The medical sensors market is
expected to reach USD 18.5 billion by 2024, according to a new report by Grand
View Research, Incite upsurge in the number of patients afflicted with chronic
conditions, such as diabetes and hypertension, is fueling the usage of
monitoring as well therapeutic devices, thus boosting the market demand.
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.
The geriatric population is
highly prone to developing chronic disorders and they pose a higher risk of
developing age-related deformities and complications. Moreover, the adoption of
unhealthy food habits and sedentary lifestyles and the resultant surge in the
incidence of obesity has led to the increasing prevalence of lifestyle
disorders including diabetes. The presence of a large target population base combined
with the prevalence of lifestyle-related risk factors is likely to accelerate
the growth of the medical sensors market during the forecast period.
Technological advancements in
terms of accuracy, portability, and affordability associated with the new
generation medical sensors resulted in the increased usage of these devices;
for instance, the introduction of easy-to-operate, home-based diagnostic kits
that are cost effective.
In depth research report on Medical Sensors Market
Further key findings from the study suggest:
·
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.
·
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.
·
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.
·
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
·
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.
·
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.
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(USD
Million) 2013 - 2024
·
Pressure sensors
·
Temperature sensors
·
Image sensors
·
Accelerometers
·
Biosensors
·
Cholesterol sensors
·
Blood glucose sensors
·
Pregnancy testing
·
Drug discovery
·
Infectious diseases
·
Others
·
Flow sensors
·
SQUID sensors
·
Others
Global Medical Sensors Market, by Application, Revenue(USD
Million), 2013 - 2024
·
Surgical
·
Diagnostic
·
Therapeutic
·
Monitoring
·
Others
Global Medical Sensors Market, by End-use, Revenue(USD
Million), 2013 - 2024
·
Hospitals
·
Physician offices
·
Nursing home
·
Home healthcare
·
Others
Medical Sensors Market, by Region, Revenue, (USD Million),
2013 - 2024
·
North America
·
U.S.
·
Canada
·
Europe
·
UK
·
Germany
·
Asia Pacific
·
Japan
·
China
·
Latin America
·
Brazil
·
Mexico
·
MEA
·
South Africa
·
Saudi Arabia
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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