Medical Sensors Industry 2020: Top Companies Analysis, Share, Current Trends, Segmentation and Forecast to 2025
Medical Sensors Market is valued at USD 1.18 Billion in 2018 and expected to reach USD 1.83 Billion by 2025 with the CAGR of 6.53% over the forecast period.
Growing trend for using wearable medical devices and increasing
spending in R & D of medical device industry are boosting the global market
for medical sensors.
Sensors are instruments that detect and record physical, chemical
and biological signals, including temperature, pressure, vibration, sound
frequency, light intensity, load or weight, flow rate of gases and liquids,
strength of magnetic and electronic fields, and concentrations of several
substances in gaseous, liquid, or solid form. Medical sensors are used in the
medical domain to diagnose, track or treat illnesses. Many sensors operate
outside the body while others are built to be inserted within the body. Many
monitoring systems consist of several sensors that calculate a variety of
parameters, either physical or biological. Certain devices can be
multifunctional and integrate sensors which deliver a drug or action, based on
the data collected from the sensor. Sensors can also be components in systems
processing clinical samples, such as "lab-on-a-chip" devices that are
increasingly common. Sensors assist health care providers and patients in
monitoring health conditions and ensuring they can make informed treatment
decisions. Sensors are commonly used to track the safety of medicines, food,
environmental conditions and other substances. There are already many different
types of medical sensor devices used in healthcare, including home self-care.
For instances Thermometers translate the expansion of a metal strip's fluid or
bending into a number that corresponds to the body temperature. Home-based
paper-based pregnancy tests contain a substance that changes color when
hormones indicate pregnancy.
Medical Sensors Manufacturers:
Global medical sensors market reports cover prominent players,
Analog Devices, GE Healthcare, Koninklijke Philips N.V., STMicroelectronics,
Posifa Technologies Measurement Specialties, Inc., Medtronic PLC, First Sensor
AG, Smiths Medical, Honeywell International Inc., Texas Instruments, NXP
Semiconductors, Others.
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The global medical sensors market is segmented on the basis of
type, application, placement type, end user and region and country level. On
the basis of type, the global medical sensors market is classified into flow
sensor, optical sensor, temperature sensor, pressure sensor. On the basis of
application, the global medical sensors market is segmented into diagnostics,
monitoring, drug delivery, imaging, therapeutics, wellness and fitness. Based
on placement type, the medical sensors market is classified into strip sensors,
wearable sensors, implantable sensors, non-invasive and invasive sensors and
ingestible sensors. Based on end user, medical sensors market hospitals, clinics,
rehabilitation centers, home care settings, diagnostic centers and ambulatory
surgical centers.
The regions covered in global medical sensors market report are
North America, Europe, Asia-Pacific and Rest of the World. On the basis of
country level, global medical sensors
market sub divided in U.S., Mexico, Canada, U.K., France, Germany,
Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Medical Sensors Market Dynamics –
Growing trend for using wearable medical devices to approach
health and fitness and diagnosis is the key factor responsible for growth of
the medical sensors market. The development of wearable technology and the
increasing demand for customers to take charge of their own health have
motivated the medical industry to develop wearable devices such as fit parts,
smart watches and wearable sensors.
According to research, in 2019 over 80 % of consumers were willing to
wear fitness technique. While fitbit products had about 27.63 million active
users in 2018 while it increases upto 29.57 million in 2019.
Another factor which drives the medical sensors market is
increasing spending in R & D of medical device industry. In 2019, overall
global R&D spending in the medical devices industry stood at around USD
48-49 billion. Almost three-fourths of the top 15 medical device Original
Equipment Manufacturers (OEMs) contributing to spending with the top 5 R&D
spenders contribute 38 % to global R&D spending. However, security concerns
and problems related to the connectivity of devices, lack of infrastructure in
hospitals as well as the high cost of implementation may restrain the medical
sensor market. Though, introduction of new devices that offer faster analysis,
at lower costs and are user-friendly will create new opportunities for medical
sensors market over the forecast period.
Medical Sensors Market Segmentation -
By Type: Flow Sensor, Optical Sensor, Temperature Sensor, Pressure
Sensor
By Application: Diagnostics, Monitoring, Drug Delivery, Imaging,
Therapeutics, Wellness And Fitness
By Placement Type: Strip Sensors, Wearable Sensors, Implantable
Sensors, Non-Invasive And Invasive Sensors, Ingestible Sensors
By End Use: Hospitals, Clinics, Rehabilitation Centers, Home Care
Settings, Diagnostic Centers, Ambulatory Surgical Centers
Medical Sensors Market Regional Analysis –
Due to rising investment in the healthcare sector and flourishing
end-use industries in the region, North America dominated the global market for
medical sensors. In 2018, according to Tax Policy Center, the federal
government invested approximately USD 1.1 trillion in the healthcare sector in
the US, out of which Medicare reported approximately USD 583 billion, Medicaid
and the Children's Health Insurance System (CHIP) reported approximately USD
399 billion and medical care for veterans claimed about USD 70 billion. Besides
in U.S. use of wearable medical device jumped from 9% in 2014 to 33% in 2018.
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