The global body sensor market features a competitive vendor landscape, with a number of players focusing on R&D activities to stay ahead of their peers, observes Transparency Market Research in a recent report. Some of the leading companies contributing the most to the healthy development of the market through innovative products and technologies are Fitbit, Inc., Texas Instruments Inc., Abbott Laboratories, STMicroelectronics NV, Apple Inc., Koninklijke Philips N.V., Analog Devices, Inc., Garmin Ltd., Broadcom Ltd., and NXP Semiconductors NV.
These prominent companies strengthen their grip on the market through dedicatedly investing in R&D activities, whereas innovation and development of newer techniques are also key areas of focus. These leading players could gain a stronger hold on the market through mergers and acquisition in the near future and can frame a stronger position in the market.
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Of the key product varieties in the market, the market has seen a significant rise in demand for temperature sensors. The segment is expected to accumulate a worth of US$23 mn in 2017, amounting to nearly 18.5% of the overall market in the said year. The market for temperature sensor is expected to rise to US$62 mn by 2022 while the CAGR will be 21.9% during 2017 to 2022. The contribution of temperature sensors segment is projected to acquire a 21.2% of the global market share by the end of the forecast period. It is also estimated to rise to US$7.8 mn annually. The most profitable regional market is North America, which is expected to expand at a 22.1% CAGR over the forecast period and is estimated to rise to US$100.9 mn by 2022.
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The segment is expected to remain profitable over the report’s forecast period as there will be high acceptability for newer technology across all consumer demographics, especially across geriatric population.