Global Biomedical Sensor Market to be worth US$11.912 billion by 2023
The recent study on the Global Biomedical Sensor market covers in-depth analysis of the market on the basis of type, end-user, application, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023, with 2017 as the base year. According to the report titled “Global Biomedical Sensor Market”, the market is expected to grow from US$9.554 billion in 2017 to US$11.912 billion by 2023, at a CAGR of 3.75% during the projected period. The report has segmented the global biomedical sensor market by type (physical and chemical), by end-user (hospitals and clinics, research labs, diagnostic labs, and ambulatory care), by application (diagnostic, medical imaging and monitoring) and by geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific).
Biomedical sensors are tools that detect specific biological, chemical or physical processes and then transmit the captured data. They are majorly used for diagnostic, medical imaging and monitoring applications. The growing emphasis on the development of wearable medical devices has been instrumental in driving the market’s growth. Moreover, the advancement in nanotechnology is also playing a significant role in building biomedical sensors that are small, smart and cost effective. However, concerns regarding the patient’s safety and discomfort caused due to electromagnetic fields, Ultraviolet rays exposure are restraining the market’s growth.
Following driver, restraints, and opportunities have been covered in this report-
Drivers
• Increasing emphasis on wearable medical devices
• Increasing investments in the research and development of biomedical sensors
Restraints
• Issues related to the safety of the patients.
• Lack of standardization related to the adoption of biomedical sensor device
Opportunities
• Digital revolution in healthcare will fuel the demand for biomedical sensors in the future.
• Emerging lab-on-chip technology will boost the demand for biomedical sensors.
Chemical biomedical sensors are anticipated to witness rapid growth during the forecast period
Chemical biomedical sensors are increasingly being used in glucose monitoring, fertility treatments, renal and hepatic failure diagnoses, pregnancy test strips, and blood glucose monitoring strips. Role of chemical sensors in the early detection of irregularities in the health status of the patients is driving the demand for chemical biomedical sensors in the market. Increasing demand for non-invasive electrochemical sensors will further fuel the demand for chemical biomedical sensors.
The increasing use of biomedical sensors in diagnostic labs is driving the biomedical sensors market
Diagnostic labs hold a considerable share in biomedical sensors market. This is attributed to the increasing prevalence of the diseases and need to diagnose diseases such as diabetes, cancer, hepatic diseases and etc. on time.
Diagnostic application holds a significant share in the biomedical sensor market.
The biomedical sensor market for diagnostics holds a significant share owing to an increase in the number of diagnostic procedures due to the rise in health concerns. These are widely used to diagnose cardiac biomarkers, cancer biomarkers, autoimmune disorders and neurodegenerative diseases as they provide rapid, real-time and accurate results in an easy manner.
North America holds a significant share in the market
High consumer awareness, high number of minimally-invasive surgeries every year and encouraging healthcare reimbursements are the key factors that have resulted in a good growth of biomedical sensors market in the region.
Some of the major players discussed in the reports are Honeywell International Inc., STMicroelectronics N.V, First sensor AG, and Medtronic among others.
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