The global medical sensors market is anticipated to cross USD 18.5 billion by 2024. Medical sensors market is highly driven by rise in prevalence of chronic diseases and demand for better healthcare services owing to rise in high quality diagnostic and monitoring devices. In addition, technological breakthroughs in medical science and rise in R&D for digital devices that enable data capturing and storage are likely to help in market progress.
By application, the medical sensors market is segmented as patient monitoring, diagnostics and therapeutics. Patient monitoring is fragmented into cardiac monitoring electrode, pulse oximeter, continuous blood glucose monitoring, and continuous blood pressure monitoring. Diagnostics is quadfurcated into HIV test strip sensors, pregnancy test strip sensors, blood glucose test strip sensors, capsule endoscopes, and immunoassay biosensors. Therapeutics segmented as dialysis sensors, cardiac catheter sensors, insulin pump sensors and cardiac therapeutic electrode sensors.
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Placement type is further segmented as implantable sensors, ingestible sensors, strip sensors, wearable sensors, and implantable sensors. Wearable sensors hold the highest share in the market. Rise in pacemakers and use of digital sensors to monitor heart rate and blood pressure have gained a wide attention among digital users.
By sensor type the medical sensors market includes image sensors, MR position sensors, temperature sensors, humidity sensors, force sensors, biosensors, and accelerometers. By end-user, the medical sensors market includes diagnostic laboratories, clinics, hospitals, and home care.
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Geographical segmentation for medical sensors market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific’s market is likely to get significant attention owing to alarming rate of diseases, rise in geriatric population, and increase in healthcare and clinical needs for paediatric medical conditions.
North America is likely to gain significant market share due to the presence of advanced medical technology and devices. Sensors are used extensively in medical devices as the primary component. Manufacturers are now emphasizing on versatile functionality in medical sensors, which is expected to be a key driver for manufacturers. The key players in the medical sensors market include Medtronic, Philips, GE Healthcare, Sensiorion AG, Smiths Medical, Analog Devices, and OmniVision Technologies.