Global Medical Sensors Market is expected to grow at a CAGR of 7.1% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Medical Sensors Market by Product Type (Invasive and Non-invasive), Sensors Type (Temperature sensors, Motion Sensors, Image Sensors, Flow Sensors, Biosensors, Pressure sensors, Accelerometers and SQUID Sensors), Applications, End-users, Region and Global Forecast 2020-2027.
The global medical sensors market is expected to grow from USD 11.45 billion in 2019 to USD 21.22 billion by 2027, at a CAGR of 7.1% during the forecast period 2020-2027. North America is the dominant market. The factors such as availability of advance healthcare infrastructure, government support and increasing awareness for advancement of facilities are leading to the market growth. Further presence of a large number of manufacturers in the region is also a reason contributing to the growth. However, Asia-Pacific another region which is projected to grow at a faster pace. The growth can be attributed to the increase in the number of patients suffering from chronic diseases and huge investments in the research and development sector.
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Key players of medical sensors are Danaher Corporation, GE Measurement &Control Solutions, Honeywell International, Inc., Micro-Epsilon Messtechnik GmbH Co. & KG, Stellar technologies Inc., TE Connectivity Ltd, Avago technologies Ltd., Analog devices Inc., OmniVision Technologies Inc., NXP Semiconductors, N.V. Senserion AG and others. In June 2018, Honeywell launched a sensor evaluation kit which is expected to accelerate the evaluation as well as testing speed of sensors. Analog Devices, in June 2019 launched a next-generation IC with new front end sensor interface which enables electrochemical sensors which has applicability in both medical as well as industrial applications.
The product type segment includes invasive and non-invasive. Non-invasive product holds the largest market share. Increasing demand for connected medical devices need for portable monitoring devices, and technological advancements in the healthcare sector are the factors contributing to the market growth. The sensor type segment includes temperature sensors, motion sensors, image sensors, flow sensors, biosensors, pressure sensors, accelerometers and squid sensors. Among these, biosensors holds the maximum share. The increased applicability of biosensors in the laboratory is the factor leading the market growth. The application segment includes monitoring, diagnostics, therapeutics, medical implants and surgical. Monitoring segment is expected to grow at a lucrative rate. The factor such as technological advancements, the emergence of easy to operate devices and accurate readings are responsible for market growth. The end-user segment includes hospitals, physician offices, nursing homes, home healthcare, ambulatory surgical centres and others. Out of these, hospitals are the dominant sub-segment. The reason is that hospitals have a high volume of patients and greater financial capability.
Medical sensors are basically used to monitor and diagnose diseases. They help in the treatment of the diseases. Sensors make the medical devices safer to use and simplify the operation. They minimize the risk of errors and any chances of complications. They monitor the physiological parameters and inform the professionals. It is also used to track the movement of pharmaceutical devices. The market is majorly driven by the rising demand for medical sensors owing to the considerable applicability in the healthcare sector. It is widely used in therapeutic and diagnosis sector.
About the report:
The global medical sensors market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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