Medical Sensors Market : Asia Pacific to Take Over as Leading Region

Need for Patient Monitoring Creates Demand for Medical Sensors

The unequivocal rise in the number of chronic conditions has created a huge demand for a novel method of diagnosing, treating, and managing them. The ongoing technological revolution that is merging the demands of the healthcare industry and patients’ needs is relentless trying to solve this issue with the introduction of medical sensors. As these medical devices help in monitoring health conditions by converting physical components into electrical signals they are being popularly used by patients and physicians alike. Transparency Market Research states that the opportunity of the global medical sensors market was US$1,452.8 mn in 2015 and is expected to reach US$2,476.8 mn in 2024, as the market expands at a CAGR of 6.1% from 2015 to 2024.

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The growing pool of geriatrics will be the underlying reason for the astounding success of the medical sensors. Their increasing adoption will be attributable to the saddening rise in cancer, hypertension, diabetes, and other cardiovascular diseases across the globe. The incorporation of medical sensors in several conventional medical devices helps in alerting patients of potential problems, thereby bringing in an accuracy disease management to a reliable extent. Additionally, a score of laboratories are deploying medical sensors for automating processes and establishing efficiency in the final output. Yet another incentive for laboratories to use medical sensors is that they eliminate the cost of centrifugation, loading of the analyzers, and sorting amongst others.

Need for Compatible Devices Fuels Biosensors Product Segment

Amongst the various types of products developed with medical sensors, the biosensors are expected to surpass all shares. During the forecast period, the biosensors product segment will progress at a steady CAGR of 7.5%. World Health Organization states that the number of diabetics will reach 366 million by the end of 2030. This alarming statistic will be attributable to the increasing number of diabetics who require frequent monitoring of blood sugar levels. This product segment will also be fueled by a large number of end users seeking wireless, portable, and smartphone compatible devices.

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Asia Pacific to Take Over as Leading Region

As of 2014, North America accounted for a share of 35.6% in the global market due to higher consumer awareness and a huge support systems for health monitoring initiatives. The preference for minimally-invasive surgeries has also been at driving the demand for medical sensors in North America. However, analysts predict that Asia Pacific will report the highest growth rate in the forecast period as the region leads the world with a high number of diabetics and patients suffering from respiratory disorders. Furthermore, the strengthening economies of India, China, Malaysia, and Australia will also fuel the demand for medical sensors are they look at upgrading their medical facilities and infrastructure.

The chief operating players in the global medical sensors market are Danaher Corporation, Honeywell International, NXP Semiconductors, and Measurement Specialties. Strategic mergers and acquisitions to create strong product portfolios is the ongoing trend amongst these companies. However, increasing and channelizing research and development strategies towards achieving results will also help companies achieve an impressive share in the global market.

Global Medical Sensors Market: Development of IT-based Medical Sensor Devices to Emerge as Growth Opportunity, says TMR

The global medical sensors market is fragmented with the top three companies collectively accounting for 23.3% of the market in 2014. These three companies are Honeywell International Inc., Danaher Corporation, and NXP Semiconductors. Some of the other players in the market are GE Measurement & Control, Analog Devices, Inc., Omni Vision Technologies, Inc., TE Connectivity Ltd., and Avago Technologies Limited. Players in the market are intent on providing novel and advanced technology based medical sensors, states a new report by Transparency Market Research (TMR). It is expected that many local manufacturers will capture significant market shares. The absence of external substitutes will ensure a low level threat of substitutes.

According to the report, the global medical sensors market is expected to rise from US$10,000.0 mn in 2014 to US$18,741.3 mn by 2023. On the basis of product, the biosensors segment led in the past and will continue to do so, and be worth US$9,202.5 mn. However, the squid sensors segment will expand at the maximum CAGR of 8.6% from 2015 to 2023. On the basis of application, the surgical segment will continue to remain dominant and be worth US$6,259.6. In addition to this, it is expected that the monitoring segment will expand at a healthy CAGR of 8% from 2015 to 2023.

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Asia Pacific to Emerge as Lucrative Regional Market for Medical Sensors in Future

By end user, the hospitals segment will lead and be worth US$5,809.9 mn by 2023. The nursing home and home care segment is expected to expand at a 7.8% CAGR between 2015 and 2023. On the basis of geography, North America is leading in the medical sensors market and will continue to do so. The market in North America is expected to be worth US$6,371.9 mn by 2023. On the other hand, Asia Pacific medical sensors market will prove to be lucrative in the coming years and expand at an 8.2% CAGR between 2015 and 2023. “The growing interest of key companies to expand their presence in the developing nations of Asia Pacific is expected to drive the market in the region”, says a TMR analyst.

