Global Medical Sensors Market is valued at approximately USD 1.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7% over the forecast period 2020-2027. The medical sensors are a set of sensors that help in establishing a monitoring system and have a better significance value. These sensors also reduce human errors, respond to physical stimuli, as well as find application in several forms, such as monitoring/checking the level of alcohol in blood, breath analysis, blood analysis, eye parameters, and many more. The utilization of sensors is not limited to only patient care, they are also used in tracking the effort of pharmaceutical and other test materials regarding patients. Therefore, the demand for medical sensors is significantly rising due to rising usage in measuring and detecting a broad range of parameters and analytes, respectively. Furthermore, the rising burden of chronic conditions, such as cancer, cardiovascular diseases, etc., escalating demand for portable wearable sensors and medical devices, and increasing healthcare spending worldwide are the few factors responsible for the high CAGR of the market during the forecast period. For instance, according to the American Heart Association, the death occurrence due to cardiovascular diseases was about 17.6 million in 2016, and a number is expected to grow to over 23.6 million by 2030. Also, as per the Center for Disease Control and Prevention (CDC), about 610,000 die due to heart diseases in the United States every year. This, in turn, is expected to promote the demand for medical all over the world. Moreover, the recent outbreak of COVID-19 pandemic around the world has led to a rise in demand for medical sensors in identifying or monitoring the patient’s condition, wherein hospitals used temperature monitoring medical sensors to track the progression of this infectious disease among the patients. Therefore, the market is experiencing significant growth in the forthcoming years. However, unfavorable reimbursements facilities and stringent government regulations are the few factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Medical Sensors market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing healthcare spending, coupled with the presence of a significant number of medical device manufacturers in the region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rising prevalence of chronic diseases and improving healthcare infrastructure would create lucrative growth prospects for the Medical Sensors market across the Asia-Pacific region.
Major market player included in this report are:
Texas Instruments Inc.
Amphenol Advanced Sensors
Proteus Digital Health
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Blood Glucose Sensors
Electrocardiogram (ECG) Sensors
Blood Oxygen Sensors
Medical Implants & Endoscopy
Hospitals & Clinics
Nursing Homes & Home Care Settings
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Medical Sensors Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers