Transparency Market Research
(TMR) has published a new report titled, “Medical Sensors Market - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”.
According to the report, the global medical sensors
market
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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.
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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 9.2% from 2018 to
2026. The home care settings segment is anticipated to expand at a CAGR of
12.7% during the forecast period. The segment is expected to gain market share
by 2026. 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 2017. The
market in the region was valued at US$ 6.27 Bn in 2017. 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 9.0% 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.
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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.
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