Researchers at the University of California San Francisco (UCSF) found that around 70 million people across the world suffering from glaucoma can get affected by irreversible blindness. Therefore, ophthalmology researchers are planning to develop ocular sensors to measure the pressure inside the eye and access glaucoma risk. Such advancements are expected to drive the global medical sensors market.
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Key players leading the global Medical Sensors Market include,
- Teva Pharmaceutical Industries Ltd.
- Masimo Corporation
- CAS Medical Systems, Inc.
- Tandem Diabetes Care, Inc.
- Philips N.V and GE Healthcare
The information is shared by Fortune Business Insights in a report, titled “Medical Sensors Market Size, Share and Global Trend By Product Type (Diagnostic, Therapeutic, Imaging, Others), By Application (Glucose Monitoring, Temperature, Pulse Monitoring, Cerebral Oxygenation Monitoring, Others), By Technology (Wearable, Invasive, Non-Invasive, Others), By End-User (Hospital, Ambulatory Services, Homecare Settings, Research, Others) and Geography Forecast till 2026.”
Growing demand for home healthcare settings is expected to augment the medical sensors market growth. These sensors have the ability to diagnose, monitor, and treat diseases. In addition to this, these sensors can detect, measure, and record biological, chemical, and physical signals such as glucose monitoring, cerebral oxygen monitoring, and patient temperature in a human body. The demand for medicals sensors is increasing owing to their accurate diagnosis by avoiding unnecessary complications.
The medical sensors market scope is likely to widen in glucose monitoring and covers the highest share in the global market. The growth is mainly attributable to the increasing prevalence of diabetes across the world.
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Rising Adoption of Wearable Devices to Accelerate Growth in North America and Europe
Among regions, North America and Europe are projected to collectively dominate the global medical sensors market in the forecast years. Owing to the well-established healthcare infrastructure, the adoption of medical sensors is high in these regions. Furthermore, adoption of personalized healthcare and wearable sensors is increasing, thus increasing the medical sensors market share.
The medical sensors market in Asia Pacific is expected to create attractive growth opportunities for the market owing to the evolving healthcare infrastructure. The growth is driven by the heightened increase in the number of people suffering from chronic diseases such as hypertension and diabetes. The high unmet needs of the large population is another factor responsible for driving the market in Asia Pacific. Following Asia Pacific, Latin America is also expected to witness growth owing to the growing awareness about medical sensors. However, the market in the Middle East & Africa is still at a nascent stage on account of unmet healthcare needs.
Teva’s ProAir Digihaler Received FDA Approval for the Treatment of COPD and Asthma
“Faster analysis, the ease at use, and convenient home care are factors which encourage people to invest in medical sensors,” stated a lead analyst at Fortune Business Insights. As per the report, different types of medical sensors are available in the market. These include force sensors, bubble detectors, photo optic sensors, and humidity sensors. The durability and reliability of these sensors are accelerating their demand, which in turn, is expected to spur the medical sensors market revenue. By adopting these sensors, patients can prevent the incidence of any unforeseen health condition.
Companies focus on developing novel medical sensors or upgrading existing sensors to enhance patient care and quality of life. The report highlights some of the leading players operating in the global medical sensors market. Several products received FDA approvals, aiding companies to expand their product portfolio. Some of the recent FDA approvals are mentioned below:
Medtronic MiniMed’s glucose monitoring system received FDA approval in March 2018. The system called Guardian Connect System is the world’s first smart system and is for people on insulin injections.
MC10 received FDA 510(k) clearance for the Bio Stamp nPoint system in March 2018. It is a platform with can collect data wirelessly and is intended to use in research studies and clinical trial.
Senseonics Inc. received FDA clearance for Eversense Continuous Glucose Monitoring System in June 2018. The system has the ability to gather data in real-time.
ProAir Digihaler received FDA approval in December 2018. The product is designed by Teva Pharmaceuticals and can monitor data of people suffering from COPD and asthma.
KEY QUESTIONS ANSWERED:
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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