Global Medical Sensors Market is set to chart a CAGR of 9.9%

ALBANY, N.Y., Sept. 10, 2020 -- The forecast period of 2018 to 2026 is set to witness global medical sensors market grow at 9.9%, compounded annually. Market valuation, as a result of this impressive CAGR, is set to reach a higher worth of USD 27.7 billion by the end of this period. A major role here is played by the government, whose efforts in enabling the market growth have been commendable. Additionally, advancement in Internet of Things (IoT) is leading to its higher adoption, paving way for higher growth trajectory.

Transparency Market Research states, "Investments in mHealth products are increasing and that is a notable propeller of growth in the market. Furthermore, growing penetration of internet and smart phones, particularly in the remote areas of the world, is also paving a solid foundation for market growth over the coming few years."

Key Findings of Global Medical Sensors Market Study:

  • An emerging segment of the market is that of implantable sensors, which holds a substantial market share and is set to grow at a notable CAGR over the forecast period
  • Growing need for continuous monitoring systems and advancement in technology is contributing to growth in the aforementioned segment
  • As far as the end-users are concerned, home care settings is set to be a lucrative segment over the forecast period
  • Americas are anticipated to dominate the regional charts

Key Drivers of Growth in Medical Sensors Market:

  • World over, notable improvement in access to internet and ownership of mobile phones and tablets is being observed and this is set to drive the market forward
  • Government support towards adoption of mHealth products and services is contributing to high growth trajectory of the market over the forecast period
  • Investments towards telehealth and technology such as IoT is being noted and this is paving way for future growth of the market
  • Improvement in healthcare infrastructure is leading to efforts aimed at bettering healthcare outcomes and that is fuelling growth in the medical sensors market

Analyze global medical sensors market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea.

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Regional Analysis of Global Medical Sensors Market:

  • Regional charts of global medical sensors market are set to witness dominance of the Americas over the forecast period
  • Robust healthcare infrastructure, population that is ageing rapidly, and high adoption of advanced technology is set to aid aforementioned region maintain dominance
  • An impressive compound annual growth rate (CAGR) will be recorded by the Asia Pacific (APAC) region
  • Efforts towards improvement of infrastructure in healthcare and increasing awareness is leading growth in the region

Competitive Landscape of Global Medical Sensors Market:

The semi consolidated vendor landscape of the global medical sensors market is marked by presence of a number of proactive players. Some of the most notable companies occupying the market are Cardiomo, Honeywell International, Inc., TE Connectivity, Dexcom, Inc., Medtronic, Danaher Corporation, First Sensor AG, Sensirion AG, Smiths Groups plc, and GluSense Ltd. Out of these Medtronic and Honeywell International are anticipated to have a firm hold on the market share. Product development and improvement in technology are set to be notable determinants of growth for these players.

Market Segmentation:

  • By Product:
    • Biosensors
    • Temperature Sensors
    • Motion Sensors
    • Image Sensors
    • Flow Sensors
    • Pressure Sensors
  • By Application:
    • Diagnostics
    • Monitoring
    • Therapeutics
    • Wellness and Fitness
  • By Placement:
    • Wearable Sensors
    • Wireless Sensors
    • Implantable Sensors
  • By End Use:
    • Hospitals
    • Clinics
    • Home Care Settings
  • By Region:
    • Americas
    • Europe
    • Asia Pacific
    • Middle East and Africa

Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:

Wearable Medical Devices Market: The rapid growth of various industries such as remote patient monitoring devices and home healthcare are predicted to influence the global wearable medical devices market positively over the period of assessment. In addition to that, a growing focus of consumers on health and fitness has led to efforts toward leading a healthy lifestyle are anticipated to fuel growth of the market in the years to come.

mHealth Market: According to experts from TMR, the global mHealth market stood at US$23.9 bn in 2017. This revenue is expected to gain an impressive value of US$118.4bn by the end of 2025. Experts project this growth to occur with a meteoric CAGR of 22.1% during the forecast period from 2017 to 2025.

Digital Health Market: Technological advancement in the healthcare infrastructure is pushing the demand for wearable devices in the market. Registering surge in demand, the companies are trying to upgrade products, which includes hardware suitable for the healthcare domain. This is likely to contribute in the expansion of digital health market.

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Transparency Market Research
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