Technavio has announced the release of their research report on the global medical sensors market for the forecast period 2019-2023. This global medical sensors market analysis report segments the market by end-user (hospitals, clinics, and home care settings) and geography (Asia, Europe, North America, and ROW).
Global medical sensors market size will grow by almost USD 6.22 billion during 2019-2023, at a CAGR of 9%. The demand for digital medicine and sensor-enabled pills has been growing substantially. Sensor-enabled pills transmit information from the patients body to a mobile application. Patients can also share such information with their caregivers and physicians through a web-based patient monitoring applications. Such pills are gaining popularity as they can track the effects of medicines in real time and reduce the cost of treatments. This growing trend will increase the adoption of medical sensors and will positively impact the growth of the global medical sensors market over the forecast period.
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Rising demand for medical sensors in home care settings
Patients are increasingly adopting home healthcare services due to the increasing treatment costs in hospitals and clinics. Portable medical devices such as blood pressure monitors and blood glucose monitors are increasingly being adopted in home care settings due to the increased need for remote patient monitoring. This eliminates the patients frequent hospital visits and reduces the burden of traveling and waiting time, especially for geriatric patients. The increasing demand for medical sensors in home care settings is expected to drive the global medical sensors market.
North America will be the largest contributor to the global medical sensors market. The presence of many medical sensor vendors in the US will drive the growth of the market in the region. In terms of growth rate, the Asian region will witness the fastest growth during the forecast period. The increasing prevalence of chronic disorders and the increased focus toward healthcare will increase the demand for medical sensors. Emerging economies such as Southeast Asia and India will further drive the demand for medical sensors, says an analyst at Technavio.
View snapshot of the report for a more detailed overview of the market and the segmentation covered in this report
This global medical sensors industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several medical sensor manufacturers including –
- First Sensor AG
- HONEYWELL INTERNATIONAL INC.
- NXP Semiconductors
- Smiths Group plc.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavios report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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