Medical Sensors Market To Hit Value .5 Billion By 2024 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on November 8th, 2023 San Francisco, 08 November 2023: The ReportMedical Sensors MarketAnalysis, By Product (Pressure Sensors, Temperature Sensors, Image Sensors, Accelerometers, Biosensors, Flow Sensors, SQUID Sensors), By Application Area (Surgical, Diagnostic, Therapeutic, Monitoring), By End-use (Hospitals, Physician Offices, Nursing Homes, Home Healthcare) And Segment Forecasts To 2024 The medical sensors market is expected to reach USD 18.5 billion by 2024, according to a new report by Grand View Research, Incite upsurge in the number of patients afflicted with chronic conditions, such as diabetes and hypertension, is fueling the usage of monitoring as well therapeutic devices, thus boosting the market demand. The target population for this market is patients with chronic illnesses, as such conditions necessitate regular checkups and intermittent or continuous patient monitoring. The rise in population of chronically ill patients further increases the uptake of the medical sensors. The geriatric population is highly prone to developing chronic disorders and they pose a higher risk of developing age-related deformities and complications. Moreover, the adoption of unhealthy food habits and sedentary lifestyles and the resultant surge in the incidence of obesity has led to the increasing prevalence of lifestyle disorders including diabetes. The presence of a large target population base combined with the prevalence of lifestyle-related risk factors is likely to accelerate the growth of the medical sensors market during the forecast period. Technological advancements in terms of accuracy, portability, and affordability associated with the new generation medical sensors resulted in the increased usage of these devices; for instance, the introduction of easy-to-operate, home-based diagnostic kits that are cost effective. The market is primarily driven by the increasing demand for medical sensors in the therapeutic and diagnostic sectors. The medical sensors monitor vital physiological parameters and provide alerts to the healthcare professionals when critical deviations are recorded in the vital signs. This ultimately improves the quality of care provided to patients by avoiding unnecessary complications. Hence, the demand for various medical sensors is rising owing to their huge number of applications in measuring and detecting a wide range of parameters and analytes, respectively. The healthcare IoT (Internet of Things) sector is booming with wearable devices playing an important role in this industry. These medical sensors enable the monitoring of vital signs, such as patient temperature and blood pressure that are directly recorded in the electronic format. Request sample report of Medical Sensors Market@https://www.grandviewresearch.com/industry-analysis/medical-sensors-market/request/rs1 Additionally, the escalating burden of chronic disorders as well as, the worldwide, surging geriatric population count has consequently propelled the demand for this equipment. Chronically ill patients and the large elderly population subset form the target population for the sensor-based devices as it is imperative for them to undergo routine checkups; thus, facilitating remote and point-of-care patient monitoring. Further key findings from the study suggest:
Additionally, the demand for home healthcare devices, such as pregnancy kits and glucose monitoring kits, is increasing due to their cost-effectiveness and the easy operability of these products. Key product segments analyzed in this report are pressure, temperature, image, accelerometers, biosensors, flow, and Superconducting Quantum Interference Devices (SQUID) sensors. The biosensors segment is further sub-segmented into cholesterol, blood glucose testing, pregnancy testing, drug discovery, and infectious diseases sensors. Some key players operating in the medical sensors market include Analog Devices, Inc., Avago Technologies Ltd., Danaher Corporation, GE Measurement & Control Solutions, Inc., Honeywell International, Inc., Stellar technologies, Inc., OmniVision Technologies, Inc., Senserion AG, TE Connectivity Ltd., Micro-Epsilon Messtechnik GmbH Co. & KG, and NXP Semiconductors N.V. Like it? Share it!More by this author |