According to Vision Research Reports, the global medical sensors market size is projected to surpass around US$ 29 Bn by 2028 at a CAGR of 10.5% from 2021 to 2028.
Medical sensors have significantly impacted recent medical and health care technologies. These are used to make medical devices more effective and simpler in operation. These medical sensors enable long term as well as continuous physiological monitoring which is important to treat and manage chronic illnesses, neurological disorders, heart problems, and mental health issues.
The global medical sensors market is growing at a rapid pace due to increase in government initiatives for the adoption of mHealth products and rise in adoption rate of smartphones, high speed networks, and sensors. Surge in public and private investments in mHealth companies and advances in wearable technology such as smart watches, diabetic care devices, and IoT are the key drivers of the global medical sensors market.
The Americas is projected to dominate the global medical sensors market owing to availability of advanced health care infrastructure and high consumption of medical devices.
Asia Pacific and Europe, Middle East, and Africa (EMEA) are potential markets. The medical sensors market in Asia Pacific is expected to expand at a CAGR of 12% during the forecast period. Increase in focus on development of medical sensors in the past few years, improvement in health care infrastructure, and early detection of diseases fuel the growth of the medical sensors market in Asia Pacific and EMEA.
Rise in Government Initiatives for Adoption of mHealth Products and Increase in Public and Private Investments in Medical Sensor Companies to Drive Market
Increase in government initiatives for adoption of mHealth products drives the global market. The U.K. Government Department of Health started the NHS digitization initiative in 2016 and allocated over US$ 6.0 Bn for it. More than US$ 2.6 Bn was allotted to transfer paper records to a centralized electronic record system, implementation of wireless technologies, and addressing cyber security concerns in NHS IT ecosystem. New innovations in the health care industry in terms of medicine are fast and productive. IoT has emerged as the next wave in the industry. Google and Novartis launched their combined plan in 2014 to create a connected lens with the ability to monitor blood glucose levels by analyzing an individual’s tears.
Implantable Sensors to be Highly Lucrative Segment
Implantable sensors is an emerging segment of medical sensors. The segment is projected to account for 28.5% share of the market by 2026. It is anticipated to expand at a CAGR of 12.0% during the forecast period from 2018 to 2026. Advancements in sensor technology and rise in demand for continuous monitoring systems such as continuous glucose monitoring (CGM) are anticipated to boost the growth of the segment during the forecast period.
Home Care Settings to be Promising Segment
In terms of end-user, the global medical sensors market has been segmented into hospitals, clinics, home care settings, and others. The hospitals segment held the major share of the global market in 2017. The segment is projected to expand at a CAGR of 10% from 2021 to 2028. The home care settings segment is anticipated to expand at a CAGR of 12.87% during the forecast period. The segment is expected to gain market share by 2028. Rise in use of wearable health tracker for the measurement of blood pressure, heart rate, and metabolites such as glucose and lactate are the factors likely to boost the use of medical sensors in the home care settings segment.
Americas Projected to Dominate Global Market
The global medical sensors market has been divided into three major regions: the Americas, Europe, Middle East and Africa, Asia Pacific. The Americas dominated the global market in 2020. The market in the region was valued at US$ 6.27 Bn in 2020. This is attributed to the availability of advanced health care infrastructure and high consumption of medical devices in the region. The medical sensors market in the Americas is projected to expand at a CAGR of 9.5% during the forecast period. Biosensors and wearable sensors are the two most promising segments in the region. The medical sensors market in Asia Pacific is expected to expand at a CAGR of 11.4% during the forecast period. The region is likely to gain market share due to rise in prevalence of chronic disorders and surge in awareness about medical sensors among the people. Rise in disposable income of people also contributes to the growth of the market in Asia Pacific and EMEA. Increase in focus on development of medical sensors in the past few years, improvement in health care infrastructure, and early detection of diseases fuel the growth of the medical sensors market in APAC and EMEA.
Honeywell International, Inc. and Medtronic to Lead Global Market
The global medical sensors market is semi-consolidated in terms of number of players. Key players in the global market include Cardiomo, Honeywell International, Inc., TE Connectivity, Dexcom, Inc., Medtronic, Danaher Corporation, First Sensor AG, Sensirion AG, Smiths Group plc, and GluSense Ltd. Honeywell International, Inc. and Medtronic were the market leaders in 2017 and are expected to dominate the market during the forecast period. Developing new technologies and products as well as merger and acquisition are the key strategies followed by the key players.
By Sensor Type
By Product Type
The Medical sensors market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Medical sensors market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Medical sensors market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medical sensors market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Medical sensors market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Medical sensors capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Medical sensors by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Medical sensors market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Medical sensors market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medical sensors market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Medical sensors industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Medical sensors market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Medical sensors market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Medical sensors market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Medical sensors market. These factors have benefited the growth of the global market for Medical sensors. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Medical sensors. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Medical sensors are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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