Medical Sensors Market Size, Share, Growth, Trends, Future Insights Till 2023
The Business Research Company's "Medical Sensors Market" under medical equipment category covers market characteristics, key players, market size and trends
By: The Business Research Company
The global medical sensors market size is expected to reach $20 billion by 2023, growing at a CAGR of around 9%. Growth in the medical sensors market in the historic period resulted from the growth in emerging markets, aging population and rise in R&D funding for medical devices. Factors that negatively affected growth in the historic period were government regulations and accuracy of data provided by wearable devices.
The market's growth in the historic period was driven by the rise in funding for research and development of medical devices containing medical sensors. Research and development of medical devices is largely dependent on funding and grants. For instance, in 2017, Senseonics Holdings Inc., a medical technology company, raised $41 million to commercialize its Eversense continuous glucose monitoring system and to support research and development (R&D) for next-generation versions of the sensor.
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Complex clinical and regulatory standards led to increased costs of product development and manufacturing for medical equipment including medical sensors. This coupled with the rise in complexity and volume of medical device approval submissions, increased the time taken to approve a medical device release to the market.
North America is the largest market for medical sensors, accounting for almost 43.6% of the global market. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, Africa and the Middle East will be the fastest growing regions in this market.
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Some of the major players involved in the medical sensors market are NXP Semiconductors N.V., STMicroelectronics N.V., Analog Devices, Inc., Medtronic Plc, Honeywell International, Inc., OmniVision Technologies, Inc., Smiths Group plc, Koninklijke Philips N.V., TE Connectivity Ltd., LORD Corporation, Measurement Specialties Inc., Dexcom, Danaher Corporation, Cardiomo Care, First Sensor AG, Murata Electronics Europe B.V., Medical Sensors India Pvt. Ltd., Abbott Japan Co. Ltd, MT Asia Corp, Universal Biosensors, State Corporation Rostec, Cardio Técnica, GluSense Ltd, Neteera Technologies, Cheetah Medical (Israel) Ltd, TTI Israel and Altys Group.
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