Global Medical Sensors Market – Segmentations
The analysis is segmented into four key dynamics for the convenience of understanding;
By Types: Blood Glucose Sensors, Temperature Sensors, Blood Oxygen Sensors, Image Sensors, ECG Sensors, Motion Sensors, Pressure Sensors, and Inertial Sensors among others.
By Application: Diagnostics, Monitoring, Medical Therapeutics, Imaging, and fitness among others.
By Sensor Placement: Strip sensors, Implantable sensors, Wearable sensors, Invasive/non-invasive sensors, Ingestible sensors, and others.
By Regions: Europe, North America, APAC and the Rest-of-the-World.
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Global Medical Sensors Market – Overview
Medical sensors have become a perpetually essential part of medical technology and have become a mainstream commodity in today’s tech landscape. With the point of making therapeutic gadgets much more powerful and secure with the improved operations, medical sensors have entirely changed the paradigm of healthcare.
Manufacturers and suppliers of sensor system solutions for medical technology are doing far, a better job bringing about medicinal innovations by studying and measuring the applications they are delivering with the ideal sensor system solutions for.
Considering the importance of sensors as a component of the quality and reliability of medical products and solutions, manufacturers operating in the market are working in accordance with certified processes and procedures to develop adept medical sensors distributing equal focus on the production and service activities.
These tiny devices have traveled far; from wearable to embedded to medicinal. They have not just changed the way users receive and send data across the world but have also changed the way users can administer the medication; paving the way for the healthcare sector to grow exponentially.
Overwhelming innovations in medical technology are driving the global medical sensors market rapidly. Also, the evolving sensor technology and increasing adoption of IoT has escalated the market on the global platform.
Global Medical Sensors Market – Key Players
Some of the players leading the market include GE Healthcare, First Sensor AG, Medtronic Plc., Measurement Specialties Inc., NXP Semiconductors N.V., STMicroelectronics N.V., Honeywell International, Inc., STMicroelectronics, Smiths Medical, Given Imaging, Inc., and Philips Healthcare among others.
Global Medical Sensors Market – Competitive Analysis
The well-established medical sensors market appears fragmented due to a number of matured players illustrating the space as highly competitive. These players are focusing on developing their product portfolio with the help of advanced technologies.
Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players. Large players are investing in internal R&D activities to bring novelties to their existing products as well. Increasing government funding is also expected to motivate key companies to develop new medical sensors that match the changing trends and needs of the patrons.
Industry/ Innovation/ Related News
December 24, 2018 — Teva Pharmaceutical Industries Ltd. (Israel), a multinational pharmaceutical company announced receiving of FDA approval for its digital respiratory therapeutic – ProAir, a Digihaler. ProAir is the only digital inhaler with built-in sensors and a companion mobile app designed to provide inhaler use information to people with asthma and COPD. The built-in sensor is designed to detect when the inhaler is used as well as measure inspiratory flow.
December 24, 2018 — A team from the King Abdullah University of Science and Technology (KAUST) in Saudi Arabia developed a paper sensor for diabetics to monitor blood sugar using the inkjet technology. These paper sensors are sensitive to small sugar concentrations in biofluids as well.
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Global Medical Sensors Market – Geographical Analysis
The North American region accounts for the dominating market for the medical sensors. Factors substantiating the growth of the market in the region include technological advancements and the wide uptake of technologies in healthcare.
Substantial investments in the R&D activities for the development of new sensors and the extensive uses of sensor technology in the diagnosis, prognostic treatments, and drug delivery drive the market growth.
Moreover, factors such as the rising geriatric population, high healthcare expenditures, increasing government initiatives and funding for research are positively impacting the market growth in the region.
The European region is estimated to qualify as the second-largest market for medical sensors. Factors such as the availability of advanced treatment facilities, well-established healthcare infrastructure, and the growing demand for quality healthcare propel the market in the region.
Whereas, the Asia Pacific medical sensors market is proliferating, emerging as one of the promising markets, globally. The rising healthcare expenditure and improvement in the standard of living due to the improving economic conditions in the region are propelling the market growth in the APAC.
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