Sensors Market in Healthcare Applications Overview:
The United Nations (UN) has estimated that, in 2050, the population of people beyond 60 years will be two times of that in 2015, and it was already 962 million in 2017. Apparently, a lot of geriatric conditions and chronic diseases are associated with aging, which is stirring the home healthcare sector where the application of the sensors is imperative in order to monitor the treatment and results. This is one of the segments in the healthcare sector which is creating opportunities in the sensors market in healthcare applications for the vendors; and according to the findings by IndustryARC’s market analyst, the global market size was $18 billion to $20 billion in 2018. Furthermore, the analyst estimates the medical imaging application segment of the sensors market in the healthcare sector to grow with a global CAGR of 8% to 10% during the forecast period of 2019 to 2025.
The technology of motion sensors in APAC is on the perpetual rise. This is coupled with respiratory diseases that are attributed to the air pollution which is the major concern in the developing countries of APAC, and it is quite evident when the urban air population was held responsible for the death of 500,000 individuals by the World Health Organization (WHO). This is having a consequent effect on the sales of medical sensors APAC, and according to the market analyst, the region held the maximum regional market share of around 30% in 2018.
Sensors Market in Healthcare Applications Outlook:
Sensors are generally used in the healthcare sector for remote patient monitoring through health rate monitor. They are used in different ways that range from medical imaging, rehabilitation robotics and through wearable devices that monitor the health of the patient remotely. The global medical imaging equipment revenues are poised to reach $24 billion in 2020, according to WHO. Now, these imaging equipment make use of sensors which is leading to subsequent stir in the sensors market in healthcare applications. According to the market analyst of IndustryARC, the application of sensors in medical imaging will observe a supercharging CAGR of more than 15% through to 2025.
Sensors Market in Healthcare Applications Growth Drivers:
- The Evolution of Medical Diagnosis –
There is a myriad of rare or newly found diseases in the contemporary world which do not have a specific diagnostic process. However, there is a constant R&D by medical institutes across the globe to create a diagnostic process and formulate new medicines for these diseases. This is coupled with the technological advancements such as sensors which are leveraged by health care professionals to evaluate the disease and formulate vaccines that can cure them which is driving the demand growth in sensors market in healthcare applications.
- The Nascent Virtual Healthcare Systems –
Nowadays, hospitals have a patient portal which collates the data pertaining to patient history that include every stage from diagnosis to the last visit. These portals are utilized for data analysis and to enhance disease management. Each patient has a unique account which can be accessed by hospital management or the patient which creates the need for an IoT sensor which can connect all the information about a patient and make a database on the portal. This is a rampant practice in hospitals which is further flourishing the sensors market in healthcare applications.
- Sensors in Medical Equipment –
Pressure sensors are an integral part of anesthesia delivery machines, oxygen concentrators, ventilators, and other healthcare equipment that are used for kidney dialysis, blood pressure monitoring, and hospital bed surgical fluid management systems. “The diverse application of sensors in medical equipment coupled with the fact that healthcare equipment market demand is observing a steady growth owing to the increasing incidences of chronic diseases is creating a sustainable demand of sensors which will observe an increment in the future,” remarks the market analyst in the market research report.
Sensors Market in Healthcare Applications Challenges:
The major challenge faced by the vendors in the sensors market in healthcare applications is that the application of sensors in wearable medical devices is facing regulatory issues by Food and Drug Administration (FDA) and physicians are also showing reluctance to prescribe these devices which contain sensors. However, the healthcare sector is undergoing constant digitalization which is compensating these trifle challenges and creating opportunities for the vendors that manufacture healthcare sensors.
Sensors Market in Healthcare Applications Key Players Perspective:
The key players striving to capitalize on the demand influx in the sensors market in healthcare applications are Smiths Group, Honeywell, GE, STMicroelectronics, MSI, Analog, TI, NXP, First Sensor, Medtronic, TE Connectivity, Murata, and Sensiron.
Sensors Market in Healthcare Applications Trends:
- Latest Development – In May 2018, LifePlus Inc. announced about the development of the world’s first non-invasive continuous blood glucose monitoring multi-sensor wearable device.
- Cardiac monitors, wearable imaging, and diagnostic wearable are three trends that are going to influence the sensors market in healthcare applications in the future.
Sensors Market in Healthcare Applications Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the sensors market in healthcare applications. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of sensors market in healthcare applications, and their specific applications in patient monitoring, diagnostics, therapeutics, imaging, and others.
Sensors Market in Healthcare Applications Report: Industry Coverage
The report analyses the product demands by the type of product - temperature, pressure, chemical, bio, level, flow, position, and others.
The sensors market in healthcare applications report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Sensors Market in Healthcare Applications Market Report
Is the market demand for Sensors Market in Healthcare Applications growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for Sensors Market in Healthcare Applications market?
A Few Focus Points Of This Research Are Given Below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future global Sensors Market in Healthcare Applications market during the forecast 2018–2023
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures