Medical sensors are the instruments or devices by which various diseases are monitored, diagnosed and treated. These sensors detect the body temperatures, measures blood pressure, blood glucose concentration, number of heart beats in a minute, brain activities to identify and cure the diseases. Medical sensors are of different types and each one is designed to perform different functions. Force sensors, airflow sensors, pressure sensors, oximeters, glucometers, magnetometers, heart rate sensors, electromyogram sensors, electrocardiogram sensors, respiration rate sensors, implantable pacemakers etc are some of the types of medical sensors. The medical sensor market is growing at a steady pace, and is likely to recover quickly from the COVID-19 impact as focus again shifts to healthcare.
Medical Sensors Market: Drivers
Growing awareness regarding preventive healthcare among people continues to be one of the key factors for medical sensors market. Clinics and hospitals require medical sensors to detect, diagnose and treat the patients providing oportunities for the growth of this market.
In the current scenario, the rising cases of dreadly diseases such as cancer, cardiovascular diseases, Covid-19, respiratory diseases, and kidney dialysis require proper monitoring and treatment for which there is need of sensors like force sensors, airflow sensors, , electrocardiogramsensor and respiration rate sensors posing an opportunity to this market.
Medical Sensors Market: Restraints
The budget requirement for the manufacture of medical sensors is high. Low budget of the companies can become an issue for the manufacture and supply of medical sensor market.
Changing rules and regulations by the government creates hinderances to market growth. Rise in tax rates and custom duty imposed by the government act as a force to increase the cost of product manufacturing creating an obstacle for this market.
The development of modified and updated medical systems and sensors has a very low rate of penetration and this sluggish penetration rate becomes a barrier to the growing demand of this market.
COVID 19 Impact on Medical Sensor Market
The emergence of Covid-19 pandemic has effected many companies globally.The financial condition of companies is getting worsened. Medical and health-care sectors are experiencing an extraordinary rate of demand in the pandemic. Due to the spread of the disease to a large extent, there is more need of advanced medical equipments to diagnose and treat the patients.
Therefore, the requirement of medical sensors are high. The medical sensors market is witnessing fastest growth rate in this Covid 19 phase. The rising demand is mainly due to the rising cases of health related problems. The suppliers of medical sensors market with stable financial structure are earning huge profits. However, there are some companies in this market which do not have stable financial conditions are suffering more in this pandemic.
Medical Sensors Market: Region-wise forecast
The market for medical sensors market is witnessing steady growth. North America is one of the leading markets for medical sensors globally, with US accounting for bulk of shares. Asia Pacific is another lucrative market, with China , India and Japan emerging as hubs. It is likely that demand for medical sensors in Asia Pacific and Europe will provide necessary opportunities to market players.
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The key market players are adopting numerous strategies, methods and techniques to capture more market share and become market leaders. Every player tries to maintain its significant position among other players in this market. All the top manufacturers of medical sensor market focuses on providing best products to the users so that they can survive in the market , earn profits and gain a major share in the market.
The major key players in medical sensor market are: Texas Instrument, TE Connectivity, First Sensor, Amphenol Advanced sensors, TDK sensors, Proteus Digital Health, Stanley Healthcare, NEC Display solution Ltd, Honeywell International corpopration Masimo, Sensirion, Envitec etc.
The competitors are making heavy investments in this market as the demand is always high in healthcare sectors.The manufacturers are upgrading their standards, adopting latest technologies, focusing on superior quality and bringing innovation in their process to remain competitive in the market.
The medical sensors market is likely to grow at a CAGR of over 6% through 2030. Growing focus on providin non-COVID-19 care will provide an impetus in the long run.
The US continues to be one of the leading markets for medical sensors globally. Growing adoption of these sensors in hospitals and ambulatory surgical centers continues to be one of the leading factors for growth.
The CAGR at which the medical sensors market has grown since 2015 has hovered in the range of 3% to 5%.
The impact of COVID-19 on the medical sensors market has been relatively less severe. One of the key reasons for this is the fact that healthcare-related sensors have received priority in both public private sphere.
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