WASHINGTON, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the global Medical Sensors Market finds that growing demand for wearable medical devices is expediting market growth. Primarily driven by adoption of IoT-based medical devices, the total global Medical Sensors Market is estimated to reach USD 3.58 Billion by 2028, up from USD 1.79 Billion in 2021, at a Compound Annual Growth Rate (CAGR) of 10.4 %.
Furthermore, the increased adoption of surgical robots is also anticipated to augment the growth of the Global Medical Sensors Market, states Vantage Market Research, in a report, titled "Medical Sensors Market by Sensor Type (Temperature Sensors, Pressure Sensors, Blood Glucose Sensors, Blood Oxygen Sensors), by Medical Procedure (Noninvasive Medical Procedures, Minimally Invasive Medical Procedures, Invasive Medical Procedures), by End-use Product (Diagnostic Imaging Devices, Patient Monitoring Devices, Medical Implantable Devices, Others), by Medical Device Classification (Class I, Class II, Class III), by Medical Facility (Hospitals and Clinics, Nursing Homes Assisted Living Facilities Long-term Care Centers and Home Care Settings, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
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(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)
List of Prominent Players in the Medical Sensors Market:
- Medtronic (Ireland)
- TE Connectivity (Switzerland)
- Analog Devices (US)
- ST Microelectronics (Switzerland)
- Texas Instruments (US)
Market Dynamics:
Driver: Rising Demand for Wearable Medical Devices to Stimulate Market Growth
The increase in demand for various wearable medical devices for monitoring and tracking all the important vitals continuously is anticipated to augment the Medical Sensors Market in the forecast period. The use of wearable technologies can help in keeping up with everything from heart rate data to reproductive cycle's data which further helps doctors to craft individualized healthcare plans. These devices can be easily connected to smart devices like tablets and mobile phones which constantly show all the data in real time. These devices can also be easily mounted on patient's body. As a result, the demand for wearable sensors for efficient supervision of patients at hospitals and homes has increased. Furthermore, with the outbreak of COVID-19 the need for these devices and remote monitoring has also increased significantly which is further stimulating the growth of the market.
Driver: Surging Adoption of IoT-based Medical Devices to Drive the Market Growth
IoT based solutions in healthcare have an immense potential to vividly improve patient outcomes and save millions of lives with the help of remote patient monitoring (RPM). These medical devices can offer reliable connectivity, compliance with privacy and security regulation, allow remote software or security updates that provide optimal performance in order to meet the needs of patients, medical professionals, and hospital. However, low penetration of medical devices in developing countries and data leakages associated with connected medical devices may hamper the growth of the market. Moreover, the increase in collaborations among key market players to develop advance healthcare solutions with high data security will further support the growth of the market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Medical Sensors Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific to Witness Fastest Growth in the Global Medical Sensors Market
Asia Pacific is likely to witness fastest growth in the Medical Sensors Market during the forecast period. This is attributable to the increasing adoption of advanced technologies in healthcare and growth in medical tourism in emerging economies like India and China in the region. Additionally, the increasing elderly population and prevalence of chronic disorders like hypertension, diabetes, and respiratory problems is also expected to support the growth of the Medical Sensors Market in near future.
Asia Pacific held largest market share in global Medical Sensors Market and is likely to continue the same trend during the forecast period. The U.S. projected to hold the largest market share in North America in 2021. This is attributable to the increased focus on the semiconductor industry supporting the technological advancement in the sensors and ever-changing trends towards home healthcare services from hospitals in the region. Furthermore, the growing elderly population and rising adoption of advanced medical devices along with the supportive government measures are also augmenting the regional growth of market.
Browse market data Tables and Figures spread through 140 Pages and in-depth TOC on "Medical Sensors Market by Sensor Type (Temperature Sensors, Pressure Sensors, Blood Glucose Sensors, Blood Oxygen Sensors), by Medical Procedure (Noninvasive Medical Procedures, Minimally Invasive Medical Procedures, Invasive Medical Procedures), by End-use Product (Diagnostic Imaging Devices, Patient Monitoring Devices, Medical Implantable Devices, Others), by Medical Device Classification (Class I, Class II, Class III), by Medical Facility (Hospitals and Clinics, Nursing Homes Assisted Living Facilities Long-term Care Centers and Home Care Settings, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/medical-sensors-market-817525
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Medical Sensors Market?
- How will the Medical Sensors Market change in the upcoming six years?
- Which application and product will take a lion's share of the Medical Sensors Market?
- What is the Medical Sensors market drivers and restrictions?
- What will be the CAGR and size of the Medical Sensors Market throughout the forecast period?
Recent Developments:
February, 2021: All Sensors Corporation launched a new series of analog and digital pressure sensors. The series offers pressure ranges of 0.5 inH2O up to 150 PSI, including millibar calibrations from 2.5 mbar to 10 bar.
This market titled "Medical Sensors Market" will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 1.79 Billion |
| Projected Market Size in 2028 | USD 3.58 Billion |
| CAGR Growth Rate | CAGR of 10.4 % from 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Sensor Type
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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