According to a new market research report published by Transparency Market Research “Medical Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” the global medical sensors market was valued at US$ 10.0 Bn in 2014 and is estimated to reach a market value of US$ 18.7 Bn in 2023 expanding at a CAGR of 7.0% from 2015 to 2023.
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Medical sensors is a device that respond to a physical stimulus (as heat, pressure, sound, magnetism, and a motion) and transmits a resulting impulse to measure operating a control. The global medical sensors market is driven by increasing incidences of chronic diseases such as cancer, cardiovascular, and respiratory. In addition, factors such as aging population and rising customer preference for home health care contribute to the market growth. However, high price of sensors such as SQUID and biosensors is expected to hamper market growth. The global medical sensors market was valued at US$ 10,000 Mn in 2014 and is expected to reach US$ 18,741.3 Mn by 2023, expanding at a CAGR of 7.0% from 2015 to 2023.
The market of Biosensors captured about 47.4% share of market in 2014 and is expected to dominate the market during the study period. Growth of this segment was due to its wide application in health care such as blood glucose monitoring, cholesterol and pregnancy tests, and tests for drug abuse and pathogens causing infectious diseases. The image sensors segment is considered as one of the lowest revenue generating segment in 2014. High cost and low demand for this sensor in emerging economies such as Asia Pacific and Latin America hampers the growth of the segment.
Based on application, the surgical application segment held a share of 35.7% of the total medical sensors market in 2014. The segment is expected to lose its market share in 2023 due to higher growth rate of the monitoring and therapeutic application segments. The monitoring and therapeutic application segment is estimated to expand during the forecast period. High growth rate of this segment is attributed to introduction of new monitoring applications to support better quality of life for patients and higher penetration in developing regions.
Of the global medical sensors market, by end user, the hospital segment accounted for the highest market share in 2014 and is expected to dominate the market during the forecast period. The dominance of the segment is primarily due to high adoption rate of technologically advanced and cost effective innovative products and growing patient preference. Nursing home and home care has witnessed significant acceptance. Hence, the segment is likely to expand at the highest growth rate in the next few years
Geographically, North America accounted for majority of market share of the total medical sensors market. Rising uptake of technological advanced medical sensors by end-users is one of the major factor supporting the market growth. Asia Pacific is estimated to grow at highest growth rate owing to increase in number of people diagnosed with chronic diseases such as diabetes and respiratory disorders is boosting market growth in the region. The market for Latin America and Middle East and North Africa collectively achieved more than 10% share of the global market. Encouraging government initiatives and developing health care infrastructure augmented the growth of medical sensors in these regions.
The global medical sensors market is consolidated in which relatively small number of companies accounted for majority market share. Major players operating in the global medical sensor market are Honeywell International, Measurement Specialties, Danaher Corporation, and NXP Semiconductors and others are some of the key players having presence in the global medical sensors market.