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Medical sensors market anticipated growing at CAGR of 6.8% from 2020 to 2025
The medical sensors market is estimated to be worth USD 1.2 billion in 2020 and is expected to reach USD 1.7 billion by 2025, at a CAGR of 6.8% from 2020 to 2025.The global medical sensors market exhibits a lucrative growth potential for the next several years. The major factors driving the growth of the medical sensors market are rising incidents of chronic diseases, the growing geriatric population, increasing demand for home-based medical care devices, and technological advancements in the medical device industry, increasing adoption of connected medical devices, and rising expenditure on healthcare across the world.
The market for Ingestible sensors estimated to grow at the highest CAGR during the forecast period
Medication adherence, growing healthcare expenditure, and technological advancements in medical diagnosis tools such as endoscopy are the key factors contributing to the growth of the ingestible sensors market. Ingestible sensors are mainly used for medical applications such as diagnosis, patient monitoring, and drug delivery application.
The market for medical implants and endoscopy estimated to grow at highest CAGR during the forecast period
Factors driving the demand for medical implants and endoscopy includes rising neurological disorders in the aging population, innovative technological medical advancements, increasing consumer awareness, cost-effective products, improved clinical outcomes, development of advanced implantable neuro stimulation devices. Growing FDA approvals for clinical trials are further propelling the growth of the medical sensors market.
The market for invasive products estimated to grow at the highest CAGR during the forecast period
Factors accelerating the growth of sensors for invasive product includes the rising demand for implantable cardioverter defibrillators, pacemakers, implantable loop recorders, and endoscopes and an increasing number of training and awareness programs across the world to provide the benefits of invasive devices among the elderly population across the globe.
Medical sensors market in the Asia Pacific to grow at the highest CAGR between 2020 and 2025
Major factors driving the market growth in Asia pacific include increasing awareness among the elderly population regarding digital healthcare, the growing elderly population in countries like Japan and South Korea, and improving healthcare infrastructure owing to various government initiatives in developing countries like China, India, and Indonesia. Increasing aging population and strong government support to provide improved healthcare services by the government of China and India are other factors contributing to the growth of the medical sensors market in the Asia Pacific. The government in APAC countries such as Australia, China, and India have invested heavily in the healthcare infrastructure and the provision of basic health insurance for all of its citizens. Moreover, an increase in discretionary income and a population that is aging faster are the other crucial factors propelling the medical sensors market in the Asia Pacific region.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%
- By Designation: C-Level Executives – 57%,Directors – 29%, and Others – 14%
- By Region: Americas– 40%, Europe – 30%, APAC– 20%, and RoW – 10%
Key players operating in the medical sensors market are Texas Instrument (US), TE Connectivity (Switzerland), First Sensor (Germany),Medtronics Plc (Ireland), NXP Semiconductors (Netherlands), Tekscan Inc (US), Amphenol Advanced Sensors (US), Proteus Digital Health (US), Sensirion (Switzerland), Cirtec Medical (US), Sensirion (Switzerland), Innovative Sensor Technology (Switzerland), Keller America (US), OmniVision Technologies (US), Masimo (US), TDK Sensors (Japan), Stanley Healthcare (US), EnviteC (Germany), and Merit Medical Systems (US). These players adopt various strategies, such as product developments, mergers, partnerships, collaborations, and expansions, to cater to customer demands.
Research Coverage
This report covers the medical sensors market based on sensors type, product, application, end-user, and geography. The market based on sensor type has been segmented into pressure sensors, temperature sensors, blood oxygen sensors, blood glucose sensors, touch sensors, image sensors, motion sensors, ECG sensors, ingestible sensors, and heart rate sensors. Based on the application, the market has been segmented into patient monitoring, diagnostic imaging, and medical implants and endoscopy. Based on the product, the market has been classified into non-invasive and invasive devices.Based on geography, the medical sensors market has been segmented into the Americas, Europe, APAC, and RoW.
Key Benefits of Buying This Report
- This report includes the market statistics pertaining to component, application, product, and region.
- An in-depth value chain analysis has been done to provide deep insight into the medical sensors market.
- Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
- Illustrative segmentation, analyses, and forecasts for the market based on component, application, product, and region have been conducted to provide an overall view of the medical sensors market.
- The report includes an in-depth analysis and ranking of key players.