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.