In 2015, the global market for medical sensors was worth USD 9.4 billion. This market is driven primarily by the growing demand for medical sensors in both the diagnostic and therapeutic sectors. Medical sensors monitor vital physiological parameters, and alert healthcare professionals when there are significant deviations. This improves patient care by avoiding unnecessary complications. Due to the wide variety of medical sensors that can measure and detect a wide range parameters and analytes, there is a growing demand.
Wearable devices are a key part of the healthcare Internet of Things (Internet of Things), industry. These medical sensors allow monitoring vital signs such as blood pressure and temperature. They can also be used to record these data in an electronic format.
North America's market share for medical sensors, by product, 2013, - 2024 (USD million)
These devices are also in high demand due to the rising burden of chronic diseases and the growing number of geriatrics worldwide. The sensor-based devices are targeted at the elderly and chronically ill patients. This is because it is essential that they undergo routine checks. Remote and point-of care monitoring of patient status can be achieved.
Due to their affordability and ease of use, home healthcare devices such as glucose monitoring and pregnancy kits are gaining popularity.
This report analyzes key product segments such as temperature, pressure, image, accelerationometers, biosensors and flow. The biosensors segment can be further sub-segmented to include cholesterol, blood glucose testing and pregnancy testing, drug discovery sensors, and infectious disease sensors.
Biosensors dominated 2015's medical sensors market. This is expected to continue in the future, as biosensors are more widely used in hospitals and home healthcare. Due to rising diabetes rates, the use of glucose monitoring diagnostic kits has increased significantly.
Based on their application areas, the medical sensors market is divided into surgical, diagnostic and therapeutic.
As a result of technological advances in medical sensors, the therapeutic and monitoring segments will grow at a profit over the forecast period. These products are highly reliable and precise in their measurement capabilities. The introduction of new, easy-to-use monitoring devices is proving to be a boon for patients who require precise results in a short time.
End-use includes hospitals, physician offices and nursing homes. In 2015, hospitals accounted for a large market share. This segment is a leader in the industry due to its greater financing capabilities, high patient volumes and availability of qualified staff.
Over the forecast period, home healthcare is expected to experience a significant growth. Home healthcare equipments are preferred over hospitals due to the high cost of diagnosing patients in hospitals. These affordable diagnostic kits are simple to use and provide quick results. According to the U.S. Bureau of Labor Statistics (USBLS), home-based diagnostics are expected to increase due the availability of user-friendly kits. This will lead to further growth in the home healthcare sector.
The North American market grew because of the availability of high-quality primary, secondary, or tertiary-care healthcare facilities. The well-established reimbursement system, adequate government funding, as well as increasing awareness of health issues, make it possible to incorporate the sensors into medical devices.
Over the forecast period, Asia Pacific is expected to experience a significant remunerative increase. This is due to an increase in chronic conditions such as diabetes, hypertension and respiratory problems.
The International Diabetes Federation estimates that around 382 million people worldwide were diagnosed with diabetes. It also estimates that approximately 175 million cases went undiagnosed. Market players are expected to be more open to the unmet needs of this large target population.
Analog devices, Inc., Avago technologies Ltd., Danaher Corporation, GE Measurement &Control Solutions, Inc., Honeywell International, Inc., Stellar technologies, Inc., OmniVision Technologies, Inc., Stellar technologies, Inc., Stellar technologies, Inc., Stellar technologies, Inc., Stellar technologies, Inc., Stellar technologies, Inc., Stellar technologies, Inc., Stellar technologies, Inc., OmniVision Technologies, Inc., Senserion AG, TE Connectivity Ltd., Microepsilon Messtechnik GmbH Co. & &KG, N.V.
To maintain a competitive edge, new product launches and collaborative development are key strategic initiatives in this industry. The Thermopile Digital Sensor by TE Connectivity Ltd., for example, measures temperature without any physical contact and then displays the results digitally.
Up Market Research published a new report titled “Medical Sensors Market research report which is segmented by Product (Image Sensors, Accelerometers, Biosensors, Pressure Sensors, Flow Sensors, Temperature Sensors, SQUID Sensors), by End-use (Home Healthcare, Physician Offices, Hospitals, Nursing Homes), by Application Area (Diagnostic, Monitoring, Surgical, Therapeutic), By Players/Companies Stellar technologies, Inc, Honeywell International, TE Connectivity Ltd, Inc, Avago technologies Ltd, OmniVision Technologies, NXP Semiconductors NV, Inc, Senserion AG, GE Measurement &Control Solutions, Inc, Inc, Micro-Epsilon Messtechnik GmbH Co & KG, Danaher Corporation, Analog devices”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Medical Sensors Market Research Report |
By Product | Image Sensors, Accelerometers, Biosensors, Pressure Sensors, Flow Sensors, Temperature Sensors, SQUID Sensors |
By End-use | Home Healthcare, Physician Offices, Hospitals, Nursing Homes |
By Application Area | Diagnostic, Monitoring, Surgical, Therapeutic |
By Companies | Stellar technologies, Inc, Honeywell International, TE Connectivity Ltd, Inc, Avago technologies Ltd, OmniVision Technologies, NXP Semiconductors NV, Inc, Senserion AG, GE Measurement &Control Solutions, Inc, Inc, Micro-Epsilon Messtechnik GmbH Co & KG, Danaher Corporation, Analog devices |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 207 |
Number of Tables & Figures | 145 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Image Sensors, Accelerometers, Biosensors, Pressure Sensors, Flow Sensors, Temperature Sensors, SQUID Sensors), by End-use (Home Healthcare, Physician Offices, Hospitals, Nursing Homes), by Application Area (Diagnostic, Monitoring, Surgical, Therapeutic).
Medical Sensors Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Medical Sensors Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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