Medical sensors market worth $15.01 billion by 2022

Cleveland, Ohio – The global medical sensors market is estimated to reach $15.01 billion by 2022, at a CAGR of 8.5% between 2016 and 2022. People are increasingly adopting home healthcare services owing to the rising costs of medical treatments in hospitals and medical care clinics. With this, the demand for various healthcare devices is expected to increase in the next few years.

The introduction of new medical sensors in the global market is expected to contribute toward the growth of the global medical sensors market in the years to come. The base year considered is 2015 and the market forecast provided is between 2016 and 2022. The medical sensors market is segmented into application, type, placement, and geography. Recently, Hitachi Medical Corp. and Redlen Technologies Inc. announced their plans to jointly develop and introduce a direct conversion semiconductor X-ray detector, a medical device for new photon counting computed tomography (PCCT) systems.

The medical sensors market report analyses the market in a view of different types of medical sensors, application, and geography. A detailed qualitative analysis of the factors responsible for driving and restraining the growth of the global medical sensors market and future opportunities has been provided in the report.

• North America held the largest share of the medical sensors market in 2015
• ECG sensors held the largest share of the medical sensors market in 2015
• APAC expected to witness highest growth during the forecast period

Major applications of the medical sensors market include imaging, medical therapeutics, diagnosis, monitoring, and fitness & wellness. Monitoring is the leading application in the medical sensors market. Moreover, increasing market penetration of home healthcare-based medical devices has enabled patients with the ability to self-diagnose and monitor long-term illnesses using these products. The market for ingestible medical sensors is expected to grow at the highest CAGR over the next six years. Major factors expected to boost segment demand include growing demand for digital medicine and sensor-enabled pills.

The key players of the medical sensors market include ST Microelectronics (U.S), Measurement Specialties (U.S), Medtronic Plc (Ireland), Honeywell International, Inc. (U.S), Analog Devices (U.S.), Smiths Medical (U.K.), First Sensor AG (U.S), and NXP Semiconductors N.V (Netherlands).

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Source: marketsandmarkets.com