Medical sensors that measure the physical functions of the body and convert it into an electrical or optical signal. These devices play a major role in the monitoring of chronic diseases such as cancer, cardiovascular and respiratory diseases to measure the physical function and convert it into the electrical signal. The market is majorly directed by the increased demand for medical sensors in diagnostic and therapeutic segments. The medical sensor monitor adds value to the healthcare professional to alert critical deviations, which are recorded in vital signs. This ultimately improves the quality of care given to the patient by avoiding undesirable complications. Moreover, the demand for medical sensors is raised because of its wide range of applications such as monitoring of temperature, pressure, vibration, inclusive of various diagnostic parameters and analysis. As increase in chronic disorders and geriatric population globally has continuously raised the demand for these equipment. Furthermore, chronically ill patients and geriatric population are the target area for sensor-based devices, for instance as per National Institute of Aging, there are around 617 million people above the age of 65 years in 2016 and it will cross 1.6 billion by 2050.
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Improved technology and accuracy fuels the growth of medical sensors market
Medical sensors have become a universal segment of the technologically advanced and digital medical devices. There is a significant increase in the development of implantable and wearable medical devices, which facilitate the awareness about medical devices this leads to the increased use of sensors. It is expected that rise in geriatric population, increase in chronic diseases such as chronic obstructive pulmonary disease (COPD), cardiovascular disease, kidney disease and respiratory disease and rise in intensive care for critical patients are the responsible factors supports the growth of medical sensors market. As per Centers for Disease Control and Prevention, there are around 15.7 million people in the U.S. diagnosed with COPD in 2014. Furthermore, there is a wide range of benefits of the use of medical sensors in medical devices, which increased the accuracy in disease management through notifications alerts, and real time patient data communication. Which expected to support the growth of medical sensors market.
Developed regions are major growth engines for medical sensors market
Medical sensors market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. North America is the leading region due to the annual increase in minimally invasive surgeries performed and availability of healthcare reimbursement policy. However, market across Asia Pacific is expected to expand at a higher rate due to, increase in diabetic population, respiratory diseases cases, cardiovascular disease and raised investment in healthcare sector in emerging countries such as India and China expected to support the growth of medical sensors market.
Key players of the medical sensors market
There are various players present across the globe and running into the competition. The rise in awareness about devices and increase in per capita income of individuals expected to create more opportunities for industry players in global medical sensors market. Some key players are Analog Devices Inc., Broadcom Limited, Danaher, LORD Corporation, Honeywell International Inc., OmniVision Technologies Inc., and GE Measurement & Control.
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