Medical Sensors Market By Sensor Type (Ingestible Sensors, Temperature Sensors, Pressure Sensors, Blood Oxygen Sensors, Image Sensors, Touch Sensors, Blood Glucose Sensors, Motion Sensors, ECG Sensors, and Heart Rate Sensor), Application (Medical Implants And Endoscopy, Diagnostic Imaging, and Patient Monitoring) - Global Analysis & Forecast 2020-2030
Report ID : 419 | Published Date : Feb 2021 | Pages : 160 | Region : Global | Report Code : HC-225
Medical Sensors Market Overview and Introduction
Medical sensors are electronic devices that discover and measure physiological knowledge to help the observance, identification, and treatment of health conditions in humans. The technological advancements in medical sensors are likely to propel the growth of the market during the forecast period. The healthcare IoT is booming with wearable devices playing an essential role in the healthcare industry. These medical sensors are used to observe vital signs, such as patient temperature and blood glucose that directly recorded in electronic format. So, the technological advancements in medical sensors create a significant opportunity for medical sensors market growth during the forecast period.
The global medical sensors market is also expected to witness positive growth due to the factors such as the aging population, growing demand for home care services, and rising incidences of chronic disease conditions such as cardiovascular, and respiratory disorders. On the flip side, strict regulatory and clinic guidelines have led to increased cost for new product developments which would, in turn, pull back the overall industry growth to some extent. Furthermore, the slow rate of penetration of advanced medical products in emerging economies is anticipated to hamper the market growth.
The global Medical Sensors market is segmented based on the product, surgery type, and region.
Medical Sensors Market By Sensor Type
Based on products, the Medical Sensors market can be segmented into ingestible sensors, temperature, pressure sensors, blood oxygen sensors, image sensors, touch sensors, blood glucose sensors, motion sensors, ECG sensors, and heart rate sensors. Among these, pressure sensors accounted for the significant revenue share in 2019. Factors including increasing demand for of IoT-based medical equipment, rising acceptance of patient monitoring devices coupled with increasing adoption of invasive products such as spinal cord stimulator, peacemaker, and endoscope has supported the segment growth.
Medical Sensors Market By Application
Depending upon the application, the market can be segmented into medical implants and endoscopy, diagnostic imaging, patient monitoring, and others. Of this, the patient monitoring category accounted for maximum revenue share and is anticipated to continue its dominance over the study period. Increasing demand for patient monitoring in non-hospital settings coupled with the aging population will spur the segment growth over the study period.
Medical Sensors Market By Region
The global Medical Sensors market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominates the worldwide Medical Sensors market. Regional growth is attributed due to the higher expenditure on healthcare as well as supportive regulatory authority is a major factor for the growth of the market in the region. Moreover, the market has robust growth in terms of technological advancements as well as the presence of key players such as Johnson & Johnson, Medtronic, and Texas Instrument. Hence, the market growth in the region is to a great extent.
Medical Sensors Market Prominent Players
Some of the prominent players in the global Medical Sensor market are, Innovative Sensor Technology, First Sensor, Analog Devices, Inc., Texas Instrument, Cirtec Medical, Medtronics plc, Proteus Digital Health, Amphenol Advanced Sensors, NXP Semiconductors, Sensirion, among others.
Strategic mergers and acquisitions or product launches are some of the key strategies adopted by key players to remain competitive. Recently, in May 2019, Medtronics plc proclaimed the acquisition of Titan Spine, Inc., a privately held titanium spine interbody implant company. This collaboration has strengthened its position as the number one pioneer in procedural solutions for spine surgery.