Medical Sensors Market Definition
The medical sensors market consists of sales of medical sensors such as strip sensors, wearable sensors, implantable sensors and ingestible sensors. Medical sensors are electronic devices that detect and measure physiological data to aid monitoring, diagnosis and treatment of health conditions in humans.
Medical Sensors Market Size
The global medical sensors market reached a value of nearly $13 billion in 2018, having grown at a compound annual growth rate (CAGR) of more than 9% since 2014.
Growth in the medical sensors market in the historic period resulted from the growth in emerging markets, aging population and rise in R&D funding for medical devices. Factors that negatively affected growth in the historic period were government regulations and accuracy of data provided by wearable devices.
Going forward, technological advances, changing lifestyles and research, diagnosis and treatment for cancer will drive growth. Reduction in free trade factor could hinder the growth of this market in the future.
Medical Sensors Market Drivers
The Key drivers of the medical sensors market include:
Rise in R&D Funding for Medical Devices - The market’s growth in the historic period was driven by the rise in funding for research and development of medical devices containing medical sensors. Research and development of medical devices is largely dependent on funding and grants. For instance, in 2017, Senseonics Holdings Inc., a medical technology company, raised $41 million to commercialize its Eversense continuous glucose monitoring system and to support research and development (R&D) for next-generation versions of the sensor. Similarly, in 2016, Endotronix, Inc., a developer of wireless and implantable pressure sensors, raised $32 million in series C round of financing. These investments resulted in the development of medical sensors for a range of medical equipment and this drove the market in the historic period.
Medical Sensors Market Restraints
The key restraints on the medical sensors market include:
Government Regulations - Complex clinical and regulatory standards led to increased costs of product development and manufacturing for medical equipment including medical sensors. This coupled with the rise in complexity and volume of medical device approval submissions, increased the time taken to approve a medical device release to the market. For example, the FDA is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade. The loss of revenue due to delays in product release and additional costs incurred due to stringent approval processes limited the investments into development of new products, thereby affecting the medical sensors market during this period.
Medical Sensors Market Trends
Major trends influencing the medical sensors market include:
3D Printing of Medical Sensors - This technology is being used in the fabrication of medical sensors to reduce manufacturing costs and boost production efficiencies. 3D printing is the process of making three-dimensional solid objects from a digital image. 3D printing methods for medical sensors include micro-extrusion, inkjet, and laser-assisted printing. These technologies precisely control the spatial distribution and layer-by-layer assembly of materials used in the manufacturing of medical sensors. Major companies manufacturing medical sensors by using 3D printing technology are Zimmer and Peacock and 3D Bioprinting Solutions.
Medical Body Area Network (MBAN) To Monitor Physiological Parameters - Technological advances in electronics and wireless communications have enabled the development of small, intelligent and cost-effective medical sensor nodes. These nodes are strategically placed on a patient`s body to create a wireless medical body area network (MBAN). In some cases, sensors may be swallowed for short-term monitoring or placed in the body during surgery for monitoring physical parameters during and after the healing period. This network can continuously monitor various physiological signs and provide real-time feedback to the user and medical staff through SMS/e-mail. MBAN are particularly useful in large-scale in-field medical and behavioral studies and for patient monitoring.
Opportunities In The Medical Sensors Market
Opportunities – The top opportunities in the global medical sensors market will arise in the diagnostics and imaging segment which will gain $3.5 billion of global annual sales by 2023. The medical sensors market size will gain the most in the USA. Medical sensors market-trend-based strategies include investment in sensors for wearable devices, adopt 3D printing technology, and collaborate with other organizations in the market to accelerate research and development programs. Player-adopted strategies in the medical sensors industry include expansion through partnerships and collaborations and development of new products to expand product portfolio.
Medical Sensors Market Segmentation
The Medical Sensors market is segmented by type and by geography.
By Type -
The medical sensors market is segmented by type into
Therapeutics had the highest growth rate of nearly 10.4% during the historic period. The fastest growth in the historic period can be attributed to the demand for blood glucose sensors due to rising prevalence of diabetes especially in developing countries such as China and India.
- a) Diagnostics and Imaging
- b) Monitoring
- c) Therapeutics
By Geography - The medical sensors market is segmented into
North America is the largest market for medical sensors, accounting for almost 43.6% of the global market. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, Africa and the Middle East will be the fastest growing regions in this market.
- o North America
- o Western Europe
- o Asia Pacific
- o Eastern Europe
- o South America
- o Middle East
- o Africa
Medical Sensors Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • NXP Semiconductors N.V.
- • STMicroelectronics N.V.
- • Analog Devices, Inc.
- • Medtronic Plc
- • Honeywell International, Inc.
- • OmniVision Technologies, Inc.
- • Smiths Group plc
- • Koninklijke Philips N.V.
- • TE Connectivity Ltd.
- • LORD Corporation
- • Measurement Specialties Inc.
- • Dexcom
- • Danaher Corporation
- • Cardiomo Care
- • First Sensor AG
- • Murata Electronics Europe B.V.
- • Medical Sensors India Pvt. Ltd.
- • Abbott Japan Co. Ltd
- • MT Asia Corp
- • Universal Biosensors
- • State Corporation Rostec
- • Cardio Técnica
- • GluSense Ltd
- • Neteera Technologies
- • Cheetah Medical (Israel) Ltd
- • TTI Israel
- • Altys Group