Medical Sensors Market: Technological Growth Map with an Impact-Analysis
Medical sensors are electronic devices integrated in medical devices, equipment, and probes. Sensor signal enables accurate diagnosis, control over activities, and treatment. Medical sensors are widely being implemented for the purpose of diseases diagnosis and other health associated application, including remote patient monitoring.
Sensor based medical devices are widely being adopted for home care settings. This is one of the primary factors driving growth of medical sensor market. Rising cost of medical treatments in healthcare center is key reason inducing shift toward home based healthcare services.
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As a result, there has been spike in adoption rate of sensor based medical device in home care settings. This, in turn, is influencing global medical sensors market.
Further, demand for instant and remote monitoring device in home care setting is rising due to growing geriatric population across the world. These devices enable to monitor health condition of patients in a non-clinical settings. Increasing cases of chronic diseases such as diabetes and cardiovascular diseases is fuelling adoption rate of such devices.
Further, digital medicine and sensor-enabled pills are key trends in medical sensors market, which is likely to gain traction in coming years. Sensor-enabled pills allow safe and effective application of medicines enabling patients to improve their health. In coming years, application of such medicine is anticipated to increase as it reduces the cost of inpatient care and treatment.
These digital pills require medical sensors to sense the signal to accumulate information about the effect of medicine or missed dose. Hence, the pills will subsequently push the demand for medical sensors.
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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.
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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.
In terms of region, the global medical sensors market has been segmented into the Americas, Europe, Middle East, and Africa (EMEA), Asia Pacific. The Americas dominated the global market in 2017. This is attributed to the availability of advanced health care infrastructure in the region and high consumption of medical devices. The medical sensors market in Asia Pacific is projected to expand at a rapid pace during the forecast period. The region is expected to gain market share due to rise in prevalence of chronic disorders and surge in awareness about medical sensors among the people. Rise in disposable income of people also contributes to the growth of the market in Asia Pacific and Europe, Middle East, and Africa (EMEA). Increased focus on development of medical sensors in the past few years, improvement in health care infrastructure, and early detection of diseases fuel the growth of the medical sensors market in these regions.
Key players operating in the global medical sensors market include Cardiomo, Honeywell International, Inc., TE Connectivity, Dexcom, Inc., Medtronic, Danaher Corporation, First Sensor AG, Sensirion AG, Smiths Groups plc, and GluSense Ltd.
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