Biomedical Sensors Market Statistics and Research Analysis Released in Latest Industry Report 2027
According to The Insight Partners new market research study on “Biomedical Sensors Market is estimated to grow at a CAGR of 7.4% from 2020 to 2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth. The growth of the market is attributed to factors such as increase in geriatric population, rise in demand for home-based medical care, technological advancements in the medical device industry, rise in adoption of IoT-based medical devices, and increase in healthcare expenditure worldwide.
Sensors are small, tiny, and often intelligent devices that are used to measure physical variables like temperature, humidity, gas, velocity, flow rate, pressure, light, electric fields, and so on. In medicine and biotechnology, biomedical sensors are used to detect specific biological, chemical, or physical processes, which then transmit or report the monitored data. These sensors can also be components in systems that process clinical samples, such as increasingly common lab-on-a-chip devices. Miniaturized biomedical sensors are used for measuring muscle displacement, blood pressure, core body temperature, blood flow, cerebrospinal fluid pressure, and bone growth velocity. With more and more people adopting home healthcare services, the demand for medical instruments that employ biomedical sensors is growing rapidly.
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Based on type, the biomedical sensors market is segmented into wired and wireless. The wireless segment held larger share of the market in 2019, and the same segment is anticipated to register higher CAGR in the market during the forecast period.
Rise in applications of biomedical sensors in the field of nanotechnology and consistent innovations are leading to the development of advanced non-invasive sensor-based medical procedures, which are projected to fuel the market growth. Various companies are involved in the development of innovative applications of biomedical sensors. For instance, in February 2020, a research team at the UC San Diego Center developed a stretchy skin patch that combines electrochemical sensors for alcohol, caffeine, glucose, and lactate with an ultrasound-based sensor that monitors blood pressure deep inside the body. Moreover, in July 2020, a group of researchers at the University of Missouri introduced a unique way of using graphite pencils and office paper to create highly functional bioelectronic devices. The team developed on-skin devices that can estimate body temperature, sense electrocardiography (ECG) signals, and examine sweat for pH, glucose, and uric acid.
Various other next-generation biomedical sensors are mentioned below:
- Vital sign monitoring platform can be strapped to the upper arm. It estimates a patient’s data, including heart rate, temperature, blood oxygenation, movement and activity, and cutaneous blood perfusion and volume, on a daily basis.
- Eigen LifeSciences XChallenge device enables blood test for Hepatitis B that can be examined in minutes with the help of the microprocessor on a smartphone. The test can pinpoint patients who need treatment the most; thus, allocating services where these are most required.
The clinical and product development engine has experienced profound disruption as colleagues adjust to remote work environments and lab capacity is reduced. Clinical trials are also severely affected by disruptions in both new enrollment and in keeping existing patients on therapies. The impact of COVID-19 has placed many biomedical sensor companies under pressure due to low sales and disruption in supply chains. However, it also has had a positive impact on the medical devices industry, increasing the R&D activities, thereby leading to a rise in medical device assistance for the detection of COVID-19.
Analog Devices, Inc.; GE Healthcare; STMicroelectronics; Honeywell International: Medtronic; NXP Semiconductors N.V.; Pinnacle Technology Inc.; Sensirion AG; TE Connectivity; and Texas Instruments Incorporated are among the leading companies in the biomedical sensors market.
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