Pune, India., June 30, 2021 (GLOBE NEWSWIRE) -- Biomedical Sensors Market: Key Insights
According to our new research study on “Biomedical Sensors Market to 2027 – Global Analysis and Forecast – by Type, Sensor Type, Product, Application, and Geography,” the Biomedical Sensors Market Size is projected to reach US$ 15,338.57 million in 2027 from US$ 8,688.63 million in 2019; it is expected to grow at a CAGR of 7.4% during 2020–2027. The growth of the market is attributed to increasing adoption of biomedical sensors across the world and rise in incidence of lifestyle-related diseases; while temperature sensors segment held largest market share by sensor type.
Biomedical Sensors Market: Competitive Landscape and Key Developments
Analog Devices, Inc.; GE Healthcare; STMicroelectronics; Honeywell International; Medtronic; NXP Semiconductors N.V.; Pinnacle Technology Inc.; Sensirion AG; TE Connectivity; and Texas Instruments Incorporated are among the key companies operating in the Biomedical Sensors market. The major market players are focusing on the new product launch, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In November 2020, GE Healthcare acquired Prismatic Sensors AB, a Swedish start-up specializing in photon counting detectors. This acquisition helped GE to expand its footprint in biomedical sensors market by investing in photon counting computed tomography (PCCT). This technology has the potential to significantly enhance clinical performance for oncology, cardiology, neurology, and many other clinical CT applications.
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In October 2020, Sensirion collaborated with TTP Ventus Ltd., leading manufacturer of micro pumps, for the development of compact high-performance microfluidic sensors. These sensor systems are designed to support laboratory prototyping and product development for a wide range of microfluidics applications.
In 2019, North America dominated the biomedical sensors market. The market growth in the region is mainly attributed to the presence of a large number of medical sensor vendors, rise in geriatric population, and advancements in the home healthcare market in North America. North America characterized by advanced health care infrastructure in place and the remarkable adoption of medical devices. In 2018, Medtronic Plc., a medical device company based in the US, received the US Food and Drug Administration (FDA) approval for Guardian Connect Continuous Glucose Monitoring (CGM) System for people living with diabetes. The CGM offers control over automated insulin delivery via a hybrid closed loop system. Moreover, Sensor Diagnostics, Inc., Canada, designed Sober Steering, an innovative biosensor-based steering system to control and monitor drunk driving.
The biomedical sensors market in Asia Pacific is expected grow at the fastest CAGR during 2020–2027. Factors such as increasing incidence of cardiovascular diseases and high occurrence of neurological disorders as well as other diseases contribute to the market growth in the region. Additionally, factors such as increasing geriatric population, growing awareness on better treatment procedures, and functional advancements in electronic medical devices are influencing the overall growth of market. In June 2015, MicroPort Sorin CRM launched China's first domestic pacemaker production line. Furthermore, in September 2017, MicroPort Sorin CRM (Shanghai) Co., Ltd. received regulatory approval from China Food and Drug Administration for its Rega Family Implantable Pacemakers, which are high-quality products available at affordable prices. Thus, the rising adoption of biomedical sensors is driving the market growth in different regions across the world.
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Biomedical sensors are used in various medical and biotechnology practices to track biological, chemical, or physical parameters, followed by facilitating data transmission. Temperature sensors, pressure detectors, acoustic sensors, flow sensors, gas sensors, cameras, image sensors, and magnetic field sensors are among the different types of sensors available in the market. Image sensors and cameras used in the medical sector include X-ray, optical, and ultrasonic. Biomedical sensors are also used to monitor the safety of medicines, food, environmental conditions, and other substances.
Moreover, the demand for biomedical sensors is on rise in the IT sector. RECORD-IT, an EU-funded project, addressed the challenge of extracting useful information from the biomedical sensors in real time, capturing a massive volume of data. The RECORD-IT sensors embody a concept known as reservoir computing – any complex dynamical system that interacts with its environment will “remember” traces of those interactions. Therefore, the computer and the sensors are similar in working.
Biomedical Sensors Market: Segmental Overview
Based on type, the biomedical sensors market is segmented into wired and wireless. In 2019, the wireless sensor segment accounted for a larger share of the market. The market growth for this segment is attributed to limited cost of installation and increase in adoption of wireless biomedical sensors. Furthermore, the same segment is estimated to register a higher CAGR during 2020–2027.
In terms of sensor type, the biomedical sensors market is segmented into temperature, pressure, image sensors, biochemical, inertial sensors, motion sensors, electrocardiogram (ECG), and other sensor types. The temperature segment held the largest share of the market in 2019, and the motion sensors segment is expected to register the highest CAGR in the market during the forecast period. The growth of the market for temperature sensors is ascribed to the increasing adoption of temperature sensors in advanced and portable healthcare equipment.
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In terms of product, the Biomedical Sensors market is segmented into invasive sensors, and non-invasive sensors. The non-invasive sensors segment held the largest share of the market in 2019, and the same segment is anticipated to register the highest CAGR during the forecast period.
Based on application, the Biomedical Sensors market is segmented into medical diagnostic, clinical therapy, personal healthcare, imaging. In 2019, the medical diagnostic segment accounted for a larger share of the market. The market growth for this segment is attributed to increase in adoption of biomedical sensors due to increasing demand for monitoring vital sign indicators in various medical conditions. Further, the personal healthcare segment is likely to register a higher CAGR during 2020–2027.
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