The three leading players, Honeywell International, Inc., Danaher Corporation, and NXP Semiconductors, held a dominant share of ting the medical sensors market hold a collective share of 23.3% in the medical sensors market in 2014. A large customer base, impactful marketing strategies, and an unwavering focus on delivering top of the line products to consumers has helped these companies win the lion’s share in the global market.
A TMR analyst reports, “Strong research and development initiatives and strategic mergers and acquisitions to add value to the existing line of products will work in favor of the companies in the near future.” While the larger global entities compete on a wider scale, regional markets are also teeming with local manufacturers, eroding the profitability of multinational firms, finds Transparency Market Research in a new study.
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A rise in the number of health conditions such as diabetes, obesity, cardiovascular disease, and hypertension are creating an exceptional demand for medical sensors. These reliable medical equipment have been pivotal in the area of disease management, thus saving lives and preventing further medical complications. The sale, usage, and adoption of medical sensors have been extraordinary due to the ever-increasing pool of geriatrics who need frequent or constant assistance with health monitoring.
The TMR analyst reports, “The acceleration of technological advancements has revolutionized methods of treating various diseases by blurring the lines between patient’s condition and assessment of medical data.” As this becomes the way ahead for both companies and the patients, it will open up several growth opportunities for the adoption of medical sensors. The focus on developing medical sensors that are portable, wireless, compatible with smartphones, and based on microtechnology will also create several opportunities for the overall market.
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The only factor hampering the growth of medical sensors market is the high cost of these products. As the average selling price of medical sensors is relatively high, it does impact the overall budgets of end users such as hospitals, physicians, nursing homes, and home healthcare providers. Owing to this, several potential buyers are getting discouraged, thereby creating a challenge for the overall market.
TMR report states that the opportunity in the global medical sensors market was worth US$10,000.0 mn in 2014. However, with a high prevalence of chronic diseases and the need to treat their efficiently is likely to push the opportunity of this market to US$18,741.3 mn by the end of 2023. Between the forecast period of 2015 and 2023, the market is likely to witness an upswing of 7.0% CAGR.
Due to the increasing number of diabetics, the biosensors product segment is anticipated progress at an outstanding CAGR of 7.5% between 2015 and 2023. The demand for biosensors will also be propelled by the need of the patients to have portable diagnostic devices for efficiently managing their medical condition. Geographically, Asia Pacific will register the fastest CAGR in the forecast period of 8.2%.
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