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IN THE NEWSJune 2021: Huawei launched Huawei Watch 3, with improved features, such as, SpO2 sensors, continuous heart rate monitoring, and a temperature sensor. The watch is swim-proof and supports reverse wireless charging, 4G LTE connectivity, built-in GPS, and, offers voice and video call support.
The global body-worn temperature sensors market is estimated to grow at a notable CAGR during the forecast period, i.e., 2022-2030 owing to the ability of remote patient monitoring in the sensors. Furthermore, presence of other effective tracking and measurement of bodily activities integrated into the body-worn temperature sensors, such as, pulse rate, heart rate, oxygen level, and body temperature, are expected to drive the market growth. Physiological monitoring helps diagnose and examine the ongoing treatment of numerous individuals with neurological, cardiovascular, and pulmonary disorders. Increasing prevalence of these diseases is anticipated to boost the market growth. Additionally, the ever-increasing trend of health-consciousness among informed individuals covering all age groups is also expected to boost the market growth. Also, the global body-worn temperature sensors market is witnessing increasing demand from various verticals, such as clinical, mechanical, and infotainment, which is further estimated to promote the market growth.
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The market is segmented based on sensor type into biosensors, smartwatches, wearable patches, hand-worn terminals, smart clothing, and others. The smartwatches segment is anticipated to grab the most significant share by the end of 2021 on account of the ease of wearing the smartwatches as wristwatches. Other than updating about temperature and physiological conditions, smartwatches also help improve health and boost activity levels and maintain the body temperature quickly, which is estimated to boost the growth of the segment.
Based on application, the healthcare and medical segment in the body-worn temperature sensors market is projected to grow with a significant CAGR over the forecast period. The segment growth can be attributed to the fact that healthcare and medical sectors are early adopters of technological equipment, and an increasing number of patients need improved quality care, hence adopting body-worn temperature sensors.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increased investments by the government on improving healthcare infrastructure in the region. Moreover, technological advancements in China, Japan, and India in the biosensors and wearable technology sector are expected to boost market growth.
Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue in 2021. This can be accounted to the adoption of the most advanced technology through research and development, accompanied by leading sensor manufacturers and providers in the region. Along with this, increasing adoption of wearable technology, is also expected to contribute to the market growth in the region.
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The global body worn temperature sensors market is further classified on the basis of region as follows:
Our in-depth analysis of the global body worn temperature sensors market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rapidly increasing prevalence of chronic diseases, along with advancement of sensor technologies are the key factors driving market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022-2030.
High costs associated with sensor technology and slow adoption of body worn temperature sensors are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increased expenditure by government on improving healthcare infrastructure and research and development in sensor technology in the region.
The major players dominating the body worn temperature sensors market are Texas Instruments Inc., Panasonic Corporation, Maxim Integrated, STMicroelectronics, Texas Instruments Inc., and Infineon Technologies AG among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and region.
With respect to application, the healthcare and medical segment is anticipated to hold the largest market share owing to the increasing number of patients adopting the body worn temperature sensors.
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