Growing R&D Funding for Medical Devices Is Expected To Boost The Growth Of The Global Medical Sensors Market During The Forecast Period

Medical Sensors Market - Global Industry Analysis and Forecast 2020 to 2027

Global Medical Sensors Market: Key Highlights

  • The global Medical Sensors Market is segmented by into type, product type, application and end-user.
  • Based on basis of application, the market is divided into diagnostics, therapeutic, monitoring, drug delivery and other. The therapeutic and the monitoring segments are projected to grow at the high rate in the forecast period. The advance easy to operate monitoring devices are launched which helps to deliver highly accurate results in less time.
  • On the bases of region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
  • North America accounted for the major market share with the growing healthcare awareness and the government funding.
  • Top players that account for the major share include First Sensor AG, Medtronic, NXP Semiconductors, Proteus Digital Health, Sensirion AG, STMicroelectronics, TE Connectivity, Tekscan, Inc., Texas Instruments Incorporated, and among others.

Medical Sensors Market

Global Medical Sensors Market: Key Market Dynamics

  • There has been growth in R&D funding for medical devices is play a significant role for the medical sensors market. On May 2017, the Senseonics Holdings Inc., a medical technology company, had raised USD 41 million to commercialize its Eversense continuous glucose monitoring system as well as to support R&D for next-generation versions of the sensor.
  • The growing integration of sensors in medical devices is also lead to enhance the demand of the medical sensors market growth.  
  • Moreover, increasing demand of portable medical devices and wearable sensors is create a significant opportunities for the market.
  • However, slower rate of penetration of advanced medical systems are hindering the growth of the market.

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Global Medical Sensors Market: Regional Overview

  • North America:
    • North America region is further divided in to the US, Canada and Mexico. Globally, North America accounted for the major market share.
    • North America accounted for the major market share with the growing healthcare awareness and the government funding.
    • The countries such as US and Canada, with the higher expenditure on the healthcare as a percentage of the total GDP as well as the presence of a large number of medical device manufacturers will lead to boost the market growth.
    • The availability of a major number of medical device as well as the medical sensors manufacturers in this region is lead to create an opportunities for the market growth.  Some of the leading key players in this region are Johnson & Johnson, Medtronic Texas Instruments Incorporated, and Cardinal Health Inc.
  • Asia-Pacific
    • Asia-Pacific region is segmented into five major countries including China, Japan, India, Australia, and South Korea.
    • Asia Pacific is projected grow at the fastest growth rate, with growing number of individuals suffering from chronic disorders, that includes diabetes, hypertension, as well as the respiratory problems.
    • The growing government programs promoting research and innovation is also supporting the growth in the pressure sensor market to develop in the region.
    • For example, in 2018 the University of South Australia (UniSA), has established a joint laboratory in advanced lasers as well as the sensors with Shandong Academy of Sciences (SDAS) with the help by the South Australian Government.

Global Medical Sensors Market: Key Players

Some of the key players operating in the market include First Sensor AG, Medtronic, NXP Semiconductors, Proteus Digital Health, Sensirion AG, STMicroelectronics, TE Connectivity, Tekscan, Inc., Texas Instruments Incorporated, and among others.

Global Medical Sensors Market: Key Developments

  • In May 2019, Analog Devices introduced a new front end sensor interface ICs which helps to enables the next generation of intelligent electrochemical sensors for industrial as well as the medical applications.
  • On May 2019, TE Connectivity had announced the acquisition of Alpha Technics (US). These acquisition will lead to establishes TE connectivity as a leader in the medical sensors market.
  • On May 2019, Medtronics has announced the acquisition of Titan Spine, a privately held titanium spine interbody implant and surface technology company.

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Rep Id : SC 0124

Published : 2020-10-16