An upsurge in the number of patients afflicted with chronic conditions requiring the use of monitoring and therapeutic devices is expected to boost the market for medical sensors to $18.5 billion by 2024, according to a new report by Grand View Research, Inc.
The target population for the market includes patients with diabetes, hypertension and other chronic illnesses. 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.
Further key findings from the study suggest:
- The biosensors products segment held a lucrative share of over 40 percent 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 percent 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 more than 8 percent 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 percent 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.
Grand View Research, Inc. is a U.S. based market research and consulting company based in San Francisco, CA.