Medical Sensors Market Overview
According to Market Research Future (MRFR)’s report, the global medical sensors market is slated to reach a significant valuation at a 7.6% CAGR over the review period of 2016 to 2022.
The medical sensors have broad adoption in the healthcare industry for making medical devices efficient and safer. Some of these consist of smartwatches for diabetic care devices, heart rate, orthopedic care devices, sleep apnea, and surgery-specific sensory devices.
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The other objective behind the massive usage of medical sensors is the simplification of the operations in the medical sector where great care is taken in the development, manufacturing, and services activities of medical devices. Additionally, an augment in the government initiatives to encourage the use of advanced medical technologies such as mHealth, telehealth, and virtual health products coupled with the rising adoption of smartphones and other electronic devices equipped with sensor devices is assessed to drive the market growth over the forecast period.
Medical Sensors Market Segmental Analysis
The global Medical Sensors Market is segmented on the basis of types, application, and sensor placement. The various types of medical sensors available in the market are blood glucose sensors, blood oxygen sensors, ECG sensors, image sensors, inertial sensors, motion sensors, pressure sensors, and temperature sensors. The applications of medical sensors across the healthcare industry are diagnostics, fitness, imaging, medical therapeutics, monitoring, others. Based on sensor placement, the global market for medical sensors is segmented into implantable sensors, ingestible sensors, invasive/non-invasive sensors, strip sensors, wearable sensors.
Medical Sensors Market Regional Analysis
Based on the region, the global medical sensors market is segmented into the Asia Pacific, the Americas (North America & Latin America), Europe, and the Middle East and Africa.
The American region is the largest in the global market for medical sensors, owing to the early adoption of advanced healthcare devices in North America, especially the US. The established healthcare sector in the region, along with the technologically advanced medical devices and medical sensors are influential factors for market growth over the review period. Additionally, the increasing prevalence of lifestyle and chronic diseases in the region has risen the demand for advanced diagnostics and detection facilities.
During the review period, the Asia Pacific market is expected to emerge as the fastest-growing region in the global market for medical sensors. The primary reasons for this substantial growth are influential factors such as growing urbanization, increasing technological advancement, and the presence of emerging economies like China and India, wherein the governments are investing majorly towards the growth of the healthcare sector and adoption of advanced medical devices, including medical sensors. The other countries that are also expected to contribute significantly to the regional market share are Japan and South Korea, followed by the rest of the Asia Pacific region.
The Middle East and Africa region are expected to record the smallest market share and witness static growth. The factors contributing to the stagnant market growth in this region include lack of awareness among consumers towards the availability of advanced medical devices, low product penetration, lack of education and skilled workforce, lack of technological development, political instability in some areas, and the poor healthcare sector. The growth in the region over the review period is due to the government initiatives towards the improvement of the healthcare sector and the provision of basic medical facilities. Additionally, the middle eastern developing countries such s Kuwait, Saudi Arabia, and United Arab Emirates, are expected to contribute to the majority of the market sare acquired from this region over the review period.
Medical Sensors Market Operated By Top Key Players
The key players identified in the global medical sensors market are First Sensor AG, GE Healthcare, Given Imaging, Inc, Honeywell International, Inc, Measurement Specialties Inc., Medtronic Plc., NXP Semiconductors N.V., Philips Healthcare, Smiths Medical, STMicroelectronics, and STMicroelectronics N.V.
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