Medical Sensor Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

A sensor is a device that detects and responds to some type of input from the physical environment. The specific input could be light, heat, motion, moisture, pressure, or any one of a great number of other environmental phenomena. Furthermore, the sensors used to diagnose, monitor, or treat diseases in the medical domain are known as medical sensors. The medical sensor proves their dominant use in almost every treatment, they are extensively used for diagnostic, therapeutic, and treatment purposes. Moreover, with the development of lightweight sensors, they are commonly used in the wearable items such as digital watches, and fitness bands, among others. Apart from this, these lightweight sensors have a significant effect in medical science because their accurate prediction at right time saves many lives. Thus, with the modernization of society and medical healthcare system coupled with continuous technological advances and adoption of IoT-enabled devices, the market for medical sensors is expected to witness exponential growth during the forecast period.

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According to ‘UnivDatos Market Insights (UMI)’ research report “Medical Sensor Market Analysis, 2020”, the Medical Sensor market is projected to grow at a CAGR of ~10% during 2021-27F. According to WHO, 17.9 million people died from Cardiovascular Disorders in 2019, representing 32% of all global deaths. An increasing number of patients increases the demand for various medical equipment for diagnostics, monitoring, or treatment purpose. Medical sensors become an integral part of medical science because it has application in every sector of health care such as imaging, patient monitoring, and surgical procedures.

On the basis of sensor type, the market is segmented into a blood glucose sensor, temperature sensor, pressure sensor, blood oxygen sensor, motion sensor, and others. In 2020, the pressure sensor had a significant share in the market. The pressure sensor monitors patient breathing and detects when the patient inhales and exhales, allowing air/oxygen to be delivered more efficiently and effectively. Furthermore, the growing elderly population coupled with government focus on increasing life expectancy is further expected to create demand for advanced medical devices, thus driving the market for medical sensors.

Based on product type, the market is categorized into diagnostic imaging devices, patient monitoring devices, and others. Among these, patient monitoring devices to witness significant during the forecast period. This is mainly due to the launch of portable and connected patient monitoring devices. In addition, the integration of monitoring technologies in smartphones and wireless devices coupled with the introduction of remote monitoring systems, mobile cardiac telemetry devices, and ambulatory event monitors are the key factors supporting the growth of the market.

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North America to witness Significant Growth

For a better understanding of the market adoption of medical sensors industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. During the forecast period, North America is expected to witness strong growth during the forecast period due to growing consumer inclination towards advanced medical devices has positively influenced the medical sensors market of the region. Furthermore, countries like the U.S. and Canada spend more on their health care infrastructure and public health, which is further expected to drive the market exponentially. For instance, as per the Centers for Medicare & Medicaid Services (CMS), U.S. health care spending grew 9.7 percent in 2020, reaching $4.1 trillion or $12,530 per persons.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Medical Sensor Market Are Analog devices Inc., Danaher Corporation, Medtronic International, TE Connectivity Ltd., Texas Instruments Inc, STMicroelectronics’, Tekscan Inc., NXP Semiconductors, Sensirion AG, and ON Semiconductor Corporation. The players are focused on launching new solutions and services, partnerships, and collaborations with major companies expanding their geographical reach to get a competitive edge in the industry.

“Medical Sensor Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Medical Sensor providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.

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Market Segmentation:

1.      By Sensor type (Blood Glucose Sensor, Temperature Sensor, Pressure Sensor, Blood Oxygen Sensor, Motion Sensor, And Others)

2.      By Product type (Diagnostic Imaging Devices, Patient Monitoring Devices, And Others.)

3.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

4.      By Company (Analog devices Inc., Danaher Corporation, Medtronic International, TE Connectivity Ltd., Texas Instruments Inc, STMicroelectronics’, Tekscan Inc., NXP Semiconductors, Sensirion AG, and ON Semiconductor Corporation)

Key questions answered in the study:

1.      What are the current and future trends of the medical sensor industry?

2.      How the industry has been evolving in terms of sensor type and product type?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the medical sensor industry?

5.      What are the customer orientation, purchase behavior, and expectations from the medical sensor firms across various regions?

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 IMPACT OF COVID-19 ON THE MEDICAL SENSOR MARKET

6 MEDICAL SENSOR MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY SENSOR TYPE

8 MARKET INSIGHTS BY PRODUCT TYPE

9 MARKET INSIGHTS BY REGION

10 MEDICAL SENSOR MARKET DYNAMICS

11 MEDICAL SENSOR MARKET OPPORTUNITIES

12 MEDICAL SENSOR MARKET TRENDS

13 POLICY AND REGULATORY LANDSCAPE

14 DEMAND AND SUPPLY-SIDE ANALYSIS

15 COMPETITIVE SCENARIO

16 COMPANY PROFILED

17 DISCLAIMER

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