Global Competitive Analysis:
As market competition is intense, the industry players in the segment are utilizing their primary resources to initiate a trend of solid, volume-driven growth that has been observed in the market with the development of different varieties of product types. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. However, with companies aiming to capture a considerable share of the market segment as early as possible, they are experimenting with various advantage points.
Some of the key players in this market are: GE Healthcare, Medtronic Plc., First Sensor AG, Measurement Specialties Inc., STMicroelectronics N.V., NXP Semiconductors N.V., Honeywell International, Inc.
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Medical Sensors Market -Overview
The vast range of needs that can be addressed by medical sensors is growing with each passing day and discovery, leading to a fast-paced development period for this sector. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently published a report on this market. The global market for medical sensors is expected to grow at the rate of approximately 7.6% from 2016 to 2022.
Medical sensors have become an integral part of the medical diagnostic sector. Many ailments are being tracked and treated by use of medical sensors. Since most of the medical sensors can provide real time feedback, they are used for treatment in conditions where the health state fluctuates a lot. This is one of the primary reasons that is boosting the growth of the market. Many industry players are already capitalizing on this trend, as the segment is relatively new. Medical sensors also relatively increase the functionality of medical devices which has significantly contributed to their demand.
The industry for medical sensors has been segmented on the basis of types which comprises of temperature sensors, blood glucose sensors, blood oxygen sensors, ECG sensors, image sensors, motion sensors, inertial sensors, pressure sensors, others. Blood glucose sensors and ECG sensors are the popularly growing types of this segment. On the basis of application, the types include diagnostics, monitoring, medical therapeutics, imaging, fitness, others. The diagnostic and fitness segments currently show a lot of promise in terms of market growth that can be expected in the forecast period. On the basis of sensor placement which comprises of strip sensors, wearable sensors, implantable sensors, invasive/non-invasive sensors, ingestible sensors. Wearable sensors are a rapidly growing category with ingestible sensors gaining new applications daily.
Latest Industry News:
Jan 2018 The U.S. Food and Drug Administration has approved an antipsychotic, aripiprazole, as the first drug to contain a “digital ingestion tracking system” that can tell whether the drug has been taken. The new tracking system works by sending a message from the pill’s sensor to a wearable patch. The patch transmits the information to a mobile application so that patients can track the ingestion of the drug on their smart phone. Caregivers and physicians may also access the information through a web-based portal.
Jan 2018 A biodegradable pressure sensor that has been developed by engineers at the University of Connecticut can make certain medical procedures much less invasive. The small, flexible device is designed to monitor the forces at work within a patient’s body, including those related to chronic lung disease and brain swelling, before dissolving completely. After the sensor’s work is complete, the electronics can be removed through minimally invasive procedure while the sensor itself dissolves.
Jan 2018 A new liquid-based strain sensor developed at Sussex University promises to monitor respiratory conditions more accurately and affordably thanks to the use of graphene. The unobtrusive strain sensors are claimed to be the most sensitive liquid-based devices ever developed and could be used to monitor sick babies in remote parts of the world or keep track of new babies’ heart and breathing rates with automatic updates sent to their parents’ smart phones.
Jan 2018 Scientists at Monash University and RMIT University in Australia have recently developed an ingestible capsule that’s able to measure the different concentrations of gas in your gut. This information can then be wirelessly transmitted via a receiver device to a smartphone, allowing individuals to monitor the effect of their diet in real time. The 26-millimeter-long capsules, about the size of a multivitamin pill, contains a bunch of electronic sensors that can detect levels of oxygen, hydrogen, and carbon dioxide. Levels of these gases, along with nitrogen and methane, in the gut have been shown to be useful in understanding if anything is wrong with your digestive system. They also give a fair indication of the state of the gut’s bacteria biome.
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Detailed Regional Analysis:
The global medical sensor market spans five key region namely Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America. North America is the largest market for medical sensors. Europe is expected to be closely following as the second-largest market. Furthermore, Asia Pacific market is expected to be the fastest growing market for medical sensors.
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