Medical Sensors Market Analysis Overview
The Global Medical Sensors Market size is estimated to reach $1.78bn by 2025, growing at a CAGR of 6.8% during the forecast period 2020-2025. The sensors that are used to monitor, diagnosis, and medical treatment are known as the Medical Sensors. These medical sensors are used to study different types of conditions of a patient or helps in with treatment process. Types of medical sensors include Pressure sensors, Temperature sensors, Image sensors, Biosensors, Flow sensors, Motion sensor, Accelerometer, and other sensors. The increase in the application of medical sensors for personal care, medical diagnosis, body temperature measurement, and medical treatment is growing the demand for medical sensors. The increase in the latest technology and availability of wearable sensors for daily use, that is for monitoring the patients who are having obesity, cardiovascular issues, and diabetes is driving the usage of medical device sensors and medical diagnostic sensors.
Geographically, North America’s Medical Sensor Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the availability of a large number of medical sensors manufacturers in countries like the U.S and Canada.
The increase in a different type of diseases and availability of home care medical sensors to monitor health issues like diabetes, heart issues and others is driving the usage of portable medical sensors as the cost of monitoring and diagnosis in hospitals and other clinics is high.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Global Medical Sensor Market research report.
The increase in chronic diseases, increased health care expenditure and easy availability of the advanced monitoring devices are driving the growth of the medical sensor market during the forecast period.
Medical Sensor Market Segment Analysis – By Sensor Type
The Sensor type segment of the Medical Sensor Market has Pressure, Temperature, Image, Biosensors, Flow, Motion, Accelerometer and Others. The Pressure segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025, owing to the increased usage in the respiratory devices, patient care monitoring devices and drug delivery systems. Usage of pressure sensors in devices like spinal cord stimulator, endoscope, gastric electric stimulator and peacemaker is driving the demand for pressure sensors. The imaging sensors are also set to have good growth owing to the increased usage in various diagnoses and treatments. The rising demand for personal health care systems and awareness among customers about the usage of different types of medical devices are driving the market during the forecast period.
Medical Sensor Market Segment Analysis – By Application
The application type segment of the Medical Sensor Market has Monitoring, Diagnostic, Therapeutic, Imaging, Fitness and Others. The Monitoring segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025, owing to the increased development of different types of monitoring devices for different types of treatments. The integration of different types of monitoring devices with smart devices and other wireless medical sensor devices for patient care are driving the growth of wireless or remote monitoring devices. The therapeutic segment is also set to have growth owing to the demand of blood glucose sensors, which are used for diabetes. The increased health care and availability of different types of fitness sensors are driving the market for self-care sensors during the forecast period.
Medical Sensor Market Segment Analysis – By Geography
Based on Geography the global Medical Sensor Market Analysis is segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America had a dominant share in terms of revenue in 2019 and it holds the largest market share during the forecast period 2020-2025, owing to the increased health care infrastructure in this region. The Asia-pacific region is also set to have good growth owing to the large population and increased chronic diseases like diabetes, respiratory problems and hypertension. Europe is set to have a growth owing to the increased personal health care and usage of medical sensors to track self-health. The increased investments by different medical sensor manufacturers and government programs, which are supporting the IT health care equipment, is driving the market in different regions.
Medical Sensors Market Analysis Drivers
Increasing research and developments for medical sensors
The increase in funding by the public and private sectors for the research and development of new technologies in the medical sensors division is driving the growth of the market. The increase in diseases like obesity, diabetes, and cardiovascular issues is propelling the usage of different types of medical devices sensor.
Medical Sensors Market Analysis Challenges
Stringent regulations by the government
The stringent regulation by the government for the manufacturing of different medical sensors, as any failure of the devices, is likely to cause damage to the patient’s health and even death; these strict rules by the government are challenging the market. Lack of awareness among the people about different types of portable medical sensors that can be used at home is also a challenging market during the forecast period.
Medical Sensors Industry outlook and Top Companies:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Global Medical Sensor Market. Top key companies of the global medical sensor market are TE Connectivity, Analog Devices, Honeywell International Inc, Texas Instruments, Critec Medical, Medtronics PLC, First Sensor, Techscan, and others.
In May 2019, TE Connectivity Ltd., a global technology company for different types of connectivity and sensing solutions, has acquired Alpha Technics, which is a manufacturer of medical temperature measurement products and solutions.
In May 2019, Analog Devices, Inc. Has announced a new electrochemical & impedance measurement front end, which has vital sign monitoring devices and intelligent electrochemical sensors. This AD5940 is used in the health care segment for both skin and body impedance measurements.