Medical Sensors Market Size is Projected to Attain $18.5 Billion By 2024: Grand View Research, Inc.

September 03 11:14 2019
Medical Sensors Market Size is Projected to Attain $18.5 Billion By 2024: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting
According to report published by Grand View Research, The global medical sensors market size was valued at USD 9.4 billion in 2015. The market is primarily driven by the increasing demand for medical sensors in the therapeutic and the diagnostic sectors.

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.  

North America medical sensors market share, by product, 2013 – 2024 (USD Million)

Medical sensors market

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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. 

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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, 2013 – 2024 (USD Million)

  • Pressure sensors
  • Temperature sensors
  • Image sensors
  • Accelerometers
  • BiosensorsFlow sensors
    • Cholesterol sensors
    • Blood glucose sensors
    • Pregnancy testing
    • Drug discovery
    • Infectious diseases
    • Others
  • SQUID sensors
  • Others

Global Medical Sensors Market, by Application, Revenue, 2013 – 2024 (USD Million)

  • Surgical
  • Diagnostic
  • Therapeutic
  • Monitoring
  • Others

Global Medical Sensors Market, by End-use, Revenue, 2013 – 2024 (USD Million)

  • Hospitals
  • Physician offices
  • Nursing home
  • Home healthcare
  • Others

Medical Sensors Market, by Region, Revenue,  2013 – 2024 (USD Million)

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
  • Asia Pacific
    • Japan
    • China
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • South Africa
    • Saudi Arabia

Browse Related Reports @

Biosensors Market – https://www.grandviewresearch.com/industry-analysis/biosensors-market

Disposable Medical Sensors Market – https://www.grandviewresearch.com/industry-analysis/disposable-medical-sensors-industry

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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