Global Medical Sensors Market: Snapshot
Medical sensors have become ubiquitous components of the new-age technologically advanced and digitized medical devices. A significant rise in the emphasis on the development of implantable and wearable medical devices has propelled the market for medical sensors in the past few years. Breakthroughs in medical technology have enabled the commercial realization of a number of medical devices that were merely prototypes or designs in the recent past. This has necessitated the increased use of sensors capable of aiding the proper functioning of such new-age medical devices.
Transparency Market Research estimates that the market for medical sensors will tread along a smooth growth path in the next few years. The market is expected to exhibit a healthy 7.0% CAGR from 2015 to 2024, owing to which, the opportunity of the market is expected to rise from US$1,452.8 mn in 2015 to US$18,741.3 mn in 2023.
It is estimated that the rising pool of geriatrics and the alarming rise in the prevalence of a number of chronic diseases will be the key underlying factors for reason for the healthy growth of the market over the said period. The vast benefits of incorporating medical sensors in medical devices in terms of the enhanced accuracy in disease management, through alerts, notifications, and real-time patient data communication, have also increased their uptake in the field of medical devices.
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Biosensors Product Segment Most Popular, Thanks to Rising Demand for Compatible Devices
Of the key varieties of products available in the global medical sensors market, the segment of biosensors is expected to grow at the most promising pace in the next few years. The rising demand for compatible medical devices will help the segment exhibit a promising 7.5% CAGR over the report’s forecast period. Biosensing devices such as portable blood glucose monitors will gain prominence as the population of diabetics increases at an alarming pace across the globe. According to estimates by the WHO, the total number of diabetics will surpass 366 mn by 2030.
Asia Pacific to Emerge as Most Promising Regional Market for Medical Sensors
From a geographical perspective, the market for medical sensors has been examined in the report across regional markets such as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Of these, the North America market accounted for a dominant 35.6% of the overall market in 2014. High consumer awareness, high numbers of minimally-invasive surgeries performed every year, and encouraging healthcare reimbursements are the key factors attributable to the region’s dominance in the global marketplace for medical sensors.
However, the market across Asia Pacific is expected to expand at the leading pace of growth over the report’s forecast period, chiefly owing to the high number of diabetics and patients with respiratory and cardiovascular diseases. Furthermore, the rising disposable incomes of the population across emerging economies such as India, Malaysia, and China are also fueling the demand for advanced medical devices with sensors.
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Companies Attempting to Strengthen Foothold in Market through Mergers and Acquisitions
The vendor landscape of the global market for medical sensors is highly fragmented and is highly competitive. The large consumer base, constantly rising awareness about devices fit with sensors, and rising disposable incomes have led to vast growth opportunities for players in the global medical sensors market, attracting several small- and medium-sized companies. The market has witnessed a rise in strategic mergers and acquisitions from companies attempting to develop strong product lines and expand their geographical reach.
Some of the leading companies operating in the global medical sensors market are Analog Devices, Inc., Danaher Corporation, Avago Technologies Limited, LORD Corporation (Stellar Technologies, Inc.), Honeywell International, Inc., GE Measurement & Control, NXP Semiconductors (Freescale Semiconductor, Inc.), Micro-Epsilon Messtechnik, TE Connectivity Ltd. (Measurement Specialties), OmniVision Technologies, Inc., and Sensirion AG.