A biological or medical sensor or biosensor is a medical device formed by incorporation of an electrical transducer with a biological element such as enzyme, mineral, nucleic acid, protein, or antibodies. The biological element in the systems interacts with the analyte to be detected and initiates a chemical or biochemical reaction, which is then converted into an electrical signal by the transducer. The transducer interprets these complex biological parameters in a simpler measurable unit. The medical and biological sensors market is expected to grow exponentially during the estimated period due to growing prevalence as well as incidence of various chronic diseases, high technological advancements, increasing public awareness. The medical sensors monitor vital biological factors and provide timely and accurate information to the clinicians necessary to take proper treatment measures. This eventually improves the quality of care delivered by avoiding unnecessary complications. This factor is anticipated to surge the demand for different medical sensors. One of the major factor driving the global medical and biological sensors is the rapid advancement in the sensor technology such as introduction of wearable wrist watch sensors. One more example of highly advanced biosensor is the smart contact lenses being developed by Google. These contact lenses contain wireless microchip containing a tiny glucose monitoring sensor. This can be a revolutionary product in biosensors that can measure glucose levels for diabetic patients from bodily fluids such as tears. Moreover the wide range of applications of biosensors in measuring and detecting different biological parameters is also expected to drive medical and biological sensors market in the near future. In addition the rapidly increasing world geriatric population and changing lifestyle patterns leading to increase in the need of regular health check-ups are some factors driving medical and biological sensors market growth and this trend is expected to continue over the forecast period as well. However, factors such as stringent regulatory procedures, high product cost coupled with low reimbursement services can hamper the market growth during the forecast period.
The global medical and biological sensors market is classified on the basis of sensor type, application, end user and regional presence. On the basis of sensors, the market can be segmented into temperature sensors, pressure sensors, photo optic sensors, acceleration sensors, liquid level sensors, flow sensors, oxygen sensors, and others. On the basis of application, the market can be segmented into monitoring, diagnostics, surgical, and therapeutics. Based on end user, the market is segmented into hospitals, clinics, and home-care settings.
The clear escalation in the prevalence of chronic illnesses has created a surge in the demand for novel method of diagnosis and treatment. The current advancements in the biosensors techniques is one of the many ongoing initiatives to fulfill these healthcare needs. The user-friendly handling and accuracy of these medical sensors is making them the preferred choice over traditional diagnosis methods that require a skilled technician, reagents and a proper laboratory set-up. Moreover significant increase in the healthcare spending will boost the medical and biological sensors market during the forecast period. Owing to factors such as huge penetration of technological advanced systems, government initiatives for regular screening of various chronic illnesses and high prevalence in emerging economies, the medical and biological sensors market is expected to have substantial growth during the forecast period (2016-2026). Geographically, the global medical and biological sensors market is classified into regions namely, North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa. North America dominates the global medical and biological sensors market followed by Europe owing to well established healthcare infrastructure and government initiative so as to boost screening and surveillance rates for all risk age groups in this region. Asia Pacific is expected to report the highest growth rate during the forecast period due to high number of diabetics and patients with respiratory disorders. Furthermore, the developing economies of the region such as China, India, and Australia will also fuel the demand for medical and biological sensors. Rising per capita income and developing healthcare infrastructure in Asia Pacific is also anticipated to boost medical and biological sensors demand. Developing regions such as Middle East and Africa is also expected to generate more demand for medical and biological sensors due to myriad of geriatric population.
Some of the major players operating in the market for medical and biological sensors are Analog Devices, Inc., First Sensor AG, GE Healthcare, Honeywell International Inc., Measurement Specialties, Inc., Medtronic PLC, NXP Semiconductor N.V., STMicroelectronics N.V., Smiths Medical, TE Connectivity Ltd., and Texas Instruments.
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.
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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.
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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?
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