Global Sensors Market in Healthcare Applications
Sensors are a vivacious element of numerous end-user industries and healthcare is one of the most important applications for the sensors. Sensors are vital in the medical industry because they are extensively used to monitor patient health, enable early detection of deterioration, and analysis of physiological parameters. According to the National Centre for Biotechnology Information, there were around 18.1 million new cancer cases and mortality reached up-to 9.6 million in 2018. Since the medical sensors are advocated to detect the development of cancer cells prematurely, the employment of sensors in the medical industry can significantly reduce the number of cancer cases.
The same source suggests that 40% of the total IoT related technology will be health-related making up a $117 billion market. The integration of medical and information technologies, such as bio-potential and medical informatics, will transform the healthcare industry by reducing inefficiency thereby saving lives.
The remote patient monitoring needs are being fulfilled through the advancement in medical automation industry. Both software and hardware solutions such as health rate monitor, telemedicine, rehabilitation robotics, and numerous wearable devices are some of the application of the sensors applied in the healthcare industry. The medical data is transferred to concern person through the various transmitters and receivers installed in these sensors
According to a market research report from IndustryARC, the global sensors market in the healthcare industry oozed from opportunities worth around $18 billion to $20 billion as of 2018. The global demands in the market is expected to increase at a CAGR of around 8% to 10% during the forecast period of 2019 to 2025. Asia-Pacific is considered as the most rewarding regional market place for the sensors market in healthcare with a demand share of around 30% as of 2018.
The prevalence of chronic disease and rise in disposable income of citizens contribute to the large market share in the region. Considering the applications, the largest demands for the market comes from the medical imaging segment and is estimated to increase at an impressive CAGR of more than 15% during the aforementioned forecast period. The medical imaging technique is flourishing because it allows physicians to treat their subjects more precisely and effectively. Medical imaging gives accurate evidence-based decision prospects to the physicians.
The information presented is from the IndustryARC’s report titled “Sensors in healthcare applications market: by type (temperature, pressure, chemical, bio, level, flow, position & others) & by the application (patient monitoring, diagnostics, therapeutics, imaging and others) with forecast (2019-2025).”
Sensors in Healthcare Market Companies: Recent Developments
Some of the major key players in the market are Smiths Group, Honeywell, GE, STMicroelectronics, MSI, Analog, TI, NXP, First Sensor, Medtronic, TE Connectivity, Murata, and Sensiron.
Smiths Medical is a segment of the British based Smiths Group. Smiths Medical is a supplier and manufacturer of specialty medical sensors and equipment. In late 2017, the company launched three innovative solutions at the American Society of Anesthesiologists annual meeting. The company introduced the Invasive Blood Pressure Monitoring System aiming to fulfill the needs of critical patients in clinics. The second product that the company launched was the aerFreeTM Airway Management System, it is the first FDA-cleared external negative pressure aid. It is non-invasive and easy-to-use airway device to support the patients during surgical and medical procedures. The third product that the company added to its profile was the CADD – Solis Ambulatory Infusion Pump, this enabled operators to establish wireless communication to and from PharmGuard Server, allowing clinicians to remotely manage pump performance, download infusion data reports, and deploy software updates.
First Sensor AG is a manufacturer and developer of customer-centric sensor solutions. They are working rapidly to cater to the global sensors demands for high-quality pressure sensors for the medical applications. The company has projected to increase the production of its H series pressure sensors by 50% by the end of 2018. The H series pressure sensors measure ultra-low pressures of dry and non-corrosive gases in various industrial and medical applications.
Sensors are an essential commodity that provides important insights in various end-user industries. One of them is the healthcare industry, the sector is an extensive user of sensors. Patients with a need of consistent monitoring at the hospitals or home are changing the landscape of the sensors market. Remote monitoring through various sensors in both the developed and the developing nations is driving the sensors in the healthcare market.
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- Medical Sensors Market
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