A sensor is an electronic device that senses physical, chemical, and biological signals and allows them to be measured and recorded. Sensors enable the monitoring and tracking of medical issues.
Statistics:
By the end of 2027, the global medical sensors market is expected to be worth US$ 25,635.3 Million.
Global Medical Sensors Market: Drivers
The rising incidence of chronic diseases is expected to drive the global medical sensors market growth during the forecast period. According to the American Cancer Society, around 1,762,450 new cancer cases were diagnosed and 606,880 deaths due to cancer in the U.S. in 2019.
Furthermore, the growing elderly population is also expected to increase the implementation of medical sensors. According to the United States Census Bureau, the elderly population in the U.S. is anticipated to rise by 77 million by 2034.
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Statistics:
In 2019, North America accounted for the largest share in the global medical sensors market, contributing for 36.5 %, trailed by Europe and the Asia Pacific, respectively.
Global Medical Sensors Market: Restraints
Strict regulatory procedures are expected to hamper the global medical sensors market growth over the forecast period. Proper clinical trials and clearance of the MEMS product prior to market entry necessitate large capital funding and big-spending capabilities to withstand the losses if the device fails during the clinical testing. Furthermore, getting market adoption for new items takes time and incurs significant expenditures for the producer.
Furthermore, insufficient reimbursement for new technologies is expected to hinder the global medical sensors market growth over the forecast period. Despite U.S. Food and Drug Administration and CE approvals, manufacturers encounter constraints due to inadequately defined out reimbursement regulations from insurance carriers such as Medicaid and Medicare.
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Global Medical Sensors Market: Opportunities
Medical sensor research and development is expected to provide lucrative growth prospects for players in the global medical sensors market. For instance, the U.S. Naval Research Laboratory researchers in April 2020 reported the feasibility of employing ultra-thin sheets of microbially generated nanocellulose to make viable medical sensors.
Furthermore, numerous advantages of disposable and non-disposable medical sensors are expected to boost the global medical sensors market growth over the forecast period. For instance, according to a study report published in MEMS Journal 2018, disposable and non-disposable medical sensors are useful in miniaturizing MEMS components and systems, as well as in lowering system costs. Unfavorable reimbursement policies for medical equipment combined with disposable sensors, on the other hand, are expected to hamper the global medical sensors market growth over the forecast period.
Statistics:
The global medical sensors market was worth US$ 15,543.4 million in 2019 and is expected to increase to US$ 25,635.3 million by 2027 growing at a CAGR of 6.5% during the forecast period 2020 – 2027.
Market Trends/ Key takeaways
The market’s key players are focusing on providing solutions to produce rapid test devices for COVID-19. For instance, AMS, a provider of high-performance sensor solutions, in August 2020, offered the most recent sensor technology to Midge Medical, a Germany-based medical technology startup, in order to create a breakthrough innovation for science-backed rapid genetic and blood testing in a professional and home healthcare environment at a reduced cost. Research and development in medical sensors are expected to drive the global medical sensors market growth over the forecast period. For instance, the University of Minnesota researchers in July 2020 reported the invention of a new process that enables the 3D printing of hydrogel-based sensors directly on organs such as the lungs.
Global Medical Sensors Market: Competitive landscape
Some of the key players contributing to the global medical sensors market are Micro-Epsilon Messtechnik, Honeywell International, Inc., Measurement Specialties, Smiths Medical, GE Healthcare, LORD Corporation, Omnivision Technologies, Inc., Sensirion AG, Koninklijke Philips N.V., Amphenol Advanced Sensors, Analog Devices, Inc., OSI Systems, Inc., Medtronic Plc, Danaher Corp., Freescale Semiconductors, Broadcom Limited, and Avago Technologies Limited.
Global Medical Sensors Market: Key developments
The global medical sensors market’s major players are focusing on partnership strategies to extend their product offering. For instance, Amphenol Advanced Sensors, teamed with Andhra Pradesh MedTech Zone Ltd. in July 2020 to produce medical-grade sensors, power electronics, and sub-assemblies.
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Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Application
- Market Snippet, By Country
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Highlights
- Product launch
- PEST Analysis
- Technological Advancements
- Regulatory Scenario
- Mergers and Acquisitions
- Market Dynamics
- Global Medical Sensors Market, By Product Type, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Biosensors
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Temperature sensors
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Image sensors
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Accelerometers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Pressure sensors
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Flow (air and fluid) sensors
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Others (chemical, position, level, force)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Medical Sensors Market, By Application, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Surgical Applications
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Diagnostic
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Therapeutic Applications
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Monitoring Applications
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
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