The number of people of age 65 and above is expected to rise from 605 million to 2 billion by 2050. The rise in the geriatric population around the world is driving the overall healthcare market, especially the home healthcare market. The global home healthcare market is expected to demonstrate a CAGR of 8.1 percent during the forecast period of 2014 to 2020. The aging population prefers home healthcare over hospital care, as home healthcare is cost-effective and more comfortable. These interrelated trends are expected to drive the market for medical sensors in the foreseeable future.
However, the global home healthcare market needs to offer better re-imbursement policies and a faster approval procedure to ensure sustained growth in the global medical devices industry. Broadly, the global medical sensors market is segmented by product types, application, and geography.
The report on the global medical sensors market offers a detailed impact analysis of the most influential trends shaping the global market. Furthermore, the most prominent trends in the developed and emerging markets and their impact analysis is covered in the report. Expert analysts offer valuable recommendations in the report as to how market players can penetrate the emerging medical sensors market of Asia Pacific effectively.
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Overview of the Global Medical Sensors Market
Besides the elevated preference of the geriatric population for home healthcare, the global medical sensors market will also benefit from the escalated lab automation demand for increased efficiency. In addition to this, players in the market will greatly benefit from the high unmet needs for diagnosis and treatment in developing nations. The global medical sensors market, driven by these factors, will expand at a moderate yet steady CAGR of 6.3% during the forecast period of 2013 to 2019 and is expected to be worth US$15.5 billion by 2019.
On the basis of product, the global medical sensors market is divided into SQUID, flow (fluid and air) sensors, pressure sensors, accelerometers, image sensors, temperature sensors, and biosensors. Biosensors led the global medical sensors market and are expected to continue their dominance till 2019. On the other hand, the SQUID sensors sector is predicted to grow at a 7.9 percent CAGR during the forecast period.
On the basis of application, the global medical sensors market is segmented into monitoring applications, therapeutic applications, diagnostics, and surgical applications. The surgical applications segment led the global medical sensors market in 2012, with a market share of over 30 percent. The surgical applications sector was driven by demand for minimally invasive surgeries (MIS), which need sensor-based equipment. Nevertheless, the monitoring segment is projected to demonstrate the highest CAGR during the forecast period in the global medical sensors market.
Geography-wise, the global medical sensors market is classified into Europe, North America, Asia Pacific, and Rest of the World (RoW). North America is the current global leader in the medical sensors market. On the contrary, Asia Pacific will exhibit the fastest growth during the forecast period due to the ample untapped opportunities present in China and India.
Companies mentioned in the research report
Established players in the global medical sensors market include GE Measurement & Control, Freescale Semiconductor, Stellar Technology, Sensirion, OmniVision Technologies, Honeywell International, Avago Technologies, and Analog Devices.
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