Market Trends of Body Sensor Industry
This section covers the major market trends shaping the Body Sensor Market according to our research experts:
Wearable Segment is Expected to Witness a Significant Growth Over the Forecast Period
The wearable sensors are built into clothing or are attached directly to the body to monitor health and offer therapeutically useful information for treatment. The internet of things (IoT) concept enables medical support at home through a monitoring system connected to a hospital. Consequently, a variety of sensors can be used (e.g., GPS receiver, accelerometer, ECG, blood pressure, blood glucose, body temperature, and breathing sensor). Thus, owing to the advantages of wearable sensors to track useful medical information, and the increase in product developments, the segment is expected to grow over the forecast period.
According to the article published by Nature in July 2022, by utilizing a variety of physical, chemical, and biological sensors to determine physiological (biophysical and/or biochemical) information in real-time (ideally continuously), non-invasive, or minimally invasive ways, wearable devices offer an alternative avenue to clinical diagnostics. The source above also suggested that the high-resolution and time-resolved historical recording of a person's health condition is made possible by next-generation wearable sensors that enable the multimodal and/or multiplexed assessment of physical parameters and biochemical markers continuously and in real time. Hence, owing to such benefits, the segment is witnessing demand, thereby, contributing to the segment growth.
The frequent developments in the segment are the major contributors to the segment's growth. Such as, in December 2021, Huawei launched its new Huawei Watch D with blood pressure, ECG monitoring, and aviation aluminum body. But as per the company press release, the blood pressure monitoring feature of the wearable is the main highlight. In addition, in November 2021, Respira Labs, a company focused on respiratory healthcare technology launched an AI-powered wearable lung monitor. The wearable could help with the early diagnosis and management of chronic obstructive pulmonary disease (COPD), asthma, and COVID-19. Thus, these developments are predicted to contribute to the market growth over the forecast period.
Therefore, owing to the factors mentioned above such as the advantages of wearable sensors and the frequent developments by key market players, the segment is expected to witness growth over the forecast period.
North America is Expected to Hold a Significant Share of the Market Over the Forecast Period
Due to the increasing involvement of market players in product innovation and product approvals, North America is one of the major contributors to the studied market.
A rise in the geriatric population in countries across North America is a major contributor to the studied market in the region. For instance, according to the data published by the World Bank Group in 2022, the population aged 65 and above as a percentage of the total population was 17.04% in the United States in 2021, 18.56% in Canada, and 7.83% in Mexico. In addition, according to a press release by the government of Canada in April 2022, the number of people aged 65 or more increased drastically to 7 million in 2021, which is the second-largest increase in the past 75 years. The age group of 65 years or older represented approximately 1 in 5 Canadians or approximately 19% of the total population. As this population is prone to life-threatening chronic and infectious diseases, the increase in the number of geriatrics demands better monitoring facilities. This is creating demand for body sensors for monitoring their health information. Thus, it is expected to drive market growth in the region.
Furthermore, according to the data published by Diabetes Canada in February 2022, it is estimated that around 11,704,000 people are living with diabetes and prediabetes in Canada in 2022. Thus, the high prevalence of diabetes is also expected to increase the adoption of body sensors.
Moreover, the increasing focus of market players for new product innovations and patent acquisitions, are driving the overall, market growth. For instance, in June 2022, the United States-based wearable brand Garmin registered a patent with the United States Patent and Trademark Office (USPTO) for a watch that can track both ECG and potentially blood pressure. Such developments are anticipated to contribute to the market growth over the forecast period.
Therefore, owing to the aforesaid factors such as the increasing geriatric population in the region and the increasing focus of market players for new product innovations and patent acquisitions, North America is expected to hold a significant share the market over the forecast period.
