Westford, USA, Nov. 02, 2022 (GLOBE NEWSWIRE) -- As the world population continues to grow, so does the demand for medical sensors market. With the aging population, there is a need for more sensors that can monitor a patient's health. The rising prevalence of chronic diseases is another key factor driving the growth of market. Chronic diseases are responsible for 73% of deaths worldwide and cost the global economy over $20 trillion annually. Sensors can help manage these conditions by providing real-time data on patients’ vital signs, which can be used to make treatment decisions.
There are many different types of sensors available in the global medical sensors market that are used for different purposes. For example, heart rate monitors are used to track a patient's heart rate and blood pressure. Motion sensors are used to monitor a patient's movement and activity level. Temperature sensors are used to monitor a patient's body temperature. In short, the medical sensors are used in a variety of applications including diagnostics, therapeutics, home health monitoring, and fitness/wellness. The most common type of medical sensor is the wearable device, which can track a variety of biometric data points such as heart rate, respiration rate, skin temperature, and blood pressure.
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There are many benefits to using medical sensors, including early detection of disease, improved patient outcomes, and reduced healthcare costs. For example, wearable devices that continuously monitor vital signs can alert caregivers to early signs of deterioration before it becomes life-threatening.
Sensors in the global medical sensors market are becoming smaller, more accurate, and less expensive. This allows more patients to be monitored without the need for invasive procedures. Medical sensors can be used in both hospitals and home settings. They can be worn on the body or implanted underneath the skin. However, challenges such as privacy concerns and reimbursement issues are expected to restraint market growth over the forecast period.
Rapidly Growing Interest of Companies and Consumers in Wearable Medical Devices
SkyQuest's analysis of the medical sensors market shows that the market is growing rapidly, with new applications and products being developed all the time. The most exciting growth area is in wearable medical devices, which are becoming increasingly popular as they offer patients more control over their health and allow them to monitor their condition more closely. With 29% of consumers saying they would be willing to wear one. The most popular reasons for wearing a sensor are to track fitness/activity levels (48%), manage a chronic condition (38%) or monitor general health (30%). SkyQuest's analysis shows that the majority of consumers are interested in wearable medical sensors, but there are still some barriers to adoption. Cost is the biggest barrier, with 50% of consumers citing it as a reason why they would not wear a sensor. Other barriers include concerns about privacy and security (32%), lack of understanding about how the devices work (31%) and lack of need (30%).
By 2028, we estimate that there will be nearly 775 million people using some form of wearable medical sensor – equivalent to almost 1 in 9 of the world's population. This growth of the medical sensors market is being driven by a combination of factors, including falling prices, improved functionality, and increasing awareness of the benefits of such devices. As of 2021, the global wearable medical devices market was valued at $27.3 billion and is projected to expand at CAGR of over 29.3% in the years to come. Wherein, the wearable medical sensors would contribute generously.
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One of the challenges facing the medical sensors market is ensuring that the data collected by sensors is accurate and reliable. Another challenge is developing sensors that are small enough to be comfortable for patients to wear for long periods of time, while still being able to collect accurate data. The future of the medical sensors industry looks very exciting, with plenty of potential for growth.
SkyQuest's analysis of the medical sensors market reveals that the North American region is expected to hold the largest market share, accounting for around 36% of the global market in 2028. This is primarily due to the presence of a large number of key players in this region and the growing adoption of technologically advanced products. Europe is expected to be the second-largest market, followed by Asia Pacific and Latin America.
Top 10 Players Hold Less than 25% Share of Global Medical Sensors Market
The global medical sensors market is highly fragmented, with no single player commanding a dominant share of the market. The top 10 players in the market collectively accounted for only around 25% of global sales in 2021, according to SkyQuest's analysis. The fragmentation of the market is largely due to the range of applications for medical sensors, which include everything from diagnostics and monitoring to wellness and fitness. This diversity means that there is no one-size-fits-all solution when it comes to medical sensors, which has resulted in a large number of niche players catering to specific needs.
One trend that is beginning to emerge is the consolidation of the medical sensors market, as larger companies acquire smaller players in order to gain a foothold in specific segments or technologies. For example, Analog Devices' acquisition of iSensor in 2016 gave it a leading position in the emerging field of biomedical MEMS (microelectromechanical systems). Looking forward, we expect that consolidation will continue as companies seek to gain scale and build up their product portfolios. In addition, we expect that new entrants will continue to enter the market, drawn by the growing demand for medical sensors.
The fragmentation of the medical sensors market presents both opportunities and challenges for companies operating in this space. On the one hand, there is a lot of room for growth as companies can focus on niche markets. On the other hand, competition is intense and it can be difficult to differentiate products in such a crowded market.
SkyQuest’s analysis highlights the need for companies operating in the medical sensors market to have a clear understanding of their target market and key competitors. They also need to invest in research and development in order to stay ahead of the curve.
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Key Players in Global Medical Sensors Market
- Medtronic (Ireland)
- TE Connectivity (Switzerland)
- Analog Devices (US)
- ST Microelectronics (Switzerland)
- Texas Instruments (US)
- First Sensor (Germany)
- NXP Semiconductors (Netherlands)
- Tekscan Inc. (US)
- Amphenol Advanced Sensors (US)
- Proteus Digital Health (US)
- Cirtec Medical (US)
- Sensirion (Switzerland)
- Innovative Sensor Technology (Switzerland)
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