Dec 6 2013
According to a new market report published by Transparency Market Research "Medical Sensors Market (Biosensors, Pressure, Image, SQUID, Temperature and Flow Sensors, Accelerometers, Surgical, Diagnostic, Monitoring and Therapeutic Applications) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global market for medical sensors was valued at USD 10.1 billion in 2012 and is expected to reach a value of USD 15.5 billion in 2019, growing at a CAGR of 6.3% from 2013 to 2019.
Increasing focus on developing wearable and implantable sensors that enable real time sensing of health parameters would lead to a significant growth in the global medical sensors market. Rise in demand for point-of-care diagnostics and monitoring is leading to advancement in new sensing technologies such as MEMS (micro-electro-mechanical-systems) and CCD. Besides the introduction of new sensing technologies, other factors driving the global medical sensors market include rapid growth of the global geriatric population, presence of high unmet healthcare needs, rising worldwide incidences of chronic diseases and increasing healthcare costs.
Globally, the biosensors market accounted for the majority of the market share in 2012 and is expected to maintain its market position till 2019 due to its rising usage in healthcare applications such as in wearable sensor-based devices, ingestible and implantable devices, cancer diagnosis and other monitoring devices. The advent of SQUID sensors in diagnosing equipment such as MRI, MEG, MFI (magnetic field imaging) and magnetogastrography would help the global SQUID sensors systems market expand at a relatively faster CAGR of 7.9% during the forecast period.
The global medical sensors market by applications was dominated by the surgical application market with a market share of above 30% in 2012 due to the rising demand for minimally-invasive surgeries, which utilize sensor-based equipment. However, the global monitoring application market is the fastest growing medical sensors application market. A rise in constant need for patient monitoring would drive the growth in the market.
The medical sensors market in North America held majority of the market share in 2012 and is expected to maintain its market position till 2019. However, the market in Asia -Pacific is the fastest growing due to the presence of high growth opportunities in emerging economies such as China and the Indian subcontinent.