There has been a rising interest in wearable and implantable biomedical sensors over the last couple of years. This is mainly due to rising awareness and growing adoption of mobile healthcare technologies, offer great promise for reducing healthcare costs and improving patient care. In addition to this, implantable & wearable health monitoring devices have rapidly entered the area of different types of biomedical applications which includes tracking, recording and monitoring of the vital signs of people with the aim of improving their health. However, some of the implantable devices are becoming an important part of human life. Major drivers for the implantable sensors market are increasing innovations in the development of point of care medical sensors and technological advancements for monitoring & diagnosis of patient. Additionally, the introduction of new medical sensors in the global implantable sensor market is expected to contribute toward the growth of the global implantable sensors market during the forecast period. Furthermore, increasing demand for different types of implantable sensors in clinics as well as in the home applications for treatment and diagnostic purposes is projected to drive the growth of the global implantable sensors market in coming years.
The global implantable sensors market has been segmented on the basis of mode of application, end use industry and region. On the basis of mode of operation, the market for implantable sensors market has been segmented into different types which includes Diagnostics, Monitoring, Therapeutics, Wellness & Fitness and Others. Monitoring is the leading application in the medical sensors market. The monitoring segment is projected to grow at a significant CAGR rate during the forecast period and is expected to maintain its dominance in coming years. This is mainly due to rising interest towards home healthcare-based medical devices with the ability to self-diagnose and monitor long-term illnesses by using these types of sensors. Based on end use industry, the market for implantable sensors has been classified into different types which includes Hospitals, Clinics and Others. Across the globe, implantable devices are gaining popularity at a rapid pace, as these are the most advanced technology sensors and also offer convenience of its usage.
Moreover, the hospitals segment held the largest share of the global market owing to usage of advanced multi-purpose sensors in hospitals. Furthermore, advancements in different types of micro-technologies such as medical MEMS, microfluidic chips and lab-on-a-chip technologies are anticipated to support the implantable sensors market growth during the forecast period. On the flip side, government rules and regulation and unfavorable compensation policies for different types of medical devices integrated with implantable sensors are likely to hinder the market growth in coming years.
Geographically, global implantable sensors market has been segmented into North America, Europe, Asia Pacific (APAC), Middle- East and Africa (MEA), South America. In 2018, North America held the largest share of the implantable sensors market due to the high technological adoption of implantable sensors in different types of technologically-advanced medical devices and monitoring devices. Moreover, in coming years, North America is expected to maintain its dominance throughout the forecast period. However, Asia Pacific is estimated to be the second largest market for implantable sensor currently, followed by Europe. This is attributed to the rising aged population and surge in awareness about medical sensors among the people. On the other hand, in Europe Germany, France, and the U.K. are estimated to account for a major share in the Europe implantable sensors market over the forecast period.
The key players operational in the global implantable sensors market includes Medtronic, Honeywell International, Inc., Cardiomo, Dexcom, Inc., TE Connectivity, First Sensor AG, Sensirion AG, Danaher Corporation, GluSense Ltd. And Smiths Groups plc, among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.