Medical Sensors Market Boost due to Preference for Minimally Invasive Surgeries

640px-Wrist-oximeterMedical sensors is a device that measures physical property of body and responds by converting it into an electrical or optical signal. These sensors play an important role in the chronic diseases such as cancer, cardiovascular, and respiratory to measure the physical property by converting it into an electrical signal. Medical sensors market report analyzes the market in a view of different types of medical sensors i.e. pressure sensors, temperature sensors, image sensors, accelerometers, biosensors, flow sensors, SQUID sensors and others. The report comprises an elaborate executive summary, which includes a market snapshot that provides market dynamics of various segments and sub-segments that are included in the report in a precise manner. Moreover, executive summary comprises waterfall diagram, which reflects the market size of various segments in descending order.

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.

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.

Technical Importance for Medical Sensors:

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.

The three leading players, Honeywell International, Inc., Danaher Corporation, and NXP Semiconductors, held a dominant share of ting the medical sensors market hold a collective share of 23.3% in the medical sensors market in 2014. A large customer base, impactful marketing strategies, and an unwavering focus on delivering top of the line products to consumers has helped these companies win the lion’s share in the global market.

Medical Sensors to Aid Management of Chronic Conditions

A rise in the number of health conditions such as diabetes, obesity, cardiovascular disease, and hypertension are creating an exceptional demand for medical sensors. These reliable medical equipment have been pivotal in the area of disease management, thus saving lives and preventing further medical complications. The sale, usage, and adoption of medical sensors have been extraordinary due to the ever-increasing pool of geriatrics who need frequent or constant assistance with health monitoring.

The TMR analyst reports, “The acceleration of technological advancements has revolutionized methods of treating various diseases by blurring the lines between patient’s condition and assessment of medical data.” As this becomes the way ahead for both companies and the patients, it will open up several growth opportunities for the adoption of medical sensors. The focus on developing medical sensors that are portable, wireless, compatible with smartphones, and based on microtechnology will also create several opportunities for the overall market.

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