According to a report, “Medical Sensors Market Analysis, By Product (Pressure Sensors, Temperature Sensors, Image Sensors, Accelerometers, Biosensors, Flow Sensors, SQUID Sensors), By Application Area (Surgical, Diagnostic, Therapeutic, Monitoring), By End-use (Hospitals, Physician Offices, Nursing Homes, Home Healthcare) And Segment Forecasts To 2024” , published by Grand View Research, Inc.,The medical sensors market is expected to reach USD 18.5 billion by 2024, The target population for this market is patients with chronic illnesses, as such conditions necessitate regular checkups and intermittent or continuous patient monitoring. The rise in population of chronically ill patients further increases the uptake of the medical sensors.
Key Takeaways from the report:
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The biosensors products segment held a lucrative share of over 40.0% in 2015. This is ascribable to the following attributes of the novel biosensors: durability, reliability, and accuracy. Moreover, their applications in the healthcare areas, such as the detection of drug abuse, glucose monitoring for diabetes, the detection of cholesterol, and others. All these elements governed the growth of this segment in 2015.
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The surgical applications of the sensors dominated the market in 2015. Whereas, the monitoring applications segment is projected to be the fastest growing during the forecast period. Advancements, such as wearable technology are anticipated to boost the demand for the monitoring devices market.
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The hospitals registered a remunerative growth in 2015; this can be attributed to the presence of a well-developed healthcare infrastructure, which yields faster and accurate diagnosis. Moreover, the availability of well-equipped infrastructure coupled with the presence of skilled personnel and technologically advanced equipments contribute towards the lucrative growth of this segment.
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North America held a considerably large share of over 35.0% in 2015 owing to the presence of leading sensor manufacturers, a well-planned medical reimbursement network, and the increasing disposable income
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On the contrary, Asia Pacific is anticipated to be the fastest growing region with a CAGR of over8.0% over the forecast period. The favorable economic developments and the advancing healthcare system with the aid of supportive government initiatives are anticipated to further assist the growth. Moreover, the increasing base of the aging population in this region also, additionally impels the demand. According to the report published by the Ministry of Statistics, in India, 8.6% of the total population is aged above 60; hence, presenting a profitable opportunity for the market players to invest in this region.
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The leading players of the medical sensors market include Analog devices, Inc., Avago technologies Ltd., Danaher Corporation, GE Measurement &Control Solutions, Inc., Honeywell International, Inc., Stellar technologies, Inc., OmniVision Technologies, Inc., Sensation AG, TE Connectivity Ltd., Micro-Epsilon Messtechnik GmbH Co. & KG, and NXP Semiconductors N.V.
North America medical sensors market share, by product, 2013 – 2024 (USD Million)
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Grand View Research has segmented the medical sensors market on the basis of product, application area, end-use, and region.
Global Medical Sensors Market, by Product, Revenue, 2013 – 2024 (USD Million)
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Pressure sensors
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Temperature sensors
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Image sensors
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Accelerometers
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Biosensors
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Cholesterol sensors
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Blood glucose sensors
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Pregnancy testing
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Drug discovery
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Infectious diseases
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Others
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Flow sensors
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SQUID sensors
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Others
Global Medical Sensors Market, by Application, Revenue, 2013 – 2024 (USD Million)
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Surgical
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Diagnostic
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Therapeutic
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Monitoring
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Others
Global Medical Sensors Market, by End-use, Revenue, 2013 – 2024 (USD Million)
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Hospitals
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Physician offices
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Nursing home
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Home healthcare
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Others
Medical Sensors Market, by Region, Revenue, 2013 – 2024 (USD Million)
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North America
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U.S.
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Canada
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Europe
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UK
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Germany
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Asia Pacific
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Japan
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China
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Latin America
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Brazil
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Mexico
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MEA
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South Africa
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Saudi Arabia
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