Global Medical Sensors Market: Snapshot
Medical sensors have become ubiquitous components of the new-age technologically advanced and digitized medical devices. A significant rise in the emphasis on the development of implantable and wearable medical devices has propelled the market for medical sensors in the past few years. Breakthroughs in medical technology have enabled the commercial realization of a number of medical devices that were merely prototypes or designs in the recent past. This has necessitated the increased use of sensors capable of aiding the proper functioning of such new-age medical devices.
Transparency Market Research estimates that the market for medical sensors will tread along a smooth growth path in the next few years. The market is expected to exhibit a healthy 7.0% CAGR from 2015 to 2024, owing to which, the opportunity of the market is expected to rise from US$1,452.8 mn in 2015 to US$18,741.3 mn in 2023.
It is estimated that the rising pool of geriatrics and the alarming rise in the prevalence of a number of chronic diseases will be the key underlying factors for reason for the healthy growth of the market over the said period. The vast benefits of incorporating medical sensors in medical devices in terms of the enhanced accuracy in disease management, through alerts, notifications, and real-time patient data communication, have also increased their uptake in the field of medical devices.
Biosensors Product Segment Most Popular, Thanks to Rising Demand for Compatible Devices
Of the key varieties of products available in the global medical sensors market, the segment of biosensors is expected to grow at the most promising pace in the next few years. The rising demand for compatible medical devices will help the segment exhibit a promising 7.5% CAGR over the report’s forecast period. Biosensing devices such as portable blood glucose monitors will gain prominence as the population of diabetics increases at an alarming pace across the globe. According to estimates by the WHO, the total number of diabetics will surpass 366 mn by 2030.
Asia Pacific to Emerge as Most Promising Regional Market for Medical Sensors
From a geographical perspective, the market for medical sensors has been examined in the report across regional markets such as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Of these, the North America market accounted for a dominant 35.6% of the overall market in 2014. High consumer awareness, high numbers of minimally-invasive surgeries performed every year, and encouraging healthcare reimbursements are the key factors attributable to the region’s dominance in the global marketplace for medical sensors.
However, the market across Asia Pacific is expected to expand at the leading pace of growth over the report’s forecast period, chiefly owing to the high number of diabetics and patients with respiratory and cardiovascular diseases. Furthermore, the rising disposable incomes of the population across emerging economies such as India, Malaysia, and China are also fueling the demand for advanced medical devices with sensors.
Companies Attempting to Strengthen Foothold in Market through Mergers and Acquisitions
The vendor landscape of the global market for medical sensors is highly fragmented and is highly competitive. The large consumer base, constantly rising awareness about devices fit with sensors, and rising disposable incomes have led to vast growth opportunities for players in the global medical sensors market, attracting several small- and medium-sized companies. The market has witnessed a rise in strategic mergers and acquisitions from companies attempting to develop strong product lines and expand their geographical reach.
Some of the leading companies operating in the global medical sensors market are Analog Devices, Inc., Danaher Corporation, Avago Technologies Limited, LORD Corporation (Stellar Technologies, Inc.), Honeywell International, Inc., GE Measurement & Control, NXP Semiconductors (Freescale Semiconductor, Inc.), Micro-Epsilon Messtechnik, TE Connectivity Ltd. (Measurement Specialties), OmniVision Technologies, Inc., and Sensirion AG.
Global Medical Sensors Market: Overview
Medical sensors are devices that help in measuring the physical properties of body, responding with electrical or optical signals. These sensors are highly useful for the detection, measurement, and monitoring of chronic diseases such as cardiovascular, cancer, and respiratory complications. Some of the common medical sensors are accelerometers, biosensors, image sensors, and pressure or temperature sensors. As the healthcare sector prospers, the demand in the global medical sensors market is expected to expand at a robust CAGR of 7.0% during the forecast period of 2015 to 2023, reaching a valuation of US$18.7 bn by the end of 2023, significantly up from its worth of US$1.5 bn in 2015.
This report on the global medical sensors market targets audiences such as original device manufacturers (ODMs), assembly and packaging vendors, system integrators, electronic hardware equipment manufacturers, hospitals and medical labs and clinics, technical universities, and research institutes and organizations. The report offers comprehensive analysis of all major drivers and restraints pertaining to this market and estimates the scenario of the market until 2023. A number of leading players operating in the global medical sensors market have also been analyzed in a dedicated section in the report, aspiring to represent the competitive landscape and recent developments.
Application-wise, the report segments the global medical sensors market into surgical, therapeutic, diagnostic, and monitoring. Product-wise, the report bifurcates the market into temperature sensors, pressure sensors, accelerometers, image sensors, flow sensors, biosensors, SQUID sensors, and others. End-users of medical sensors studied by this report are hospitals, physician offices, and nursing home and home healthcare facilities. Geographically, the report takes stock of all the important regions such as North America, Europe, Latin America, Asia Pacific, and the Rest of the World (WoW), including MENA, South Africa, and Russia.
Global Medical Sensors Market: Trends & Opportunities
Increase in hospital acquired infections, technological advancements such as wearable devices and disease detecting devices, increasing demand for personalized healthcare systems, incremented life expectancy, escalating geriatric population, growing awareness regarding the availability of efficient medical sensors, and increasing disposable income are some of the key factors favoring the global medical sensors market. On the other hand, inadequate reimbursement policies, slow adoption of advanced medical systems, stringent regulatory procedure for product approval, and connectivity problems are a few factors that are challenging the market from reaching its full potential. The report also detects some of the trends in the global medical sensors market, such as emerging wireless sensor devices, increasing application of the capacitive sensors in the field of nanotechnology, and frequent mergers and acquisitions in growing economies.
Global Medical Sensors Market: Regional Outlook
According to the findings of the report, North America accounted for 35.6% of the global demand for medical sensors, and continues to be a highly profitable region. This significant chunk of demand from North America, primarily the U.S. and Canada, was a reflection of high awareness levels among the consumers, growing number of minimally-invasive surgeries each year, and beneficial reimbursement policies. However, Asia Pacific is projected for the most prominent growth rate during the forecast period, primarily gaining traction from improving healthcare infrastructure in emerging economies such as India, China, and Malaysia.
Companies mentioned in the research report
The global medical sensors market represents a highly fragmented competitive landscape, wherein mergers and acquisitions is common strategies by the leading companies to expand their geographical presence. The report identifies NXP Semiconductors, Honeywell International, Inc., Danaher Corporation, Analog Devices, Inc., Avago Technologies Ltd., Stellar Technologies, Inc., GE Measurement & Control, TE Connectivity Ltd., Micro-Epsilon Messtechnik, Sensirion AG., and OmniVision Technologies, Inc. as some of the key players in the global medical sensors market.
Key segments of the XYZ market
- Global Medical Sensors Market, by Products
- Pressure Sensors
- Temperature Sensors
- Image Sensors
- Flow Sensors
- SQUID Sensors
- Global Medical Sensors Market, by Applications
- Global Medical Sensors Market, by End Users
- Physician offices
- Nursing Home and Home Healthcare
- Global Medical Sensors Market, by Geography
- North America
- United Kingdom
- Rest of the Europe
- Asia Pacific
- Rest of the APAC
- Latin America (LATAM)
- Rest of LATAM
- Rest of the World (RoW)
- South Africa
- North America
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments