The largely fragmented and competitive vendor landscape of the global medical sensors market features a large number of companies and strong focus of leading vendors on innovations and technological advancements, rendering the market highly dynamic, observes Transparency Market Research in a recent report. In 2014, the leading three companies in the market, namely Honeywell International Inc., Danaher Corp., and NXP Semiconductors collectively accounted for a mere 23% of the overall market.
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To be able to gain a larger control on the market, companies are advised to tap collaboration opportunities with small-scale regional players with sound manufacturing capabilities and ties with regional consumers. Emphasis on delivering technologically advanced products suitable for new varieties of medical devices should serve well for companies struggling to find a solid footing in the market.
According to the report, the global market for medical sensors is likely to clock in a robust CAGR of 7.0% over the period between 2015 and 2023, rising from a valuation of US$10.0 bn in 2014 to a revenue opportunity of US$18.74 bn by 2023.
Of the key varieties of medical sensors in the market assesses in the report, the segment of biosensors presently accounts for a dominant share in the overall market revenue, generating high demand from applications such as implantable medical devices. The rising uptake of such products across the globe is likely to keep the demand for biosensors high as well, allowing the segment to retain its top spot in terms of valuation as well as future growth prospects.
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On the geographical front, North America presently holds the top spot and is anticipated to continue to account for a significant share in the overall market. However, the market in Asia Pacific is expected to offer more promising growth opportunities over the forecast period owing to the increased uptake of technologically evolved medical devices.
The increased integration of medical sensors with technologically advanced and digitized medical devices has helped the global medical sensors market tread along a healthy growth path in the past few years. The market has also notably benefitted from the increased emphasis on the development of new and more reliable varieties of implantable and wearable medical devices in the past few years. Vast breakthroughs observed in medical technology in recent years have enabled the commercial realization of several medical devices that merely were designs or prototypes not very long ago. For the proper functioning of such advanced medical devices, a variety of sensors are required. Thus the increased focus on development of advanced medical devices is expected to prove to be a key driver for the global medical sensors market.
The market is also expected to be driven in the face of the rising population of geriatrics and people suffering from a variety of chronic ailments. Increased uptake of the relatively expensive medical devices incorporating sensors will be enabled by the rising disposable incomes of people in emerging economies.
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