The global body-worn temperature sensors market is primarily driven by factors such as increasing health awareness, compact design and multi-functionality of the sensors and increasing application of these temperature sensors across different sectors.
Albany, NY -- (SBWIRE) -- 08/30/2016 -- The global body-worn temperature sensors market is a niche industry with a handful of established players leading in the market. The top five players accounted for 69% of the global market. Key players in the market include: Analog devices, Maxim Integrated, Texas Instruments, Measurement Specialties Inc., and STMicroelectronics. Since entering into the market requires high initial capital investments, it is tough for new entrants to compete with existing products and technology, suggests a new report by Transparency Market Research (TMR). However, the rising demand for low-cost devices among the middle class is expected to create an opportunity for new entrants in the market.
"The threat of substitutes is high at present but is predicted to ease slightly owing to an increase in the number of wearable devices. Companies would benefit by establishing themselves in various parts of the world as there are several untapped markets across different regions. Companies should continue investing in R&D to retain competitiveness in the market," says the lead author of the report.
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Compactness and Portability to Fuel Adoption of Wearable Temperature Sensor Devices
Body-worn temperature sensors are widely used for monitoring body temperature and diagnosis of complex diseases, thus driving their demand. People of different age groups have started using temperature-sensor-based wearable medical devices to diagnose and self-monitor long term diseases. Increasing concerns regarding chronic diseases have ensured high adoption of body-worn temperature-sensor-based wearable medical devices. Moreover, the compactness and portability of these devices have also boosted their acceptance.
The application areas of body-worn temperature sensors are expected to grow in the future, with the further development of these devices. Thus, the scope of these devices is expected to widen beyond fitness, healthcare, wellness, and medical sectors.
High Cost of Wearable Temperature Sensors Dampen Demand
The major factor hampering the adoption rate of body-worn temperature-sensor-based devices is their high cost. These devices remain unaffordable for the middle class people. However, the high price of these devices is expected to have a lower impact in the near future, predicts a TMR analyst.
Wearable temperature sensor devices is a new technology, which is yet to gain full acceptance across the globe. Currently, consumers do not regard body-worn temperature sensors a necessity for monitoring health, thus affecting adoption rates.
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Opportunity for Small Players Lies in Development of Low-priced, Compact Devices
The current body-worn temperature sensors market is led by a few established players. However, small players will have enormous opportunities to emerge in the market in the coming years. These small players are expected to develop compact products. Additionally, the price of wearable temperature sensors is likely to drop, with an increase in the number of players entering the competition. Technologically advanced, compact, and cheaper devices are expected to have an increased audience, thus propelling the growth of the market.
According to the report, the global body-worn temperature sensors market is expected to be worth US$93.4 mn by 2020. On the basis of type, the motion sensors segment led the market in the past and is expected to retain its leading position in the coming years. The motion sensors segment is expected to account for 30.8% of the market by 2020.
By care setting, the hospital segment is expected to account for 47.8% of the global body-worn temperature sensors market by 2020. On the basis of patient demographic, the 17 – 69 years age group segment is expected to lead by 2020. North America led in the market in the past and will continue to do so in the coming years.
This information is based on the findings of a report published by Transparency Market Research titled "Body-worn Temperature Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020."
The global body-worn temperature sensors market is segmented as follows:
Medical Based Sensors
Long-Term Care Facility
0 – 24 months
2 – 16 years
17 – 69 years
70 and above
Fitness and Wellness
Smart Clothing and Smart Sports Glasses
Augmented Reality Head-Sets
Healthcare and Medical
Continuous Glucose Monitor
Industrial and Military
Hand Worn Terminals
Augmented Reality Headsets
Trade and transportation
Government and public utilities
Media and entertainment
Banking and financial services
North America (the United States, Canada, Others)
Europe (United Kingdom, Germany, Others)
Asia Pacific (China, India, Others)
Rest of the World (UAE, Brazil, Others)