Sensors in medical segment are useful for the measurement of physical property in terms optical signal. It is used in wide area of medical technology, engineering, surgical equipment and others. The demand for sensors in medical application is growing rapidly due to technological advancement and rising demand for medical devices globally.
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The prime reason for the growth of medical sensors market is the increasing incidence of chronic diseases such as cancer, cardiovascular, and respiratory worldwide. Additionally, factors such as aging population and rising customer preference for home health care contribute to market growth. For instance, the World Health Organization (WHO) also stated that the proportion of people aged 65 years and above is expected to increase from 16% of the total population in 2013 to 25% by 2050. However, high price of sensors such as SQUID and biosensors is expected to hamper the market growth. Moreover, low acceptance of medical sensor technology in developing regions such as Middle East and North Africa also hampers the market growth to some extent. The global medical sensors market was valued at US$ 10,000 million in 2014 and is expected to reach US$ 18,741.3 million by 2023, expanding at a CAGR of 7.0% from 2015 to 2023.
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Of the different product types, SQUID sensors is anticipated to grow with the highest CAGR during the forecast year 2015 to 2023. These sensors are increasingly used in biomedical devices and in various pharmaceutical research and development applications. This factor would increase the out-of-pocket spending by end-users, thereby increasing market revenue. Moreover, flow sensor segment is considered as one of the lowest revenue generating segment of the global medical sensors market. Less application area of flow sensors as compared to the other medical sensor product types hampers the market growth of this segment during the forecast period.
In terms of application area, the global medical sensors market is dominated by the surgical application owing to the rising use of medical sensors such as pressure, image, and biosensors in medical surgeries in developed as well as developing regions. On contrary, the monitoring application segment is considered as the fastest growing market segment. The growth of monitoring application segment is attributed to the increasing demand for medical sensors used for health monitoring equipment such as blood pressure monitors, respiratory, sleep apnea devices and others.
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In 2014, North America dominated the global medical sensors market. The dominance of this region was majorly due to rise in regulatory approval for sensors coupled with consistent rise in the incidence of chronic diseases in the region stimulated the growth of North America medical sensors market. Europe accounted for the second largest share of the total market in 2014 owing to the favorable growth conditions for pharmaceutical and biotechnology manufacturers due to affordability for branded formulations by consumers. However, Asia Pacific is estimated to grow with the highest CAGR of 8.2% from 2015 to 2023. Market growth in this region is witnessed due to increasing interest of leading companies such as Honeywell International, Measurement Specialties and others to establish their geographic presence in Asia Pacific countries such as China and Japan.
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