Medical Sensors Is Estimated To Witness High Growth
Medical sensors play a crucial role in healthcare monitoring as they are used to detect diseases, track physical activities, and monitor overall health and fitness. Various types of medical sensors such as biosensors, temperature sensors, image sensors, motion sensors, pressure sensors are used in patient monitoring, diagnostics, therapeutics and drug delivery. Biosensors are widely used in testing and diagnosing of various diseases and health conditions. Medical sensors help in remote patient monitoring by facilitating the transmission of acquired physiological data from patients to healthcare providers. This improves patient outcome as their conditions can be monitored in real-time outside of the clinic as well.
The global Medical Sensors market is estimated to be valued at US$ 22620.05 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The increasing demand for remote patient monitoring presents a huge opportunity for medical sensors market. Remote patient monitoring utilizes sensors and digital technologies to monitor patients outside of conventional clinical settings. It allows continuous collection of vital health data such as blood pressure, blood sugar, heart rate, oxygen saturation and temperature from patients. This helps in early detection of any deterioration and provides timely interventions. Many countries are implementing remote patient monitoring programs to reduce healthcare costs and improve patient outcomes. For instance, in the US, the Medicare program has expanded coverage for remote patient monitoring to manage chronic conditions. The growing geriatric population prone to chronic diseases will further drive the adoption of remote patient monitoring using medical sensors. This presents an immense opportunity for medical sensors manufacturers to develop advanced and miniaturized sensors for remote healthcare applications.
Porter's Analysis
Threat of new entrants: The medical sensors market requires high initial investments for R&D and innovation. Regulatory approvals also pose a barrier for new players.
Bargaining power of buyers: Individual consumers have low bargaining power whereas large hospitals and diagnostic centers have moderate bargaining power due to the availability of alternatives and price sensitivity.
Bargaining power of suppliers: The presence of various established sensor manufacturers globally makes it easy for buyers to switch to alternatives. This gives buyers a favorable position over suppliers.
Threat of new substitutes: There is a gradual emergence of new sensor technologies like printed sensors or implantable sensors. However, their commercial viability remains limited.
Competitive rivalry: The medical sensors market is becoming increasingly competitive with major players differentiating through innovation, quality, and customer service.
SWOT Analysis
Strengths: Medical sensors offer non-invasive monitoring and better patient outcomes. Technological advancements have increased sensor precision and miniaturization.
Weaknesses: High costs and lack of portability restrain widespread adoption. Regulatory compliance involves lengthy approval cycles. Sensor reliability and data accuracy also present concerns.
Opportunities: Growth areas include IoT-enabled remote patient monitoring, disposable sensor patches, and wearables. Emerging nations provide significant market potential.
Threats: Stringent regulations on medical devices act as a barrier. Data privacy and cybersecurity threats challenge growth. Reimbursement policies affect demand.
Key Takeaways
The Global Medical Sensors Market Growth is expected to witness high driven by the increasing preventive healthcare spending and rising elderly population worldwide. The global medical sensors market is estimated to be valued at US$ 22620.05 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.
North America dominates currently due to the presence of major players, frequent product innovations, and growing healthcare expenditure in the US and Canada. Asia Pacific is poised to grow at the fastest pace during the forecast period attributed to increasing disposable income, growing medical tourism, rising government funding for healthcare infrastructure development, and presence of low-cost device manufacturers in countries like China and India.
Key players: Key players operating in the medical sensors market are Cargill, Incorporated, Archer Daniels Midland Company (ADM), Skretting (a part of Nutreco), Aller Aqua Group, BioMar Group, Ridley Corporation Limited, Purina Animal Nutrition (a subsidiary of Land O'Lakes), Nutriad International NV (acquired by ADM in 2018), BENEO GmbH, Dibaq Aquaculture.
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