High Risk of Various Diseases among Growing Geriatric Population to Drive Demand for Medical Sensors

The increasing prevalence of diseases such as obesity, diabetes, kidney, respiratory, and cardiovascular diseases is driving the global medical sensors market. Thus, there is a high demand for reliable and accurate medical equipment for the growing patient population, which in turn is boosting the market for medical sensors. Sensors help in giving early warnings and lead to an accurate diagnosis of diseases and thus, their need will continue to remain in the coming years. The growing population of elderly people worldwide will be another driving factor for the medical sensors market. With age, the chances of having orthopedic diseases, neurological disorders, endocrine diseases, and oral diseases increases and this will create a heightened demand for medical devices and surgeries where real time sensors play a vital role. On the other hand, the high cost of medical sensors will act as a restraint.

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Emergence of IT-based Medical Devices to Create New Opportunities

The application of IT in medical industry has revolutionized treatment methods for various diseases. The introduction of medical electronics with features such as wireless and multimedia will create a heightened demand for medical sensors. Various players in the market are investing extensively in research and development so as to develop IT-based medical sensor devices. Moreover, IT has increased the scope of medical sensors in newer medical applications such as a digital pill or ingestible sensor pill for tracking drug delivery.

This information is based on the findings of a report published by Transparency Market Research titled “Medical Sensors Market - Global Industry Analysis, Pipeline Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019.”

Medical Sensors Market will See High Demand as Wearable Medical Devices Industry Reaches the Next Level

The shift towards professional healthcare at home is the trend in today’s global medical and healthcare industry. People are increasingly adopting home healthcare services owing to the rising costs of medical treatments in hospitals and medical care clinics. With this, the demand for various health care devices is expected to increase in the next few years. Medical sensors, being an important category of healthcare devices, are predicted to register considerable demand across the globe. However, strict government regulations, long approval procedures, and the lack of reimbursement policies are some of the factors expected to hamper the growth of the global medical sensors market in the next few years.

The introduction of new medical sensors in the global market is expected to highly contribute towards the growth of the global medical sensors market in the years to come. Recently, Hitachi Medical Corp. and Redlen Technologies Inc. announced their plans to jointly develop and introduce a direct conversion semiconductor x-ray detector, a medical device for new photon counting computed tomography (PCCT) systems. It is expected to be a next-generation, promising diagnostic medical imaging modality. The new device comes with advanced capacities such as higher image resolution, material discrimination, and functional imaging.

The global medical sensors market is expected to progress from US$10.1 bn in 2012 to US$15.5 bn by 2019, and to expand at a 6.30% CAGR during the period from 2013 to 2019. Factors such as the increasing prevalence of chronic diseases and the rise in the aging population are predicted to propel the global medical sensors market in the years to come.

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Asia Pacific to Lead Global Medical Sensors Market

The global medical sensors market is segmented on the basis of geography, application, and product type. Based on geography, the global medical sensors market is divided into Asia Pacific, Europe, North America, and Rest of the World. The untapped market in India and China is expected to assist Asia Pacific to become the fastest growing market in the years to come.

Diagnostic, therapeutic, monitoring, and surgical are some of the application areas of medical sensors. In 2012, the surgical applications segment led the global medical sensors market, accounting for 30% of the market. The increasing demand for minimally invasive surgeries is expected to propel the surgical applications segment.

SQUID Sensors Segment to Expand at 7.90% CAGR from 2013 to 2019

Based on product type, the global medical sensors market is classified into image sensors, SQUID, pressure sensors, biosensors, temperature sensors, accelerators, image sensors, and others. In 2012, the biosensors segment dominated the global medical sensors market and is expected to maintain its dominance throughout the forecast period. The SQUID sensors segment is expected to expand at a 7.90% CAGR from 2013 to 2019.

Some of the leading companies operating in the global medical sensors market are GE Measurement & Control, Stellar Technology, OmniVision Technologies, Avago Technologies, Freescale Semiconductor, Sensirion, Honeywell International, and Analog Devices.