Body Sensor Market Size

Body Sensor Market Analysis

The body sensor market is expected to register a CAGR of 10.0% during the forecast period.

During the COVID-19 pandemic, the studied market was significantly impacted. The demand for health monitoring became crucial due to interlinking life-threatening conditions of the COVID-19 infection. For instance, according to the article published by ScienceDirect in December 2021, to record and process health data remotely, sensors have been successfully integrated with smartphones, smart wearables, and the internet of medical things (IoMT). During the COVID-19 epidemic, sensors continued to revolutionize healthcare systems globally and provided the new potential for virtual treatment. This argues for a considerable adoption of body sensors during the pandemic. Therefore, the COVID-19 pandemic has significantly impacted the studied market in its preliminary phase. However, as the pandemic has subsided currently, the market is expected to have stable growth during the forecast period of the study.

Factors such as a rise in the geriatric population, increasing disposable income, and increasing research and development in health technology are expected to fuel the market growth over the forecast period.

The increase in the geriatric population is expected to be a major contributor to the studied market. According to the data published by UN in 2022, it is estimated that the population aged 65 years and above is 10% in 2022, and it is expected to rise to 16% by 2050. This target population is more prone to getting age-related chronic and life-threatening diseases. The increase in the number of geriatrics demands better monitoring facilities in the hospital operating rooms and outside. Thereby driving the demand for body sensors.

Furthermore, as per the article published by PubMed in July 2022, the use of sensors evolved in two different ways: by externally attaching them and by implanting them as an implantable sensors. Where the sensors follow their operating principles for a certain application, each method has its benefits. As per the source mentioned above, various wearable sensors have been utilized for personalized healthcare, demonstrating their effectiveness in monitoring various diseases and the continuous collection of data for a considerable amount of time. Thus, the development of body sensors for healthcare purposes is fueling market growth.

Moreover, continuous product innovation and launches are contributing to market growth. For instance, in February 2022, Senseonics Holdings, Inc., a medical technology company focused on the development and manufacturing of long-term, implantable continuous glucose monitoring (CGM) systems for people with diabetes, received the approval of the next-generation Eversense E3 CGM System by the FDA. The Eversense E3, including proprietary sacrificial boronic acid (SBA) technology, can extend longevity to 6 months. Thus, the developments in the market are anticipated to boost market growth over the analysis period.

Therefore, due to the factors mentioned above such as the continuous product innovation and launches, the development of body sensors for healthcare purposes, and the rising geriatric population, the studied market is anticipated to witness growth during the forecast period. However, the lack of awareness about the products and stringent regulatory guidelines for product approval are predicted to restrain the growth of the market.