Medical Sensors Market Hits $18.5 Billion By 2024: BY Grand View Research, Inc.
The medical sensors market is expected to reach USD
18.5 billion by 2024, according to a new report by Grand View Research, Incite
upsurge in the number of patients afflicted with chronic conditions, such as
diabetes and hypertension, is fueling the usage of monitoring as well therapeutic
devices, thus boosting the market demand.
The target population for this
market is patients with chronic illnesses, as such conditions necessitate
regular checkups and intermittent or continuous patient monitoring. The rise in
population of chronically ill patients further increases the uptake of the
medical sensors.
The geriatric population is highly
prone to developing chronic disorders and they pose a higher risk of developing
age-related deformities and complications. Moreover, the adoption of unhealthy
food habits and sedentary lifestyles and the resultant surge in the incidence
of obesity has led to the increasing prevalence of lifestyle disorders
including diabetes. The presence of a large target population base combined
with the prevalence of lifestyle-related risk factors is likely to accelerate
the growth of the medical sensors market during the forecast period.
Technological advancements in terms
of accuracy, portability, and affordability associated with the new generation
medical sensors resulted in the increased usage of these devices; for instance,
the introduction of easy-to-operate, home-based diagnostic kits that are cost
effective.
Browse full research report on Medical
Sensors Market: http://www.grandviewresearch.com/industry-analysis/medical-sensors-market
Further key findings from the
study suggest:
- The
biosensors products segment held a lucrative share of over 40.0% in 2015.
This is ascribable to the following attributes of the novel biosensors:
durability, reliability, and accuracy. Moreover, their applications in the
healthcare areas, such as the detection of drug abuse, glucose monitoring
for diabetes, the detection of cholesterol, and others. All these elements
governed the growth of this segment in 2015.
- The
surgical applications of the sensors dominated the market in 2015.
Whereas, the monitoring applications segment is projected to be the
fastest growing during the forecast period. Advancements, such as wearable
technology are anticipated to boost the demand for the monitoring devices
market.
- The
hospitals registered a remunerative growth in 2015; this can be attributed
to the presence of a well-developed healthcare infrastructure, which
yields faster and accurate diagnosis. Moreover, the availability of
well-equipped infrastructure coupled with the presence of skilled
personnel and technologically advanced equipments contribute towards the
lucrative growth of this segment.
- North
America held a considerably large share of over 35.0% in 2015 owing to the
presence of leading sensor manufacturers, a well-planned medical
reimbursement network, and the increasing disposable income
- On the
contrary, Asia Pacific is anticipated to be the fastest growing region
with a CAGR of over8.0% over the forecast period. The favorable economic
developments and the advancing healthcare system with the aid of
supportive government initiatives are anticipated to further assist the
growth. Moreover, the increasing base of the aging population in this
region also, additionally impels the demand. According to the report
published by the Ministry of Statistics, in India, 8.6% of the total
population is aged above 60; hence, presenting a profitable opportunity
for the market players to invest in this region.
- The
leading players of the medical sensors market include Analog devices,
Inc., Avago technologies Ltd., Danaher Corporation, GE Measurement
&Control Solutions, Inc., Honeywell International, Inc., Stellar
technologies, Inc., OmniVision Technologies, Inc., Sensation AG, TE
Connectivity Ltd., Micro-Epsilon Messtechnik GmbH Co. & KG, and NXP
Semiconductors N.V.
Browse more reports of this
category by Grand View Research: http://www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented
the medical sensors market on the basis of product, application area, end-use,
and region.
Global Medical Sensors Market,
by Product, Revenue(USD Million) 2013 - 2024
- Pressure
sensors
- Temperature
sensors
- Image
sensors
- Accelerometers
- Biosensors
- Cholesterol
sensors
- Blood
glucose sensors
- Pregnancy
testing
- Drug
discovery
- Infectious
diseases
- Others
- Flow
sensors
- SQUID
sensors
- Others
Global Medical Sensors Market,
by Application, Revenue(USD Million), 2013 - 2024
- Surgical
- Diagnostic
- Therapeutic
- Monitoring
- Others
Global Medical Sensors Market,
by End-use, Revenue(USD Million), 2013 - 2024
- Hospitals
- Physician
offices
- Nursing
home
- Home
healthcare
- Others
Medical Sensors Market, by
Region, Revenue, (USD Million), 2013 - 2024
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia
Pacific
- Japan
- China
- Latin
America
- Brazil
- Mexico
- MEA
- South
Africa
- Saudi
Arabia
Access press release of this
research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-medical-sensors-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information: www.grandviewresearch.com
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