Medical Sensors Market – Overview
The vast range of needs that can be addressed by Medical Sensors Market is growing with each passing day and discovery, leading to a fast-paced development period for this sector. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently published a report on this market. The global market for medical sensors is expected to grow at the rate of approximately 7.6% from 2022 to 2030.
Medical sensors have become an integral part of the medical diagnostic sector. Many ailments are being tracked and treated by use of medical sensors. Since most of the medical sensors can provide real time feedback, they are used for treatment in conditions where the health state fluctuates a lot. This is one of the primary reasons that is boosting the growth of the market. Many industry players are already capitalizing on this trend, as the segment is relatively new. Medical sensors also relatively increase the functionality of medical devices which has significantly contributed to their demand.
Global Medical Sensors Market - Key Players
Some of the key players in this market are: GE Healthcare, Medtronic Plc., First Sensor AG, Measurement Specialties Inc., STMicroelectronics N.V., NXP Semiconductors N.V., Honeywell International, Inc.
Industry Segments:
The industry for medical sensors has been segmented on the basis of types which comprises of temperature sensors, blood glucose sensors, blood oxygen sensors, ECG sensors, image sensors, motion sensors, inertial sensors, pressure sensors, others. Blood glucose sensors and ECG sensors are the popularly growing types of this segment. On the basis of application, the types include diagnostics, monitoring, medical therapeutics, imaging, fitness, others. The diagnostic and fitness segments currently show a lot of promise in terms of market growth that can be expected in the forecast period. On the basis of sensor placement which comprises of strip sensors, wearable sensors, implantable sensors, invasive/non-invasive sensors, ingestible sensors. Wearable sensors is a rapidly growing category with ingestible sensors gaining new applications daily.
Global Medical Sensors Market - Competitive Analysis
The well-established medical sensors market appears fragmented due to a number of matured players illustrating the space as highly competitive. These players are focusing on developing their product portfolio with the help of advanced technologies.
Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players. Large players are investing in internal R&D activities to bring novelties to their existing products as well. Increasing government funding is also expected to motivate key companies to develop new medical sensors that match the changing trends and needs of the patrons.
Global Medical Sensors Market – Geographical Analysis
The North American region accounts for the dominating market for the medical sensors. Factors substantiating the growth of the market in the region include technological advancements and the wide uptake of technologies in healthcare.
Substantial investments in the R&D activities for the development of new sensors and the extensive uses of sensor technology in the diagnosis, prognostic treatments, and drug delivery drive the market growth.
Moreover, factors such as the rising geriatric population, high healthcare expenditures, increasing government initiatives and funding for research are positively impacting the market growth in the region.
The European region is estimated to qualify as the second-largest market for medical sensors. Factors such as the availability of advanced treatment facilities, well-established healthcare infrastructure, and the growing demand for quality healthcare propel the market in the region.
Whereas, the Asia Pacific medical sensors market is proliferating, emerging as one of the promising markets, globally. The rising healthcare expenditure and improvement in the standard of living due to the improving economic conditions in the region are propelling the market growth in the APAC.
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