Driven by High Unmet Healthcare Needs, Global Medical Sensors Market to reach US$15.5 Bn by 2019: Transparency Market Research

Nov 17, 2015, 07:30 ET from Transparency Market Research Pvt. Ltd

ALBANY, New York, November 17, 2015 /PRNewswire/ --

Transparency Market Research announces the release of a new research report titled "Medical Sensors Market (Biosensors, Pressure, Image, SQUID, Temperature and Flow Sensors, Accelerometers, Surgical, Diagnostic, Monitoring and Therapeutic Applications) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019". According to the report, the global medical sensors market is projected to rise from a value of US$10.1 Bn in 2012 to US$15.5 Bn by 2019, expanding at a 6.30% CAGR during that period.

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The medical sensors market is propelled by rapidly growing geriatric population base, rising incidence of chronic diseases, shift from hospital to home healthcare services and devices, demand for better and improved healthcare, and rising demand for lab automation. However, inadequate reimbursement for new technologies and stringent regulatory procedures threaten to hamper the growth of the medical sensors market.

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On the basis of product type, the medical sensors market is segmented into temperature sensors, accelerometers, flow sensors, bionsensors, image sensors, pressure sensors, SQUID, and others such as position, force, chemical, and level sensors. Biosensors held the majority of the market in 2012 owing to high prevalence of diabetes and demand for diabetes care, growing demand for diagnostic and monitoring implantable medical devices, and rising number of applications in research of biological agents, drug development and delivery, and development of new technologies. Increasing applications in imaging and diagnostic devices such as MCG, magnetogastrography, MEG, and MRI are likely to boost SQUID sensors to become the fastest growing product types over the next four years.

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By application, the medical sensors market is segmented into diagnostic, monitoring, surgical, and therapeutic. In 2012, the surgical segment held the largest share of the overall medical sensors market and this application is anticipated to continue dominating the market till 2019, the end of the forecast period. Sensors in surgical equipment enable efficient and smooth surgeries resulting in minimal discomfort to the patient. Growing need and demand for constant monitoring on health and wellness in emerging economies is likely to make the monitoring application the most rapidly developing segment by 2019.

On the basis of geography, the global medical sensors market is divided into North America, Europe, Asia Pacific, and Rest of the World. In 2012, North America dominated the global market, driven by adequate penetration of sensors in the market and presence of advanced healthcare infrastructure in the region. North America is likely to retain its lead in the worldwide medical sensors market through 2019. Asia Pacific, on the other hand, is anticipated to develop at the fastest pace during the forecast period owing to increasing unmet healthcare needs in emerging economies such as India, China, and the Southeast Asia region.

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The leading companies profiled in the medical sensors market research report are Micro-Epsilon Messtechnik, OmniVision Technologies, Measurement Specialties, Honeywell International, Stellar Technology, Avago Technologies, Freescale Semiconductor, Danaher Corporation, Analog Devices, Sensirion, and GE Measurement & Control.

Medical Sensors Market, by Product Types 

  • Biosensors
  • Temperature sensors
  • Image sensors
  • Accelerometers
  • Pressure sensors
  • Flow (air and fluid) sensors
  • Others (chemical, position, level, force)

Medical Sensors Market, by Applications 

  • Surgical Applications
  • Diagnostic
  • Therapeutic Applications
  • Monitoring Applications

Medical Sensors Market, by Geography 

  • Europe
  • North America
  • Asia Pacific
  • Rest of the World

Other Related Market Research Reports:

  1. Need for Screening and Monitoring Environmental Pollutants Expected to Propel Global Biosensors Market to US$21.6 bn by 2020 

The report comprises a comprehensive executive summary, which includes a market snapshot and elaborate comparative analysis providing information about various segments, types of biosensor technology, applications, end users, and their geographical markets.  The analysis in the study report helps estimate the growth trajectory and magnitude of the market during the forecast period from 2014 to 2020. The growth of the market is due to the increasing number of recent scientific and technological advances, and the need for analytical information in various sectors such as environmental monitoring, healthcare, food quality analysis, defense, and agriculture. Biosensors have become an analytical device of choice in all the above mentioned sectors and is continuously playing an imperative role in overcoming global health threats such as the rapid spread of chronic diseases.  

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  1. MEMS in Medical Application Market to Register Growth at 20.2% CAGR due to Increasing Healthcare Expenditure 

The publication states that increasing healthcare expenditure, compounded by a rise in the global geriatric population, is driving the demand for MEMS in medical applications. Additionally, consumers around the world are increasingly demanding rapid means of diagnosis with minimum turnaround time. This has compelled leading vendors of medical devices to focus on the production of a single platform that can perform multiple diagnostic examinations efficiently. The report provides a comprehensive overview of the market and focuses on factors that producers should capitalize on in order to enjoy manufacturing advantages. It suggests that by leveraging the benefits inherent to MEMS, vendors will be able to produce more compact consumption connectors that can deliver high performance even on low power. Governments of various economies have realized the potential of introducing nanotechnology in the production process and MEMS in the healthcare industry. These factors have encouraged the global MEMS industry to provide the best market solutions.

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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