Medical Sensor Market Segment Analysis- By Application
Monitoring application segment is analyzed to account for the highest CAGR of 12.2% in the global Medical Sensor Market during the forecast period 2021-2026. The factors such as increasing advancements in wireless communication technology and growing internet penetration within healthcare sector to enable remote monitoring of patients vitals have been contributing to the market growth of Monitoring segment. Rise in chronic diseases and technological advances such as AI, IoT and others for developing advanced smart patient monitoring solutions act as major drivers for the growth of Monitoring Segment. Moreover, mobile cardiac telemetry has emerged as a necessary clinical tool for patients during the pandemic situation is also analyzed to boost the Medical Sensor market growth during the forecast period 2021-2026. Furthermore, increasing adoption of blood glucose meter and various portable healthcare devices is another factor analyzed to propel the Medical Sensor market growth. In November 2020, Carematixs Blipcare launched Blip BP 800 Cellular Blood Pressure Monitor. It is designed to combine seamlessly with Carematixs Remote Patient Monitoring portal for monitoring blood pressure at home. Such developments increase the demand of Medical Sensors among medical device manufacturing companies in the long run.
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Medical Sensor Market Segment Analysis- By End-Users
Based on end-users segmentation, Hospitals held the highest Medical Sensor Market share of around 56.5% in the global Medical Sensor market in 2020. The factors such as increasing adoption of advanced medical devices for early disease diagnosis and government emphasis towards routine check-up as well as timely treatment have been contributing to the increasing awareness among people, thus boosting the growth of the market. Moreover, Covid19 pandemic has been increasing the demand for wireless patient monitoring devices in hospitals, which further accelerate the market growth scope for companies operating in the medical sensor industry. In May 2020, Royal Philips launched the next-generation wireless wearable biosensor i.e. BX100, in order to manage confirmed as well as suspected COVID-19 patients within the hospitals. It is designed primarily to address new method to vital sign measurements, supports clinical surveillance of higher acuity patients shifting from ICUs to lower acuity general care units. Such developments can influence the market growth of Medical Sensor in the long run.
Medical Sensor Market Segment Analysis-By Geography
North America held the highest Medical Sensor Market share of around 36.5% in the global Medical Sensor Market in 2020 and is further set to grow at a significant rate during the forecast period 2021-2026. The factors such as high demand for wireless or portable systems, rising rate of chronic or cardiovascular diseases and others have been contributing to the market growth across the region in long run. Additionally, government healthcare spending in an annual budget will create opportunities for the growth of the market. For instance, According to U.S Department of Health and Human Services data, USA Healthcare Expenditure is estimated to reach $6.2 Trillion by 2028 and will account for 20% of the GDP. Technological advancement in healthcare sector, penetration of smart fitness or wellness wearable devices along with investment in R&D activities for developing more advanced health monitoring products is set to create opportunities for the Medical Sensor Market. In September 2020, Tekscan Inc., a USA based medical sensor providing company, launched F-Scan64, a new easy-to-use wireless in-shoe pressure mapping system. The mapping technologies use ultra-thin pressure sensors to record pressure data while performing dynamic actions. Such developments can further influence the Medical Sensor market growth of in the long run.
Medical Sensor Market Drivers
Rise in chronic diseases
Rise in chronic diseases such as diabetes, cardiovascular diseases, cancer and others act as a major driver boosting the growth of patient monitoring devices, which further influences the growth of medical sensor market. Patients suffering from cardiovascular diseases require continuous monitoring of body parameters including heart rate, pulse rate, blood glucose levels, ECG and others in order to analyze current health status. According to International Diabetes Federation (IDF), there were approximately 463 million people living with diabetes in 2019, with the number projected to rise to 700 million by the year 2045. In April 2020, Alive Cor announced about its global strategic alliance with OMRON Healthcare Co Ltd., in order to combine its ECG technology with OMRONs blood pressure devices, for facilitating patient monitoring owing to the pandemic. As people with chronic illness, including heart disease are at higher risk of COVID infections, this will help in improving telemedicine services through allowing patients to send personal health data to physicians, boosting the integration of medical sensors in health monitoring devices.
Technological advancement like development of smart medical devices is set to be one of the factors that can drive the market forward
Development of smart medical devices is set to be one of the factors that can drive the market forward during the forecast period 2021-2026. Smart medical devices have medical sensors integrated with advanced computing and communication technologies to monitor collect and transmit patient data to provide better diagnostics and treatment decisions. Moreover, smart devices such as wearable; transmit critical medical data in real time from hospital beds, private homes and so on to physicians. Smart medical devices are also widely used for therapeutic treatments, injury prevention as well as rehabilitation. Furthermore, Covid19 pandemic compels the manufacturer to produce smart devices to monitor patient blood pressure, glucose level and so on. In November 2020, Medtronic plc, leader in medical technology, launched first and only FDA-cleared smart insulin pen i.e. InPen, integrated with real-time Guardian Connect CGM data to provide real-time glucose readings along with insulin dose information given to patients everyday to manage their diabetes. Such developments can influence the market growth of Medical Sensors in the long run.
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Medical Sensor Market Challenges
Stringent regulations by the Government
Increasing stringency in government regulations acts as a major challenge restraining the market growth of Medical Sensors. The manufacturers of medical sensors are facing country-specific regulatory procedures for mixing sensors with medical devices from US Food and Drug Administration. The commercialization of medical sensors takes plenty of time due to elaborate documentation processes and costly clinical trials. Additionally, the regulatory authorities authenticate the composition of materials required to manufacture medical sensors. To obtain such regulatory approvals, its a matter of time, thus slowing down the process of commercialization of medical sensors, hampering the markets growth. Furthermore, development of advanced medical sensors which involves complexity in designing and testing is the other factor that impedes the growth of the market. Owing to the above mentioned factors, use of medical sensors will be significantly impacted, thus hampering its market growth.
Medical Sensor Market Landscape
Partnership, Acquisitions, Collaboration, technology launches and R&D activities are key strategies adopted by players in the Medical Sensor Market. The Medical Sensor Market top 10 companies include TE Connectivity, Medtronic plc, Analog Devices, Texas Instruments, STMicroelectronics, Tekscan, NXP Semiconductors, Sensirion, ON Semiconductor Corporation and Amphenol Corporation.
Acquisitions/Technology Launches
In August 2021, Sensirion, worlds leading manufacturer of flow sensors for medical ventilation, expanding its flow sensors product portfolio for ventilators. The new three flow sensors are part of the SFM3xxx platform and share the same characteristics such as high accuracy, very low pressure drop and fast signal sampling.
In May 2020, TE Connectivity, a global leader in connectivity and sensors, developed SMI SO-10 pressure sensor package with vertical port which includes a MEMS pressure sensor and an advanced signal-conditioning IC to offer a fully pressure calibrated and temperature compensated output. It is designed for a wide range of applications from medical to HVAC.
Key Takeaways
Monitoring applications segment is analyzed to witness the highest growth rate in the Medical Sensor market during the forecast period 2021-2026, owing to factors such technological advancement and rise in chronic diseases.
Hospitals are anticipated to grow with a high CAGR of around 7.5% in the global Medical Sensor Market during the forecast period 2021-2026, owing to adoption of medical devices.
North America region is analyzed to witness the fastest growth in the global Medical Sensor market during 2021-2026, owing to rising government healthcare expenditure.
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