Currently, the Medical Sector is ready to accept any and every form of technological advancement that can make treatment methodologies better for them. Owing to this fact, one can confidently say that the future looks bright for the Global Medical Sensors Market. During the forecast period of 2018-2022, the market is projected to reach the value of USD 14.54 billion. In terms of CAGR, the industry is estimated to grow at the rate of 7.4%.
Medical sensors are steadily coming under the spotlight in healthcare; they are used in an array of applications. Advances in technology has broadened the application base for medical sensors, which in turn is driving their adoption. Today, medical sensors are used in monitoring health conditions of patients with diabetes, cardiovascular or respiratory diseases. The technology is being utilized in diagnostics and therapeutics as well. Factors as such are driving the sales of medical sensors worldwide. A study conducted by Market Research Future (MRFR), claims that the global Medical Sensors Market will exhibit a rapid growth during the forecast period (2016-2022).
Medical sensors are playing a critical role in health monitoring. The advent of such sensor technologies have greatly contributed to the improved quality of care giving. Medical sensors facilitate a holistic diagnostics approach, reaching parameters beyond just monitoring of blood pressure, temperature or vibration.
Increased prevalence of acute and chronic disorders coupled with the rising geriatric population is also expected to support the growth of the market during the assessment period. Sensor-based devices are becoming a crucial healthcare technology for patients with chronic ailments, at the same time they are also gaining popularity among elderly people. In addition, medical sensors are being integrated with other medical devices to make them more effective and safe, while enhancing their functional capabilities.
Healthcare devices manufacturers are exploring application possibilities of medical sensors in number of new segments. This is likely to creating growth opportunities for market players in the forthcoming years. Sensor can easily adapt to the requirements of specific healthcare device, making them a go-to solution for achieving various medical endeavours. Meanwhile, the research and development landscape is ostensibly active and remains a favourable factor for the market.
The arrival of sensor-based healthcare wearable devices for daily use has created new growth avenues for manufacturers. Modern consumer are becoming more health conscious and constantly look for solutions that can help them maintain a healthy lifestyle. Nonetheless, a majority of the novel healthcare technologies is currently accessible to deep-pocketed patients, hence limiting the overall consumer base.
Medical Sensors Market – Competitive Landscape
Some of the leading market participants discussed in MRFR’s report include Medtronic Plc., Measurement Specialties Inc., NXP Semiconductors N.V., Smiths Medical, Given Imaging, Inc, GE Healthcare, First Sensor AG, Honeywell International, Inc, STMicroelectronics N.V., Philips Healthcare and STMicroelectronics.
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Medical Sensors Market – Industry Trends and News
LifePlus, a healthcare startup has recently revealed what the company believes is the world-first noninvasive continuous blood glucose monitoring multi-sensor wearable. The company has named the device “LifeLeaf”, which will be part of the company’s effort to capitalise on the growing medical wearables category. Apart from monitoring blood glucose, the devices will be capable of tracking blood pressure, track heart rate, oxygen saturation and respiration rate.
Leading wearable technology company Fitbit is reportedly going to leverage Google’s new Cloud Healthcare API to increase its healthcare-centric capabilities. With the help of Cloud Healthcare API, the company will be able to connect its devices to EMRs and provide clinicians and patients a more complete view of the patient profile.
Medical Sensors Market – Segmental Analysis
Based on types, the market has been segmented into blood glucose sensors, ECG sensors, motion sensors, pressure sensors, temperature sensors, blood oxygen sensors, image sensors, inertial sensors, and others. On the basis of sensor placement, the market has been segmented into wearable sensors, invasive/non-invasive sensors, strip sensors, ingestible sensors and implantable sensors. Based on application, the market has been segmented into monitoring, imaging, diagnostics, medical therapeutics, fitness, and others.
Medical Sensors Market – Regional Outlook
On the basis of region, the market is North America expected to remain highly attractive throughout he review period. High healthcare expenditure and presence of prominent healthcare focused tech firms in the regions is supporting the growth of the market in North America. The region is expected to be followed by Europe and Asia Pacific (APAC) respectively. During the forecast period, the APAC medical sensors market is projected witness a relatively higher CAGR.
Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Continued….
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