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Market OverviewThe medical sensors market was valued at USD 11.33 billion in 2018 and is expected to reach a value of USD 19 billion by 2024, at a CAGR of 9.07% over the forecast period (2019 - 2024).
- The healthcare industry is faced with the constant challenge of providing quality healthcare to patients, while complying with the stringent regulations and privacy concerns, which have been the major factors increasing research and development to augment the conventional diagnosis and treatment methods in place, globally.
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- Advances in low power electronics, MEMS technology, power harvesting, and smart materials have increased the applications of these technologies in the healthcare and medical industries. From simple medical devices to intelligent distributed healthcare systems, accurate detection, and early warning of the healthcare conditions of patients, sensors have played a major role in this industry. Furthermore, the development of unobtrusive sensing solutions has paved the path for more enhanced patient health.
- Miniaturization of sensors leading to ease in integration acts as a driver to the medical sensor market. This can help in diagnosing diseases which requires very detailed sensing techniques.
- Using machines or different kinds of sensors in medical practices needs the trust of the patient. While in the developing countries getting sensors into the practices, patients need knowledge of the sensors before it can come to practice. Therefore market penetration is very low in the developing regions.
- With the patient care moving from hospitals to homes, the sensors employed in wearable products is expected to slowly witness a shift toward a more integrated medical approach. For instance, in the recent past, major players, like Google, Apple, and Amazon, have highlighted challenging projects, i.e., measuring blood glucose via smartwatches or smart lenses. Such products are anticipated to create ample opportunities for medical sensors market, over the forecast period.
Scope of the Report
The medical sensors are a sophisticated set of sensors that create a monitoring system and have a higher significance value. They decrease human errors, respond to physical stimulus, and also find application in various forms, like checking/monitoring alcohol level in blood, biomechanics, blood analysis, breath analysis, eye parameters, and many others. The use of sensors is not limited to patient care, it is also used in tracking the movement of pharmaceutical and other test materials related to patients.
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Key Market Trends
Pressure Sensors Play a Significant Role in Medical Sensor Market
- Pressure sensors play a vital role for efficient performance in respiratory breathing circuits (nebulizers, spirometers, patient monitoring), flow/pressure control (therapeutic hospital beds), gas collection (hospital gas supply, oxygen concentrators), and sampling/gas flow (blood analysis, gas chromatography, analytical instrument sampling systems).
- Due to high sensitivity and accuracy, pressure sensors are well suited for use in CPAP (continuous positive airway pressure) respiratory therapy equipment. For instance, Honeywell manufactures TruStability RSC Series, a pressure sensor that offers a digital output for reading pressure, over the specified full scale pressure span and temperature range. It is widely used in sleep apnea machines.
- Moreover, many people suffer from asthma attacks and use inhalers as a solution. Poor inhaler techniques prevent patients from receiving their full therapeutic benefits. In order to counter this situation, leading medical equipment manufacturers are employing pressure sensors in inhalers and individuals are starting to receive proper asthma care measures.
Asia-Pacific to Record a Significant Growth Rate Over the Forecast Period
- Asia-Pacific medical sensor market is estimated to expand at a healthy rate during the forecast period. Major factors supporting the growth are increasing investments in research and innovation centers and government programs and policies favoring the IT healthcare equipment and devices markets.
- Increasing government programs promoting research and innovation is also helping advancements in the pressure sensor market to develop in the region.
- For instance, the University of South Australia (UniSA) recently in 2018 established a joint laboratory in advanced lasers and sensors with Shandong Academy of Sciences (SDAS) supported by the South Australian Government.
- The collaboration consists of two major facilities, one in China’s Jinan City and the other in Adelaide.
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Competitive Landscape
The major players in the market are GE Healthcare Inc., STMicroelectronics, Honeywell Inc., Omron Corporation, Siemens Corporation, and others. The market is dominated by these players, hence the market is consolidated. Therefore, the market concentration will be high.
- June 2018 - Honeywell showcased its latest sensor evaluation kit, accelerating evaluation and testing of sensors, including pressure sensors. This is expected to boost the sensing technologies segment of the company.
- February 2018 - Sensirion launched its latest liquid flow sensor, which can track the lowest liquid flow rate with highly optimized mechanical design. The sensor provides maximum safety, stability, and long-term reliability for a wide range of applications, including the fields of diagnostics, analytical instruments, and life sciences.
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Name: Hector Costello
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Organization: Orbis Research
Website: https://www.orbisresearch.com/reports/index/medical-sensor-market-growth-trends-and-forecast-2019-2024
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