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Medical Sensors Market is valued at USD 1.18 Billion in 2018 and expected to reach USD 1.83 Billion by 2025 with the CAGR of 6.53% over the forecast period.
Growing trend for using wearable medical devices and increasing spending in R & D of medical device industry are boosting the global market for medical sensors.
Sensors are instruments that detect and record physical, chemical and biological signals, including temperature, pressure, vibration, sound frequency, light intensity, load or weight, flow rate of gases and liquids, strength of magnetic and electronic fields, and concentrations of several substances in gaseous, liquid, or solid form. Medical sensors are used in the medical domain to diagnose, track or treat illnesses. Many sensors operate outside the body while others are built to be inserted within the body. Many monitoring systems consist of several sensors that calculate a variety of parameters, either physical or biological. Certain devices can be multifunctional and integrate sensors which deliver a drug or action, based on the data collected from the sensor. Sensors can also be components in systems processing clinical samples, such as "lab-on-a-chip" devices that are increasingly common. Sensors assist health care providers and patients in monitoring health conditions and ensuring they can make informed treatment decisions. Sensors are commonly used to track the safety of medicines, food, environmental conditions and other substances. There are already many different types of medical sensor devices used in healthcare, including home self-care. For instances Thermometers translate the expansion of a metal strip's fluid or bending into a number that corresponds to the body temperature. Home-based paper-based pregnancy tests contain a substance that changes color when hormones indicate pregnancy.
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Global medical sensors market reports cover prominent players,
Analog Devices, GE Healthcare, Koninklijke Philips N.V., STMicroelectronics, Posifa Technologies Measurement Specialties, Inc., Medtronic PLC, First Sensor AG, Smiths Medical, Honeywell International Inc., Texas Instruments, NXP Semiconductors, Others.
The global medical sensors market is segmented on the basis of type, application, placement type, end user and region and country level. On the basis of type, the global medical sensors market is classified into flow sensor, optical sensor, temperature sensor, pressure sensor. On the basis of application, the global medical sensors market is segmented into diagnostics, monitoring, drug delivery, imaging, therapeutics, wellness and fitness. Based on placement type, the medical sensors market is classified into strip sensors, wearable sensors, implantable sensors, non-invasive and invasive sensors and ingestible sensors. Based on end user, medical sensors market hospitals, clinics, rehabilitation centers, home care settings, diagnostic centers and ambulatory surgical centers.
The regions covered in global medical sensors market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global medical sensors market sub divided in U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Medical Sensors Market Dynamics –
Growing trend for using wearable medical devices to approach health and fitness and diagnosis is the key factor responsible for growth of the medical sensors market. The development of wearable technology and the increasing demand for customers to take charge of their own health have motivated the medical industry to develop wearable devices such as fit parts, smart watches and wearable sensors. According to research, in 2019 over 80 % of consumers were willing to wear fitness technique. While fitbit products had about 27.63 million active users in 2018 while it increases upto 29.57 million in 2019.
Another factor which drives the medical sensors market is increasing spending in R & D of medical device industry. In 2019, overall global R&D spending in the medical devices industry stood at around USD 48-49 billion. Almost three-fourths of the top 15 medical device Original Equipment Manufacturers (OEMs) contributing to spending with the top 5 R&D spenders contribute 38 % to global R&D spending. However, security concerns and problems related to the connectivity of devices, lack of infrastructure in hospitals as well as the high cost of implementation may restrain the medical sensor market. Though, introduction of new devices that offer faster analysis, at lower costs and are user-friendly will create new opportunities for medical sensors market over the forecast period.
Medical Sensors Market Segmentation -
By Type: Flow Sensor, Optical Sensor, Temperature Sensor, Pressure Sensor
By Application: Diagnostics, Monitoring, Drug Delivery, Imaging, Therapeutics, Wellness And Fitness
By Placement Type: Strip Sensors, Wearable Sensors, Implantable Sensors, Non-Invasive And Invasive Sensors, Ingestible Sensors
By End Use: Hospitals, Clinics, Rehabilitation Centers, Home Care Settings, Diagnostic Centers, Ambulatory Surgical Centers
Medical Sensors Market Regional Analysis –
Due to rising investment in the healthcare sector and flourishing end-use industries in the region, North America dominated the global market for medical sensors. In 2018, according to Tax Policy Center, the federal government invested approximately USD 1.1 trillion in the healthcare sector in the US, out of which Medicare reported approximately USD 583 billion, Medicaid and the Children's Health Insurance System (CHIP) reported approximately USD 399 billion and medical care for veterans claimed about USD 70 billion. Besides in U.S. use of wearable medical device jumped from 9% in 2014 to 33% in 2018.
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