Technavio has released their research report on the global medical sensors market, where the market is expected to grow by almost $6.22 billion from 2019 to 2023.
Today, more and more patients are demanding digital medicine and sensor-enabled pills as technology proliferates the healthcare sector. A sensor-enabled pill can be ingested by a patient, and the pill then sends information from the patient’s body to a mobile app. This information can be accessed by the patient, caregivers, and the physician through web-based patient monitoring applications.
These types of pills are growing in popularity since they have the ability to track the effects of medicine in real time and can reduce costs. Because of this, the adoption of medical sensors is on track to impact the growth of the global medical sensors market at a CAGR of nine percent.
Additionally, individuals are interested in adopting at-home healthcare services since care in hospitals and clinics can result in hefty costs. Portable medical devices such as blood pressure monitors and blood glucose monitors are being adopted in homes because of the availability of remote patient monitoring. This, too, will drive the demand for medical sensors in home care settings.
Overall, the U.S. has been an influential factor in the growth of medical sensors.
“North America will be the largest contributor to the global medical sensors market. The presence of many medical sensor vendors in the US will drive the growth of the market in the region. In terms of growth rate, the Asian region will witness the fastest growth during the forecast period. The increasing prevalence of chronic disorders and the increased focus toward healthcare will increase the demand for medical sensors. Emerging economies such as Southeast Asia and India will further drive the demand for medical sensors,” an analyst at Technavio says.
Technavio has published a new market research report on the global medical sensors market from 2019-2023. (Graphic: Business Wire)
