Sensors are devices that detect physical, chemical, and biological signals and provide a way for those signals to be measured and recorded. Sensors offer the ability to monitor and track Medical conditions.
The global Medical sensors market is estimated to account for US$ 25,635.3 Mn in terms of value by the end of 2027.
Global Medical Sensors Market: Drivers
Increasing prevalence of chronic diseases is expected to propel growth of the global Medical sensors market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Moreover, increasing in geriatric population is also expected to boost adoption of Medical sensors. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
North America held dominant position in the global Medical sensors market in 2019, accounting for 36.5% share in terms of value, followed by Europe and Asia Pacific, respectively.
Figure 1: Global Medical Sensors Market Share (%) Value, By Region, 2019
Global Medical Sensors Market: Restraints
Stringent regulatory procedures are expected to hinder growth of the global Medical sensors market. Rigorous clinical trials and clearance of the MEMS product before reaching the market requires huge capital investments and large spending capacities to bear the sunk costs, if the product fails during the clinical trial. In addition, gaining market acceptance for new products takes a long time and entails heavy costs for the manufacturer.
Moreover, inadequate re-imbursement for new technologies is also expected to limit the market growth. Despite receiving approvals from the FDA and CE, manufacturers face restraints in terms of inadequately laid out reimbursement policies from insurance providers such as Medicare and Medicaid.
|Base Year:||2019||Market Size in 2019:||US$ 15,543.4 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||6.5%||2027 Value Projection:||US$ 25,635.3 Mn|
Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., Broadcom Limited, Danaher Corp., LORD Corporation, OSI Systems, Inc., Avago Technologies Limited, Measurement Specialties, Micro-Epsilon Messtechnik, Amphenol Advanced Sensors, and Sensirion AG
|Restraints & Challenges:||
Global Medical Sensors Market: Opportunities
R&D in Medical sensors is expected to offer lucrative growth opportunities for players in the global Medical sensors market. For instance, in April 2020, researchers from the U.S. Naval Research Laboratory, demonstrated the viability of using ultra-thin sheets of microbially grown nanocellulose to build functional Medical sensors.
Moreover, several advantages of disposable and non-disposable Medical sensors are also expected to aid in growth of the market. For instance, according to a research article published in MEMS Journal 2018, disposable and non-disposable Medical sensors are advantageous in miniaturizing components and systems of MEMS and also helps in reduction of cost of the systems. However, unfavorable reimbursement policies for Medical devices integrated with disposable sensors are expected to hinder the market growth.
The global Medical sensors market was valued at US$ 15,543.4 Mn in 2019 and is forecast to reach a value of US$ 25,635.3 Mn by 2027 at a CAGR of 6.5% between 2020 and 2027.
Figure 2: Global Medical Sensors Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
Major players in the market are focused on offering solutions to develop rapid test device for COVID-19. For instance, in August 2020, Ams, a supplier of high performance sensor solutions, provided the latest sensor technology to Midge Medical, a Germany-based Medical technology startup, to develop a disruptive technology for science-backed rapid genetic and blood testing in a home and professional healthcare environment at a lower cost.
R&D in Medical sensors is expected to propel growth of the global Medical sensors market. For instance, in July 2020, researchers at University of Minnesota announced development of a new technique that allows the 3D printing of hydrogel-based sensors directly on to organs such as the lungs.
Global Medical Sensors Market: Competitive Landscape
Major players operating in the global Medical sensors market include, Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., Broadcom Limited, Danaher Corp., LORD Corporation, OSI Systems, Inc., Avago Technologies Limited, Measurement Specialties, Micro-Epsilon Messtechnik, Amphenol Advanced Sensors, and Sensirion AG.
Global Medical Sensors Market: Key Developments
Major players in the global Medical sensors market are focused on adopting partnership strategies to expand their product portfolio. For instance, in July 2020, Amphenol Advanced Sensors partnered with Andhra Pradesh MedTech Zone Ltd. to develop Medical grade sensors and sub-assemblies and power electronics.
Medical Sensors encompasses the combination of molecular biology and cytogenetics. It enables to differentiate normal and cancer causing cells. Medical Sensors helps to study the structural and functional organization of chromosomes and its nucleus, genomic variations, expression and evolution, and chromosomal abnormalities in medicinal and cancer-related genetics. High prevalence of cancer and increasing application of molecular biology in detection of inherited susceptibilities associated with cancer development is expected to boost the Medical Sensors market growth.
Key features of the study: