- The worldwide medical sensors market is mainly propelled by the rising demand for these devices across diagnostic & therapeutic industries. It stood around USD 9.5 billion in 2015 and is likely to attain a size of nearly USD 19 billion by 2024. Analysts say that wider incidences of high-blood pressure, diabetes, & other chronic ailments are raising the adoption of therapeutic & monitoring instruments, thus furthering industry demand.
Sensor devices record physiological parameters and caution doctors in case of major ‘vital-sign’ deviations. Also, market demand is witnessing a rise due to multiple applications of sensors in the identification & measurement of analytes & parameters. The sector of medical ‘Internet of Things’ is full of wearable devices and plays a key role in the medical sensors industry. The geriatric and chronically-ill populace undergoes regular examinations, thus driving the growth of sensors.
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Inactive lifestyles and unhealthy foods have led to obesity, diabetes, high cholesterol, and other lifestyle illnesses. This is estimated to promote market growth during the forecast period (2015 to 2024). Novel technologies with regards to portability, preciseness, and cost-efficiency linked with innovative sensors have also raised the adoption of these devices. The medical sensors market is split by applications, products, end-users, and regions.
Therapeutics, diagnostics, surgical, and monitoring constitute the applications. Surgical is predicted to lead till 2024. Monitoring and therapeutics will grow profitably due to ‘sensor’ advancements that have made these devices special & reliable for measuring purposes. High-tech & easily operable monitoring devices are being developed, giving highly accurate results within no time.
Industry products comprise temperature, pressure, flow, bio, image, & SQUID sensors and accelerometers. Biosensors are further divided on the basis of pregnancy, blood glucose, cholesterol, infectious illnesses, and drug discovery. Biosensors reigned in 2015 and are anticipated to expand further in the near future. Diagnostic kits have experienced broader adoption in view of diabetic incidences.
End-users consist of physician chambers, hospitals, nursing centers, ambulatory care, and home healthcare. Hospitals occupied key shares in 2015 and were propelled by patient volumes and ample healthcare staff. Home healthcare would register lucrative gains in the forecast period because of high hospital expenditures. Cost-efficient diagnostic kits also drive this segment.
Geographical segments of the medical sensors market are Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. North America captured significantly large shares in 2015. The same owed to its dominating ‘sensor manufacturers’, rising disposable earnings, and well-established medical reimbursements. Conversely, Asia Pacific is projected to be the most rapidly growing market from 2016 to 2024. Regional chronic disorders and financial conditions could account for the same.
Its supportive regulatory proposals also drive regional growth. Unmet demands of the expanding target populace may pave the way for novel industry opportunities globally. Some of the key participants investing in the worldwide market include Avago Technologies Ltd.; Analog Devices, Inc.; Honeywell International Inc.; and Danaher Corporation. Collaborative endeavors and product advancements constitute the prime strategies employed by these companies to improve their global presence and widen their businesses.
Information Source: Grand View Research
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