The pandemic continues to cause unprecedented disruption across industries worldwide.Get detailed insights regarding the impact of COVID-19 on the market. Request Sample
[192+ Pages Report] In our market analysis titled "Biomedical Sensors Market", we at facts and factors have presented the most recent results regarding the global biomedical sensors market. We anticipate that, based on current trends, the market value in 2026 will be USD 16.78 Billion, up from USD 10.56 Billion in 2020, representing a CAGR of 6.3% during the forecast period 2021-2026.
Biomedical sensors are medical tools that are used for identification of specific changes in biological, chemical, and physical properties in real time. They are often substituted in monitoring medicines, food, environmental conditions, and other use cases. Biomedical sensors when utilized in the healthcare sector can often be used for clinical and biomedical based applications by integrating a range of photosensitive polyurethane encapsulant formulations which are derived from photolithography processes. These sensors often possess higher functionality alongside compatibility, lightweight, reliability, long shelf life, and adorability.
Latest advancements in the field of biomedical sensors using an array of microtechnology and nanotechnology are expected to drive the growth of the biomedical sensors during the forecast. The increased functionality alongside a decrease in size, cost, and effectiveness will further boost the sales figures. Additional factors include increased demand for patient monitoring, low-cost designs, high-performence sensors with easy integrability. Moreover, sedentary lifestyle of the population coupled with a new iteration of disorders will further propel the growth of the biomedical sensors market toward higher revenue.
Increasing prevalence of home-based care, rise in geriatric population, and rise in adoption of IoT-based medical devices will increase the footprint of the biomedical sensors over the forecast across a global outlook. Moreover, rise in antimicrobial resistive disorders, adoption of unhealthy lifestyle changes, alcohol intake and smoking will contribute to the deteriorating health of a significant part of the population giving rise to medical emergencies of a variety of kind. These factors will open new revenue opportunities for the biomedical sensors market to flourish. However, security concerns related to the use of these sensors alongside high initial cost for usage will hamper the growth of the market to a certain extent.
The global biomedical sensors market can be segmented on the basis of type, sensor type, product, industry-verticals, applications, and regions.
On the basis of type, the global biomedical sensors market can be divided into wired and wireless. The wireless segment is expected to recoup the largest market share during the forecast owing to increased functionality, usability, and extensive integration with a wider range of applications. On the basis of sensor type, the global biomedical sensors market can be bifurcated into temperature, pressure, image, biochemical, inertial, motion, electrocardiogram, and others. The temperature segment is expected to witness the highest market share during the advent of the forecast contributing a significant amount of market share in the category. Factors pertaining to the dominant position can be credited to easy availability of wireless sensors, easy integration, increase in chronic diseases, and rising prevalence of an irregular lifestyle. On the basis of product, the biomedical sensors market can be broken down into invasive sensors and non-invasive sensors. The non-invasive sensors is expected to occupy the largest market share during the forecast period owing to rising adoption of non-invasive methods of treatment alongside low cost-effectiveness and less downtime when compared to its counterparts. On the basis of industry-verticals, the global biomedical sensors market can be segmented into pharmaceuticals, healthcare, and others. On the basis of application, the biomedical sensors market can be fragmented into medical diagnostic, clinical therapy, imaging, and personal healthcare. The medical diagnostic segment is expected to witness the highest market share during the forecast owing to rise in infectious disorders and an overall trend of deteriorating health among the consumers of mixed groups. The personal healthcare segment is expected to witness the fastest growing CAGR growth in this category.
North America is expected to witness the largest market share during the forecast in terms of global revenue contribution. The factors pertaining to the dominant growth in the region can be pegged as rapid technological advancements, well-established medical infrastructure, presence of key players in the region and increase in number of vendors & manufacturers among others. Additional factors can include increased consumption of these devices due to integration in day-to-day activities, huge digital infrastructure, and advanced healthcare capabilities. Integration of biomedical sensors with latest visual forms of technology such as AR will boost the number of products which opens the market to a larger group of consumers.
The key participants in the global biomedical sensors market are Analog Devices, Inc., Honeywell International, Inc., Stmicroelectronics N.V., GE Healthcare, NXP Semiconductors N.V., Medtronic, Pinnacle Technology, Inc., TE Connectivity, Texas Instruments Incorporated, Innovative Sensors Technology, LumaSense Technologies, and Measurement Specialties, among others.
Copyright © 2021, All Rights Reserved, Facts and Factors