiles as mobile user interface. On the other hand, lack of proper supply chain and distribution channel, adequate procedures for data security, and limitations pertaining to body sensor wearability are some of the obstructions faced by the global body sensor market.
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Based on sensor type, the global body sensor market is segmented into EEG, visual sensor, respiration sensor, ECG, blood pressure sensor, temperature sensor, and EMG sensor. Application-wise, the market for body sensor has been segmented into healthcare, defense, man-machine interface and sports body sensor, whereas on the basis of placement type, the market is categorized into wearable and implantable. Geographically, the report takes stock of the potential of body sensor market in the regions of North America, Latin America, Europe, Asia Pacific excluding Japan (APEJ), Middle East and Africa, and Japan.
The key highlights from Transparency Market Research's report on the global body sensor market include,
North America is the most profitable region, with demand for body sensor expected to grow at an impressive CAGR of 16.7% during the forecast period of 2017 to 2022. On back of strong demand from the U.S., body sensor market in North America is estimated to be worth US$100.9 mn by 2022.
Europe is foreseen as the second most lucrative region, exhibiting a CAGR of 16.7% during the said forecast period, and generating absolute dollar opportunities worth US$45.7 mn from 2017 to 2022. Japan and China are among the profitable country-wide markets in Asia Pacific.
Temperature sensor is the leading sensor type segment, representing 18.5% of the overall revenue share in 2017. By 2022, the demand for temperature sensors will grow at a CAGR of 21.9%, to reach a valuation of US$62.0 mn by 2022.
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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.