Global Medical Sensors Market by Sensors Type (Pressure Sensors, Temperature Sensors, Blood Glucose Sensors, Blood Oxygen Sensors, Electrocardiogram (ECG) Sensors, Image Sensors, Others), By Product Type (Non-invasive, Invasive), By End-User (Hospitals & Clinics, Nursing Homes, and Others), By Application (Diagnostic Imaging, Patient Monitoring, Medical Implants & Endoscopy, Others); By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-2026
The Global Medical Sensors Market is estimated to grow at a CAGR of 6.42% during the forecast period 2019-2026. As per the analysis, the Global Medical Sensors Market was valued $1.09 billion in the year 2019 and estimated to reach $1.67 billion by the end of the year 2026.
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Rise in adoption of smartphones and other electronic devices with sensor technology, increase in government initiatives in mHealth products, increase in investment by private and public players to introduce sensors in mHealth, and rise in adoption of IoT and advanced technologies are the major factors driving the market. Growing awareness of healthcare devices, the rising collaboration between market players for the development of medical sensors, and increasing healthcare expenditure create a future opportunity for the growth of the market. The growing demand for medical patches across various applications such as fitness, and potential to diagnose different disease conditions such as cancer, cardiac disorders, diabetes, and high blood pressure is projected to fuel the market growth of medical patches and sensors over the forecast period.
Moreover, ability to retrieve real-time information using medical sensors have led to benefits such as surge in the response time of hospital staff and increase in patient safety. Technological advancement in the wearables device, increasing demand for personal healthcare systems, and consciousness among the consumers about the advantages of the medical sensors are some of the factors that are estimated to boost the growth of the market over the forecast period.
Medical sensors are utilized to make medical devices more productive and more straightforward in operation. Recent technological advancements in medical sensors improve the use of smart sensors for several diseases and conditions. Some of these include smartwatch for surgery-specific sensory, orthopedic care devices, diabetic care devices, sleep apnea and heart rate devices.
Technological improvements boost the market growth
One of the major factors that drive the global medical sensors market is the increasing adoption of medical sensor technology. The global medical sensors market is growing owing to various factors, which include improvement in technology, such as the introduction of IoT in healthcare and increasing per capita income. Technological advancement in the invasive sensor leads to the innovation of devices in the field of medical sensors that have enhanced the market growth. Many gadgets are available in the market such as chest strap to monitor hearth, smart glasses for visually impaired, etc. that help in the growth of the market. Rising demand for advanced sensors-based medical instruments and devices from several end users such as hospitals, and ambulatory surgical centers, specialty clinics, is contributing to the growth of global medical sensors market. Factors like growing geriatric population, investment in research and development, increasing per capita income also drive the market growth
Adoption of home-based healthcare services support the market growth
Medical sensors market is emerging owing to the increase in the adoption of home-based healthcare services as it provides the home-based medical monitoring of the patients that reduces the burden to travel and wait for the physician. These medical technologies offers flexibility in healthcare management by an early diagnosis that promotes disease treatment. Also, the introduction of new devices that offer more active analysis, at lower costs, and are user-friendly contribute to the market growth of medical sensors.
Government regulations and information security issues hampers the market growth
Factors such as strict government regulations and processes for approval of products that extend the time to market are hampering the growth of this market. Apart from this, there are certain security concerns related to the usage of medical sensors. Connectivity issues between sensors and receivers also act as restricting factor in the market growth.
Segmentation Overview of the Global Medical Sensors Market
The Sensors Type Segment of the Global Medical Sensors Market is Sub-Segmented into:
The Product Type Segment of the Global Medical Sensors Market is Sub-Segmented into:
The End-Users Type Segment of the Global Medical Sensors Market is Sub-Segmented into:
The Application Type Segment of the Global Medical Sensors Market is Sub-Segmented into:
Geographical Overview of the Global Medical Sensors Market
Geographically, the global medical sensors market is segregated into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is anticipated to account for the largest share of the global medical sensors market. The significant factors contributing towards the larger market size of the region include high healthcare expenditure in countries such as Canada and the U.S. and the existence of a large number of medical device manufacturers in this region.
The companies that hold the major share of global medical sensors market are Texas Instruments, TE Connectivity, First Sensor, Medtronics, Tekscan Inc., Stmicroelectronics, NXP Semiconductors, Sensirion AG, Amphenol Advanced Sensors, Proteus Digital Health, Envitec, Cirtec Medical Corp., Innovative Sensor Technology, Keller America, Merit Sensor Systems, Omnivision Technologies, Inc., TDK Sensors, Infineon, Masimo, Stanley Healthcare, and other prominent players.
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