Medical Sensors Market to Exhibit 7% CAGR from 2015 to 2023 owing to Increasing Utilization in Laboratories
Medical sensors are devices used to measure the physical properties of a body and further respond by transforming this data into an optical or electrical signal. These medical sensors play a vital role in treating chronic diseases, including cardiovascular, cancer, and respiratory. The emergence of IT-based medical devices is one of the major opportunities for the key players looking to expand their presence in the market.
In 2014, the global medical sensors market was worth US$10.0 bn and is estimated to reach US$18.7 bn by the end of 2023. The market is anticipated to register a 7% CAGR between 2015 and 2023.
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High Costs of Medical Sensors to Hamper Growth of Global Market
By product type, the global medical sensors market can be segmented into biosensors, image sensors, flow sensors, pressure sensors, accelerometers, SQUID sensors, temperature sensors, and others. In 2014, the biosensors segment accounted for a 47.4% share in the global medical sensors market, owing to its extensive application in the healthcare sector.
The growing preference of patients for home healthcare devices, rising geriatric population worldwide, growing incidence of chronic diseases, and the growing use of medical sensors in laboratory practices are some of the major factors driving the global medical sensors market. However, the high cost of sensors is projected to curb the growth of the market in near future.
Increasing Penetration in Developing Economies to Propel Therapeutic and Monitoring Application Segments
By application, the global medical sensors market can be categorized into therapeutic, diagnostic, surgical, and monitoring. In 2014, the surgical segment dominated the market, accounting for a 35.7% share in the overall medical sensors market. However, this segment is projected to register a drop in its share by the end of 2023, owing to the higher growth rate of the therapeutic and monitoring segments. These segments are anticipated to grow at a fast pace in the coming years, due to higher penetration in emerging economies and the adoption of new monitoring applications.
By end user, the global medical sensors market can be classified into nursing home and home healthcare, physician offices, hospital, and others. In 2014, the hospital segment led the market and is projected to remain in this position through the next few years. The rapid growth of this segment can be attributed to the rising rate of cost-effective, innovative, and technologically advanced products. On the other hand, the nursing home and home healthcare segment is expected to grow substantially in the near future.
Asia Pacific Medical Sensor Market to Grow Rapidly due to Rising Cases of Chronic Disorders
Among the major geographical regions, in 2014, North America dominated the overall market and is estimated to remain in the leading position in the next few years. On the other hand, the Asia Pacific market for medical sensors is expected to grow rapidly in the coming years, due to the growing number of individuals diagnosed with chronic diseases, including respiratory disorders and diabetes. The development of the overall healthcare infrastructure and several government initiatives are the major factors fuelling the growth of the medical sensors market in the Middle East and North Africa and Latin America.
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