Body sensors manufacturers are working in accordance with certified processes and procedures while developing adept sensors. Considering the sensors as an important component of the quality and reliability of healthcare solutions, these manufacturers distribute equal focus on the production as well as on services.
Additional factors that are boosting the growth of the market include evolving sensor technology, overwhelming innovations in medical technology, and the increasing adoption of this technology for various healthcare-related purposes.
The global body sensors market is growing rapidly owing to the large advancements in medical technologies. Body sensors have become a mainstream commodity in today’s tech landscape and an essential part of medical technology. Simultaneously, substantial investments transpired in the field of R&D are escalating the market on the global level.
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Acknowledging the exponential accruals, the market is garnering currently, Market Research Future (MRFR) in its recently published analysis asserts that the size of the global body sensors market will reach USD 25 BN by 2023, posting approximately 10% CAGR throughout the assessment period (2017 – 2023).
Furthermore, factors such as the rising prevalence of chronic diseases like COPD and others and the increasing demand for intensive care for patients in critical conditions are propelling the market demand for body sensors.
Also, the proliferation of home care services is supporting the market allowing patients to self-diagnose and monitor chronic diseases with the increased accuracy in disease management through notifications alerts, and real-time patient data communication. These advantages alongside the sensor-enabled pills are fostering the growth of body sensors market to an extent.
Global Body Sensors Market – Regional Analysis
The North American region, heading with the well-developed technology dominates the global body sensors market. Factors such as the increasing emphasis on healthcare, the presence of key players, and high healthcare expenditure predominantly foster the growth of the market.
Moreover, the increasing prevalence of cardiovascular diseases, hypertension, and obesity issues are impacting the growth of the regional market, positively, leading to heart diseases & disorders. The market is pervasively growing due to the rising geriatric population and the growing number of patients suffering from major/minor heart issues.
Moreover, factors such as the increasing government initiatives and funding for R&D, developments in advanced medical treatment options, and rising demand for technologically advanced wearable heart monitoring devices are substantiating the growth of the market.
The European body sensors market accounts for the second-largest market, globally. The market is led by the increasing healthcare expenditure, availability of advanced treatment facilities, and government initiatives. Increasing cardiovascular issues that are becoming paramount concerns in the region are fuelling the growth of the regional market. Continuing with the same growth trends, the body sensors market in the European region is likely to register an impressive CAGR throughout the review period.
The Asia Pacific body sensors market is rapidly emerging as a profitable market globally. Huge technological advances, faster adoption of healthcare technology, government initiatives to improve the quality of healthcare, favorable insurance, and reimbursement policies are some of the dominant factors fostering the growth of the APAC body sensors market.
Simultaneously, eminent key players that are increasingly setting up their manufacturing plants in China, Singapore, Japan, Australia, and Korea are, in turn, propelling the market growth of body sensors in this region. Additionally, factors such as the growing number of aging populaces alongside the rising prevalence of cardiovascular diseases and cardiac disorders in the region that are growing at an alarming rate are propelling the growth of the market.
Global Body Sensors Market –Segments
For ease of understanding, the market is segmented into four key dynamics: –
By Type : Position Sensors, Motion Sensors, Temperature Sensor, Inertial Sensors, Pressure Sensors, and others.
By Application : Blood Pressure Monitoring, Fitness, Temperature Monitoring, Heart Rate Monitoring, Weight Monitoring, and others.
By End-user : Soldiers, Athletes, Medical Patients, and others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Body Sensors Market – Competitive Analysis
Highly competitive, the body sensors market appears to be fragmented with a number of matured players forming a competitive landscape. These players are developing their product portfolio focusing on advanced technologies. These players incorporate strategic initiatives such as partnership, acquisition, expansion, product & technology launch, and collaboration to gain an edge over their competitors.
They substantially invest in R&D to develop their portfolio using advanced techniques. Huge government funding is also expected to motivate major companies to develop advanced body sensors that can match the changing needs of the patrons.
Leaders operating in the global body sensors market include Allegro MicroSystems (US), Koninklijke Philips N.V. (Netherlands), 4B Braime Components Ltd. (UK), Althen GmbH Mess (Germany), ASC GmbH (Germany), Amsys GmbH (Germany), Barksdale GmbH (Germany), Baumer Group (Switzerland), and Balluff GmbH (Germany) among others.
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