Transparency Market Research (TMR) has published a new report titled, “Medical Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”.
Transparency Market Research (TMR) has published a new report titled, “Medical Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global medical sensors market is projected to reach US$ 27.7 Bn by 2026 at a CAGR of 9.9% from 2018 to 2026
Use of medical sensors has also increased due to increasing hospital-acquired infections (HAIS). As patients staying at the hospital for longer period of time come across various infections that can deteriorate their health condition, in such cases medical sensors are highly useful. Additionally, growing demand for personalization of healthcare systems, along with booming use of wearable devices and diseases detecting devices are other key factors triggering growth in the global medical sensors market.
Scope of medical sensors market is expected to widen with emerging application of the capacitive sensors in the field of nanotechnology. However, elongated product approval, strict regulations, and security concerns related with these use of medical sensors might challenge the growth in this market.
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Widening application of medical sensors in diagnostics, therapeutics, monitoring, wellness and fitness, and others has also come in as positive aggregator for medical sensors. For example in diagnostics, medical sensors are used in analytical equipment diagnostics and imaging diagnostics. Adding further, increasing demand for self-diagnosis and to keep a constant check on health especially people undergoing any specific health issues, medical sensors come very handy. Thus, keeping in mind all the pros and cons and evaluating them each one of it systemically, the overall growth in the global medical sensors market is expected to rise at significant rate.
Americas Projected to Dominate Global Market
The global medical sensors market has been divided into three major regions: the Americas, Europe, Middle East and Africa, Asia Pacific. The Americas dominated the global market in 2017. The market in the region was valued at US$ 6.27 Bn in 2017. This is attributed to the availability of advanced health care infrastructure and high consumption of medical devices in the region.
The medical sensors market in the Americas is projected to expand at a CAGR of 9.0% during the forecast period. Biosensors and wearable sensors are the two most promising segments in the region. The medical sensors market in Asia Pacific is expected to expand at a CAGR of 11.4% during the forecast period. The region is likely 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 EMEA. Increase in 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 APAC and EMEA.
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Honeywell International, Inc. and Medtronic to Lead Global Market
The global medical sensors market is semi-consolidated in terms of number of players. Key players in the global market include Cardiomo, Honeywell International, Inc., TE Connectivity, Dexcom, Inc., Medtronic, Danaher Corporation, First Sensor AG, Sensirion AG, Smiths Group plc, and GluSense Ltd. Honeywell International, Inc. and Medtronic were the market leaders in 2017 and are expected to dominate the market during the forecast period. Developing new technologies and products as well as merger and acquisition are the key strategies followed by the key players.
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