Medical sensors have significantly impacted recent medical and health care technologies. These are used to make medical devices more effective and simpler in operation. These medical sensors enable long term as well as continuous physiological monitoring which is important to treat and manage chronic illnesses, neurological disorders, heart problems, and mental health issues. The global medical sensors market is growing at a rapid pace due to increase in government initiatives for the adoption of mHealth products and rise in adoption rate of smartphones, high speed networks, and sensors. Surge in public and private investments in mHealth companies and advances in wearable technology such as smart watches, diabetic care devices, and IoT are the key drivers of the global medical sensors market. The implantable sensors segment is anticipated to expand at a rapid pace during the forecast period, as implantable sensors continuously monitor patient’s health, thereby reducing repeated visits to physician, treatment cost, and offering accurate results. The wearable sensors segment is expected to be driven by adoption of advanced technologies via smartphones and continuous health monitoring. Hence, increase in investments by public and private players and rise in adoption of smartphones and advanced technologies for health monitoring drive the global medical sensors market.
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Medical Sensors Market - Snapshot
Medical sensors are used to make medical devices more effective and simpler in operation. Recent technological advancements in medical sensors enhance the use of smart sensors for various diseases and conditions. Some of these include smart watch for heart rate and sleep apnea, diabetic care devices, orthopedic care devices, and surgery-specific sensory devices. The global medical sensors market was valued at US$ 11,943.1 Mn in 2017. Increase in government initiatives in mHealth products, rise in adoption of smartphones and other electronic devices with sensor technology, surge in investment by public and private players to introduce sensors in mHealth, and rise in adoption of IoT and advanced technologies are the major factors driving the market.
The global medical sensors market has been segmented based on product, application, placement type, end-user, and region. In terms of product, the global market has been classified into biosensors, temperature sensors, motion sensors, image sensors, flow sensors, pressure sensors, and others. The biosensors segment is projected to expand at a higher CAGR during the forecast period from 2018 to 2026. Growth of the segment is attributed to advancements in technology such as fiber optics with real time diagnosis and monitoring capabilities. Based on application, the global medical sensors market has been divided into diagnostics, monitoring, therapeutics, wellness & fitness, and others. The diagnostics segment has been categorized into imaging diagnostics and analytical equipment diagnostics. The monitoring segment has been bifurcated into invasive monitoring and non-invasive monitoring. The therapeutics segment has been classified into surgery/minimally invasive surgery, drug delivery/infusion, and others. The wellness & fitness segment is expected to expand at a higher CAGR because of rise in awareness about healthy lifestyle and increase in acceptance of fitness devices. In terms of placement, the global market has been categorized into wearable sensors, wireless sensors, implantable sensors, and others. Wearable sensors and implantable sensors are the major segments of the global medical sensors market. The wearable sensors segment is driven by increase in acceptance of smartphones and connectivity devices for monitoring and tracking. Implantable devices are gaining popularity, as these are the most recent and advanced technology sensors. These also offer convenience of usage. In terms of end-user, the global medical sensors market has been divided into hospitals, clinics, home care settings, and others. The hospitals segment held the largest share of the global market owing to usage of advanced multi-purpose sensors in hospitals.
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Key Players of Medical Sensors Market Report:
The report concludes with company profiling that include the major players in the global medical sensors market. Key players in the market are Cardiomo, Honeywell International, Inc., TE Connectivity, Dexcom, Inc., Medtronic, Danaher Corporation, First Sensor AG, Sensirion AG, Smiths Groups plc, and GluSense Ltd. Each of these players have been profiled in terms of attributes such as company description, overview, financial overview, business and product portfolio, business strategies, and recent developments.
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